Businesses can reclaim duties on qualifying goods moved to or through Northern Ireland since 2021
The Northern Ireland Duty Reimbursement Scheme allows businesses to reclaim import duties paid on goods moved into Northern Ireland, provided specific conditions are met. It applies retrospectively,
Properties needing repairs still count as homes and false claims to recover Stamp Duty Land Tax could mean big tax bills and penalties.
HMRC has issued a warning to homebuyers about rogue tax agents promoting false Stamp Duty Land Tax (SDLT) repayment claims, especially those based on the condition
Fit and proper test fee to jump from £150 to £700 under HMRC’s proposed AML supervision changes
Many businesses are monitored by the Financial Conduct Authority (FCA) or certain professional bodies for Anti-Money Laundering (AML) purposes. However, HMRC is responsible for supervising more than
Many small business owners turn to family members when looking to fill roles in their team. It can seem like a natural choice, offering trust, loyalty, and a shared sense of purpose. However, employing family in your business is not without its challenges, and it is worth considering the potential
For small businesses and growing companies alike, one of the most reliable sources of funding is often the profits they generate. While it can be tempting to extract earnings in the form of dividends, bonuses, or reinvestment elsewhere, there is a strong case for holding back a portion of those
Many business gifts and hospitality costs are not tax-deductible under current rules.
Entertainment expenses including providing hospitality and business gifts are common, but the taxation of these expenses is strictly governed by HMRC.
For businesses carrying on a trade, HMRC legislation
Before probate begins, you must estimate the estate’s value to see if Inheritance Tax applies. This includes valuing the deceased person’s money, property and belongings in order to determine if Inheritance Tax (IHT) is due. This process is important even if you are not sure that any tax will be
Items discovered lying on land or buried in the soil, such as antiques or historical objects, are treated as chattels for Capital Gains Tax (CGT) purposes. This remains true even if ownership is tied to the ownership of the land where the item was found. Since these objects were not intended to be
New digital services have been launched that aim to make filing and managing tax returns quicker and less stressful.
These improvements are part of HMRC’s Transformation Roadmap, which sets out over 50 projects to modernise the UK’s tax system by 2030.
Among the new features are:
improvements
Shared home ownership offers a more accessible route to owning a home for those who cannot afford the full deposit or mortgage on a property that suits their needs. Under this scheme, buyers purchase a share of a property, typically between 10% and 75% of its market value and pay rent on the