HMRC notices Articles

Compulsory Registration of Trusts

Even if there is no tax liability, the requirement applies to nearly all “express trusts”, which are those created by a written deed. There are specific exceptions, but HMRC guidance states that there is no reason for “bare trusts” to be excluded. Bare trusts may not have a written deed but they are commonly used, for example, to hold shares or other property for minor children. Tax liability is...

Miscellaneous income

There are special rules known as the miscellaneous income sweep-up provisions that seek to charge tax on certain income. This unusual provision, which is broad in scope, catches income that would not otherwise be charged under specific provisions to Income Tax or Corporation Tax. Amongst the types of income covered are: payment for a service where it was agreed that the service would be provided...

Settlement legislation – non-trust settlements

The settlement legislation seeks to ensure that where a settlor has retained an interest in property that the income arising is treated as the settlor’s income for all tax purposes. A settlor can be said to have retained an interest if the property or income may be applied for the benefit of the settlor, a spouse or civil partner. In general, the settlements legislation can apply where an...

Tax gap remains at 5.1%

The tax gap for the 2020-21 tax year has been published and remains at 5.1%. This is the second lowest recorded percentage and remains unchanged from the previous 2019-20 tax year.

Standards for tax agents

HMRC last published guidance on the standard for agents in January 2018 (updating the first set of standards published in February 2016). The guidance sets out what agents can expect from HMRC and vice versa. 

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.

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…

ISAs 2022-23

ISA’s are a valuable and flexible relief and should be considered as an option for most investors. Find out more!

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 …

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…

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