THE DSK News

Month: October 2022

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IHT gifts with reservation of title

Date 27/10/2022

The majority of gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime transfers are known as ‘potentially exempt transfers’ or ‘PETs’. These gifts or transfers achieve their potential of becoming exempt from

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SA taxpayers target for fraudsters

Date 27/10/2022

Fraudsters are continuing to target taxpayers with scam emails in advance of the deadline for submission of Self-Assessment returns for the 2021-22 tax year. In fact, in the 12 months to August 2022, HMRC received more than 180,000 reports of

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Half-term help with childcare costs

Date 27/10/2022

HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for October half-term holiday clubs and wraparound care during the school terms.

The TFC scheme can help parents of children aged up to 11 years old (17 for

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Flexible subsidies for businesses from 2023

Date 27/10/2022

The Department for Business, Energy and Industrial Strategy has announced that the new UK subsidy regime will come fully into force from 4 January 2023 when the Subsidy Control Act 2022 takes effect.

The new subsidy regime enables public authorities

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Private Residence Relief garden and grounds

Date 27/10/2022

In general, there is no Capital Gains Tax (CGT) on a property which has been used as a main family residence. This relief from CGT is commonly known as private residence relief.

However, there are grey areas which might result in CGT being due on

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New VAT Registration process for agents

Date 27/10/2022

A new VAT registration process known as the VAT Registration Service or VRS was made available to agents from 1 August 2022. The VRS had been in testing mode for the previous 18 months and was used by over 37,000 businesses to successfully register

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Donations through Gift Aid

Date 20/10/2022

The Gift Aid scheme is available to all UK taxpayers. The charity or Community Amateur Sports Clubs (CASC) concerned can take a taxpayer’s donation and, provided all the qualifying conditions are met, can reclaim the basic rate tax allowing for an

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Second cost of living payment

Date 20/10/2022

Back in May 2022, the then Chancellor Rishi Sunak announced a package of support measures targeted mainly to the most vulnerable members of society. One of the main measures was the Cost of Living support package to help over 8 million households in

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Utilising CGT losses prior to death of taxpayer

Date 20/10/2022

Usually, if you sell an asset for less than you paid for it you would make a capital loss. As a general rule if the asset would have been liable to CGT had a gain taken place then the loss should be an allowable deduction.

If an individual realises

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Unlawful estate agency businesses

Date 20/10/2022

The Money Laundering Regulations (MLR) are designed to protect the UK financial system and put in place certain controls to prevent businesses being used for money laundering by criminals and terrorists.

HMRC has named 68 estate agents that have

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