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Annual tax on enveloped dwellings (ATED) is an annual tax charge payable by companies, partnerships (with at least one corporate partner) and certain collective investment schemes that own UK Residential properties exceeding £500,000.   Revaluation dates For ATED purposes, properties need to be revalued at fixed revaluation dates, regardless of when the property was acquired.…

HMRC have released their Self Assessment 2023 facts and figures : 12,060,872 Self Assessment tax returns were issued to tax payers 11,399,465 expected tax returns were received by 31 January (94.5% of returns expected) an estimated 600,000 customers missed the deadline 10,965,993 returns were filed online (96.2% of tax returns)   Those who have missed…

From 1 April 2023 there are a few changes to the ‘super-generous’ R&D tax relief rules: The Research and Development Expenditure Credit (RDEC) rate will increase from 13% to 20%, The SME additional deduction will decrease from 130% to 86% and the SME tax credit (surrender) rate will decrease from 14.5% to 10%. Additional costs…

With levels of inflation and house prices currently being so high, the value of your estate may be increasing exponentially when compared with the value of the long-frozen Nil Rate Band. This could mean more than ever that a portion of your estate may be stolen away through Inheritance Tax at 40% when you pass…

HMRC have released their latest Advisory Fuel Rates to be used from 1st March 2023.   These rates should be used when you:- reimburse employees for business travel in their company cars need employees to repay the cost of fuel used for private travel   You must not use these rates in any other circumstances.…

If you cannot pay your Self Assessment tax bill that was due for payment on 31st January 2023 and need help you should contact HMRC as soon as possible.   For Self Assessment, you may be able to set up a payment plan online. This will enable you to pay your Self Assessment tax bill in instalments without…

If you owed tax for the 2021/22 tax year, which should have been paid by 31 January 2023, and some or all of this is still outstanding, then HMRC will charge a penalty if:   They do not receive payment by midnight at the end of 2 March 2023   and   you do not agree a Time…

In order to qualify for a full State Pension at retirement age you need to have paid 35 years’ worth of National Insurance Contributions.   If you are Self Employed you usually achieve this by paying Class 2 and Class 4 National Insurance when your profits are more than £11,908 a year. If your profits,…

HMRC have guidance on their website to assist landlords, that now includes a couple of useful webinars, which you can find here: https://www.gov.uk/guidance/help-and-support-for-landlords.   This is however just a general overview and, as there are many aspects of letting businesses which are not clear, we would always suggest getting advice from the outset. Failure to…

As we approach another tax year end our thoughts turn to any tax planning that can be undertaken. You can find a link to our tax planning guide as a reminder of the basic planning opportunities to be considered each year. But with a Budget looming on 15 March 2023, it would be prudent to…