Why should I form a Limited Liability Partnership?
As the term suggests, an LLP is a type of partnership where the liability of each member is limited. In this case, to the investment/obligations made by each member.
Residential Property Developer Tax Update
The Residential Property Development Tax (RPDT) origins can be traced back to the horrific Grenfell Tower fire of 14 June 2017. Issues found with the cladding and the building led to a UK wide review, highlighting many more buildings with similar problems. Consequently, after protracted legal wrangling, the UK government eventually agreed to cover the cost of remediating cladding issues.
The finer details of director’s loan accounts
The subject of Director’s Loan Accounts (DLAs) has recently been in the news with concerns regarding the potential misuse of Bounce Back Loans. In theory, DLAs are relatively straightforward, but they can become quite complicated when you dig a little deeper.
Bounce back loans, misuse of company funds and repercussions
The subject of Director’s Loan Accounts (DLAs) has recently been in the news with concerns regarding the potential misuse of Bounce Back Loans. In theory, DLAs are relatively straightforward, but they can become quite complicated when you dig a little deeper.
Company and personal filing deadlines/penalties
There are strict deadlines, whether you are filing your company accounts, corporation, or personal tax return. While there are situations where you can apply for an extension, it is important to be aware of the deadlines and the potential penalties. Repeat offenders may see their options reduced in the future and increased penalty charges.
Is the IR35 earthquake coming your way?
It is an understatement to suggest that ongoing changes to the IR35 system, including legal challenges, appeals and counter appeals, could be costly for those employing contractors. We are in a rather bizarre situation where the Check Employment Status for Tax (CEST) tool introduced by HMRC is constantly questioned by HMRC.
The Making Tax Digital revolution has begun
While Rishi Sunak, the Chancellor of the Exchequer, recently announced a one-year delay in the introduction of Making Tax Digital (MTD), the revolution has already begun.
Taxation of Cryptoassets
While Bitcoin continues to grab the headlines, the cryptocurrency sector now takes in literally thousands of different digital assets...
HMO Tax Conditionality test on the horizon?
The UK government recently announced plans to crackdown on tax avoidance, referred to as tax conditionality, in what is often described as the "hidden economy". In a straightforward yet highly effective move, various licence applications will now be considered with proof that the parties have completed a tax check with HMRC.
Draft Finance Bill 2022 clauses – income tax basis periods
On 20 July 2021, the UK government published several draft Finance Bill 2022 clauses, one of which covers income tax basis periods. In the future, income tax basis periods for…