Let’s face it, nobody likes paying tax but, if you have an income, it’s an inevitable part of life. Fortunately, here at RfM, we have a highly-experienced tax team who are determined to make tax less troublesome for clients.
The EIS: Cameras, action and a happy tax ending
The Enterprise Investment Scheme (EIS) offer significant tax reliefs to individual investors buying new shares in the company. Availability of relief under the EIS took centre stage in a tax tribunal case brought by Inferno Films Ltd. Spoiler alert: Inferno won.
Introducing Tom Carter – RfM Group Tax Manager
Earlier this year we welcomed Tom Carter to RfM in the role of Group Tax Manager. Since joining RfM, Tom’s knowledge of corporate and personal tax has proven invaluable and he’s supported colleagues across the group with high-level tax matters. Here’s a little more about Tom and his journey to becoming a tax master.
Outstanding tax – HMRC to take a tougher approach
As the economy emerges from the pandemic, we should expect a sea change in HMRC’s approach to recovering tax debt.
Personal tax: should you declare the income from your side hustle?
Homemade cakes, up-cycled furniture, jewellery and pet portraits… over the last year, furlough and flexible working has afforded people more time to turn their hobby into a nice source of extra income. But what’s the position on side hustles and tax?
The impact of the big Budget tax freeze
There were no dramatic announcements in the Budget on personal tax, capital taxes or pensions. But Chancellors can create considerable change with low-key tactics, and the Budget tax freeze on various rates and allowances until 2026 will still affect many people.
Furnished Holiday Lettings: Why we’re counting the days
Furnished holiday lettings (FHLs) have their own tax treatment which is reliant on a set of strict day-count rules. With the impact of COVID-19 on occupancy levels, business owners may need to take stock of their position.
A reminder about the 30-day tax payment window for residential property sales
Since April 2020, any Capital Gains Tax due on the sale of residential property must be paid within 30 days. We have seen a number of cases recently where vendors have not been made aware of the requirement by their solicitors or agents.
Principal Private Residence relief – Home is where the dog is
Financial gains made on the disposals of residential property will usually trigger liability for a capital gains tax (CGT). The exception to this rule is when you dispose of your main home, thanks to principal private residence relief (PRR).
Tax, tables and automobiles – Claiming for working from home expenses
The COVID-19 lockdown saw a surge in the numbers of employees working from home. Many staff have yet to return to their place of work and may not for some time. We provide the answers to frequently asked questions about tax and working from home expenses.
The option to defer your Self Assessment payment on account
If you are struggling to pay your second Self Assessment payment on account this month because of the coronavirus, you have the option to defer paying until January 2021.
Tax Investigation Service – protect against the costs of an HMRC enquiry
There are many reasons why you might be selected for a visit from HMRC, including simple bad luck. While you may not be able to avoid a visit from the taxman – you can avoid the cost of professional fees incurred over the course of an HMRC tax investigation.*
Tax tips for farming businesses – partnerships and capital expenditure
The end of the EU Common Agricultural Policy in the UK is set to bring huge changes to the farming sector. Now is a great time to review your plans for the future of your agricultural business, and think about how you will achieve them. Here, we look at the tax advantages of partnerships and why the timing of big business decisions is so important.
Business waste disposal: New Landfill Tax risk
Landfill Tax may not be a key concern for every business but it’s worth knowing that, since 1 April 2018, waste disposal at unauthorised sites may now be taxable.
Paying tax on income from abroad
Honesty is, of course, always the best policy, especially when declaring your income and gains for tax purposes. HMRC are bringing in tough new penalties for UK taxpayers who fail to tell them about income from abroad on which UK tax may be due.
