HMRC notices Articles

Intrastat – trading goods with EU

Intrastat declarations were historically used to collect information on the movement of goods from the UK to other EU countries and vice versa. Any business that exceeded the exemption threshold for either arrivals or dispatches of goods were obliged to submit monthly returns.  This changed following Brexit and there were further changes from 1 January 2022. Since 1 January 2022, Intrastat...

Holiday lets occupancy check

The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes.  In order to qualify as a furnished holiday letting, the following criteria need to be met: The property must be let on a commercial basis with a view to the realisation of profits. Second homes or properties that are only let occasionally or to...

ISAs 2022-23

The maximum amount that can be invested in an ISA in the current (2022-23) tax year is £20,000. ISA’s are a valuable and flexible relief and should be considered as an option for most investors. An ISA is a tax-exempt savings account available to UK residents. Whilst the amount invested in an ISA does not benefit from tax relief the income and gains are free from most taxes including...

ISAs 2022-23

The maximum amount that can be invested in an ISA in the current (2022-23) tax year is £20,000. ISA’s are a valuable and flexible relief...

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Income excluded from a property business

HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, lodgers and tenants in your own home, extra services to tenants and

Writing off a director’s loan

An overdrawn director’s loan account is created when a director (or other close family member) ‘borrows’ money from their company.

HMRC names avoidance scheme promoters

HMRC has used new powers introduced in the Finance Act 2022 to name tax avoidance schemes and their promoters for the first time. Under this legislation HMRC can name avoidance scheme promoters and more…

When does a partnership exist?

A partnership is a relatively simple way for two or more legal persons to set up and run a business together with a view to profit. Partnerships can take many forms, find out more…

What is a wasting asset?

A wasting asset is an asset which has a predictable life of 50 years or less. HMRC’s guidance is clear that when you dispose of an asset, you are required to estimate its predictable life based on the nature of the asset and your intended use of the

When does a partnership exist?

A partnership is a relatively simple way for two or more persons to set up and run a business together with a view to making a profit. Partnerships can take many forms. Legal persons other than individuals can also be partners in a

Overview of Digital Services Tax (DST)

The UK’s Digital Services Tax (DST) came into operation on 1 April 2020. This tax is designed to ensure that the major social media, search engine and online retailers are subject to a 2% tax on revenues generated from the participation of UK users

Examples when settlement legislation does not apply

The settlement legislation seeks to ensure that where a settlor has retained an interest in property in a settlement that the income arising is treated as the settlor’s income for tax purposes.

Hobbies and artificial trades

HMRC uses a number of different measures to help determine whether an activity is a trade irrespective of whether the activity leads to a profit or a loss. This includes looking at whether an activity is a hobby or artificial trade.

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