by admin | Sep 1, 2022 | HMRC notices |
An overdrawn director's loan account is created when a director (or other close family member) 'borrows' money from their company. Many companies, particularly 'close' private companies, pay for personal expenses of directors using company funds....
by admin | Aug 25, 2022 | HMRC notices |
There are no set rules for the way in which you keep your tax records, but they are usually evidenced on paper, digitally or as part of a software program. If you are keeping records used to complete a personal (non-business) self-assessment tax return, you must keep...
by admin | Aug 4, 2022 | HMRC notices |
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...
by admin | Jul 28, 2022 | HMRC notices |
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...
by admin | Jul 14, 2022 | HMRC notices |
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. The tax gap is basically the difference between the amount of tax that should have been...
by admin | Jul 7, 2022 | HMRC notices |
HMRC last published guidance on the standard for agents in January 2018 (updating the first set of standards published in February 2016). The standard applies to all tax agents who transact with HMRC and to any professional who advises or acts on behalf of others in...
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