A chargeable gain may arise on the sale, disposal or transfer of a residential property if that property has not been the seller’s only or main home throughout the period of ownership. Here we are looking at investment property, such as a buy-to-let, a holiday let, or a second home. Any UK resident, trust or estate who sells or gifts UK residential property at a gain is required to calculate, report and pay any capital gains tax (CGT) due within 60 days of completion of the sale. Companies…Read More
Please find below all the articles from August 2022.
On 15 December 2021 the government passed an Act which at the time was effectively ‘under the radar’ for many company directors but could have far reaching implications should their company be dissolved with outstanding tax liabilities.
The Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act 2021 was enacted to enable the Insolvency Service to apply for a court order requiring a former director of a dissolved company, who has been disqualified, to pay compensation to creditors who have lost out due to a director’s…Read More
Making Tax Digital – it’s getting nearer.
In exactly two years time the most fundamental change to the administration of the UK tax system for at least 20 years will have commenced. Making Tax Digital for income Tax (MTD for ITSA) will apply to all self employed businesses and landlords with business and/or property income of at least £10,000 as from April 2024. The first quarterly updates will be due for filing by 5 August 2024, covering either the quarter ended 5 July 2024, or…Read More