Month: April 2023

Retaining an interest in a gift

The settlements legislation is contained in s.624 ITTOIA 2005. The legislation seeks to ensure that where a settlor has retained an interest in property in a settlement that the income arising is treated as the settlor’s income for all tax purposes.

When do you pay tax at Scottish Income Tax rates?

The Scottish rate of Income Tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers.

The definition of a Scottish taxpayer depends on whether the taxpayer has a ‘close connection’ with Scotland or

VAT on imported vehicles

The Notification of Vehicle Arrivals (NOVA) is an online notification system for vehicles entering the country for permanent use on UK roads.

You can use the service if you are:

a VAT-registered business that does not use the secure registration

Paying tax by credit or debit card

HMRC has not accepted personal credit card payments since January 2018 when credit card surcharges on personal credit cards were banned.

However, HMRC continues to accept payments by corporate credit card or corporate debit cards. The use of these

Mobile phones and tax

When an employer incurs costs for the provision of mobile phones to employees it is important to understand the correct tax treatment of these expenses. This includes costs for phones provided to employees and reimbursement of employee’s own phone

Stamp Duty on shared ownership property

Stamp Duty Land Tax (SDLT) is payable whether you buy a freehold property, a new or existing leasehold property or a shared ownership property. SDLT has been replaced in Scotland by the Land and Buildings Transaction Tax and in Wales by the Land

Less could be more

Is there mileage in the old adage that it is unwise to keep all your eggs in one basket?

Most businesses build an expanding customer list; each customer a separate income stream for their business.

Compare this with being employed; one employer,

A $3B bond fight can go to trial.

The Supreme Court granted Ukraine permission to go to trial to avoid repaying USD 3 billion in loans.

Facts:
The Law Debenture Trust Corporation plc – the trustee acting on behalf of the Russian Federation- requested a summary judgement of its

Rent-a-room relief

The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the current tax year do no exceed £7,500. The tax

The Let Property Campaign

The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities whether due to misunderstanding