With many people selling unwanted Christmas gifts online, questions have arisen about whether HMRC will step in. Tax specialists have clarified that individuals selling personal items occasionally are not the target of HMRC’s compliance activity. The focus remains on those trading regularly as part of the hidden economy. In most cases, selling personal possessions is...
A Win for Caregivers: PRR Relief Granted on Multiple Properties In a recent case, a caregiver who moved into his parents’ home to care for his ailing father successfully claimed Principal Private Residence Relief (PRR) on not one, but two separate property disposals. The First Tier Tribunal (FTT) sided with the taxpayer, confirming that his...
Employment Allowance is a valuable government scheme that allows eligible employers to reduce their annual National Insurance liability by up to £5,000. While this relief can benefit many businesses, there are certain restrictions in place—and one of the most misunderstood is the employment allowance exclusion for single-director companies. In this article, we break down what...
As tax rules become more complex, UK companies are being urged to reassess their loan relationships—a crucial yet often overlooked aspect of their financial planning. HMRC’s ongoing scrutiny in this area makes it even more essential for businesses to assess how loans and financing arrangements are being reported. Why Loan Relationships Matter A loan relationship is broadly defined...
HMRC is warning landlords against a specific tax avoidance scheme that claims to convert rental income into non-taxable loans. This scheme is under investigation and poses serious financial risks. Promoters suggest landlords can receive their rental income back as a loan without paying tax, but HMRC says this setup does not work and treats it...
The UK government’s decision to abolish the non-domicile (non-Dom) tax regime marks a significant shift for international individuals living there. This change brings both challenges and new opportunities for those affected. Understanding the implications and exploring strategic solutions is essential to staying ahead. What Is the Non-Dom Regime? The non-Dom regime allowed individuals who are...
Copyright by CareAccountancy. All rights reserved.
Copyright by CareAccountancy. All rights reserved.
