June 2024 - Page 2 of 4

20 Jun 24

Connected persons for tax purposes

The definition of a connected person for tax purposes varies. A statutory definition of “connected persons” for Capital Gains Tax purposes is set out in Section 286 of

20 Jun 24

Is your income over £100,000?

If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that

20 Jun 24

Tax relief for training costs

If you are self-employed it is important to know if an expense is tax allowable. Any allowable costs can be used to reduce your taxable profit. As a general rule you can claim for

17 Jun 24

Child Benefit for 16 – 19 year olds

More than a million parents will receive reminders to extend Child Benefit for their teenagers if they are continuing their education or training after their GCSEs. HM Revenue and

17 Jun 24

Are we unpaid tax collectors?

Business owners often refer to VAT as if it were a cost to their business regardless of their VAT position; whether they are registered for VAT or not. If you are not registered

13 Jun 24

Types of HMRC enquiries

HMRC can enquire into any statutory return (or amendment of that return) or statutory claim to check if the return / claim has been prepared correctly or if further information is

13 Jun 24

Correcting errors in VAT returns

Where an error on a past VAT return is uncovered businesses have a duty to correct the error as soon as possible. As a general rule, any necessary adjustment can be made on a

13 Jun 24

Interest on children’s savings

All children in the UK have their own personal allowance, currently £12,570. There are special rules if a parent gifts significant amounts of money to their children which results

13 Jun 24

Non-resident UK property sales

There are specials rules that apply to UK property sales by non-residents. Since 6 April 2020 non-residents have needed to report and pay any non-resident Capital Gains Tax (CGT)

13 Jun 24

Self-assessment payments on account

Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments on account are due on 31 January during

Month: June 2024

Connected persons for tax purposes

Is your income over £100,000?

Tax relief for training costs

Child Benefit for 16 – 19 year olds

Are we unpaid tax collectors?

Types of HMRC enquiries

Correcting errors in VAT returns

Interest on children’s savings

Non-resident UK property sales

Self-assessment payments on account

Definition of R&D for tax purposes

Tax treatment of income after cessation

Tax refunds for dissolved companies

SJPR