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Is tax payable on compensation for damaged property?
Personal TaxLast year a trader's premises suffered extensive structural damage. The insurer compensated him before the repairs were made. If he doesn’t use all the money will he have to pay tax on it?
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Can HMRC demand security for future tax payments?
Business TaxA business has been struggling with cash flow and has had issues paying their PAYE liabilities on time. Reeling from the effects of the coronavirus pandemic, HMRC is now demanding a security payment. What does this mean for the business?
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Pay increases - avoiding the OpRA rules
Personal Tax, Employment lawIn 2017 HMRC clamped down on the use of salary sacrifice (optional remuneration) arrangements which offer perks instead of salary as a way of reducing tax and NI. Is it still possible to obtain tax and NI savings using similar arrangements?
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Class 2 NI: problems with deferred tax payments
Personal TaxSome state benefits need an up to date NI record. This might pose a problem for anyone who has deferred their self-assessment tax bill. How might this affect self-employed persons?
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Is annual accounting for VAT worth considering?
VATVAT annual accounting isn’t for everyone. There are conditions for joining and, depending on the business, it might not offer any advantage. In what circumstances is it worthwhile considering?
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Avoid missing out on relief from stamp duty land tax
Personal TaxThe First-tier Tribunal was asked to decide if the purchase of a property qualified for multiple dwellings relief (MDR). It was a close call but the judgment went HMRC’s way. What can be learned from this case that might help ensure a successful claim?