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When an employee becomes a trustee it is important to consider what the salary is paying them for – either trustee duties or for their contractual employment. There are only limited circumstances when trustee boards can pay a trustee for carrying out their trustee duties. Whilst there is a general power to pay a trustee…

So, you enjoyed your break in a holiday cottage to the extent that you’re considering investing to make money from a similar property of your own. Jason Jones has this advice because a Furnished Holiday Let is a special type of property business where very different tax rules apply.   These Lets can be seen…

As of 18 July 2018, HMRC has issued a list of software suppliers supporting Making Tax Digital for VAT. Amongst the list is Farmplan, the only agricultural software supplier. Farmplan has met the criteria HMRC have stipulated for Beta testing. It shows that Farmplan is committed to providing software that is compatible for MTD for…

Although we hear of decline in the value of development land, particularly for larger developments, growing houses continues to be more attractive to many than growing crops. Onerous Section 102 levies may apply but the tax regime remains gentle. It should not however be assumed that tax reliefs will be available automatically. Legislation imposes qualifying…

There are many benefits over employment. Changing careers can be a challenge but leaving the employment wage treadmill to become a contractor can increase your earnings, saving on tax and national insurance as well as providing more flexible working hours. Contractors are essentially self-employed individuals who work on projects for a set period of time…

You, like many businesses have been successfully running for years, maintaining your books and records and submitting correct VAT returns, in turn ticking all the necessary boxes and satisfying HMRC. However, the introduction of MTD will mean a ‘shake up’ to your current methods and may require you to adopt software for the first time.…

Do you remember when eBay first emerged and become a revolutionary trading platform for buying or selling and, yes, turning a profit? As social-media has expanded, so have trading websites to the extent that there’s hardly a town, village or group that does not have a ‘buy’n sell’ page.   HM Revenue & Customs have…

Later this year The Charity Commission will introduce a tailored annual return which will include some new questions which may require preparation in advance. Overseas expenditure As these new questions will likely require additional preparation, they will be optional for 2018 but become mandatory for 2019 onwards: When spending money outside England and Wales, did…

HMRC have lost a second IR35 case this year, and their second case against the same contractor, putting into doubt their own understanding of the IR35 rules. Ian Wells, director of personal service company Jensal Software Limited provided his services to the Department of Work and Pensions via a recruitment agency during 2012 and 2013.…

Tech companies that are financed through EIS equity cash will be aware that this ‘tax wrapper’ can be super-generous, but that many criteria have to be met to ensure eligibility. One of these long standing criteria has been that the company must use the proceeds (up to £5m pa) raised: In either a qualifying trade…