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Marc Dorsett
 

Buying a house? You'd better be quick to save on SDLT

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The Chancellor, Rishi Sunak, has made his Summer Statement and as I write this the Shadow Chancellor, Anneliese Dodds, is replying in the usual opposition way. I'm not here to debate politics and to argue which side is right, that's very much...

Potential SDLT Reduction to be Announced?

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A potential SDLT reduction? Whilst we may not yet have a cure or vaccination for Covid-19, Rishi Sunak and his team (let's be honest here, it's not just him coming up with these ideas) have made proposals to give the housing market a shot in the...

The Tax Increases That Could Pay For The Coronavirus Crisis

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As you will be aware, unless you've been living in a cockerel's boot, we are in the middle of a crisis. It's a crisis with many faces, each having an impact on the other. The health crisis means lockdown and restrictions on...

Farewell 2019/20 CGT Reporting...

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Farewell 2019/20 CGT reporting, welcome 2020/21 new CGT reporting..! Last tax year ended with a bit of a downer and the start of this one isn't looking much better in the short term. It's probably going to sort itself out in the next few...

7 Things I've Learned About Myself This Week

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I usually work from home one day a week so I thought the enforced home working would be a doddle.... However, after a few consecutive days of working where I live I have discovered a few things about myself I wasn't completely aware of before....

Help For The Self-Employed

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Further help to the self-employed, if you qualify... The Government has announced a raft of measures in response to the Coronavirus pandemic. The latest announcement, depending on when you read this, relates to help for the self-employed. The...

Update For Tax Due 31 July 2020

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Further to my blog on 24th March , HMRC have now confirmed that the deferral of the payment on account due by 31st July 2020 can be deferred by everyone. There is no longer the stipulation that you had to be self-employed so will apply to individuals,...

The Virus and Tax Deferrals

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The World is currently going through a difficult period at the moment, to put it very mildly. As at the time of writing, the majority of the Country is on lockdown and who knows what the daily Government broadcast will bring today. A couple of the measures...

Multiple Dwellings Relief: Time To Get Your Skates On...

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It has now been confirmed that any late claim for Multiple Dwellings Relief (MDR) cannot be made by claiming overpayment relief. Often MDR is overlooked by a purchaser as the rules are complex and this leads to claims not being made at the point of...

CGT Payment Is Changing: What You Need To Know

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Capital Gains Tax payment for UK property sales is changing. The deadlines for paying Capital Gains Tax after selling a residential property are changing in April. From 6th April 2020, if you’re a UK resident and sell a residential property in...

SDLT: Saving You Thousands

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The Chancellor of the Exchequer is not going to be happy… For almost a year now Gepp Solicitors have been successfully providing a bespoke Stamp Duty Land Tax saving service. You will note the word ‘ service ’ and not ‘ scheme...

What Every Trustee Should Know About The Fifth Anti-Money Laundering Directive In 3 Minutes

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What Every Trustee Should Know About 5MLD In 3 Minutes 5MLD is here. Unfortunately (or fortunately, depending on your viewpoint) this is not another Simon Cowell thrown together Boy Band destined to conquer teenage hearts and the Charts. It is the Fifth...

CGT Changes From April 2020 Won't Be Flushed Away...

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George Osborne loved residential property when he was Chancellor. More specifically, he loved making taxes more complicated and expensive for residential property owners, mainly landlords or people with more than one property. When he was still in office,...

Tax Scams Are So Archaic...

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Tax scams are so archaic… Taxes have been around a very long time, probably before written records were kept. In the UK, for example, income tax was brought in by William Pitt the Younger in 1798 but there was a window tax from 1707 (yes, the more...

Feathering New Nests For Fledglings

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Exam results have been released and new students know where they will be heading for university. Following the relief of results day, the next big headache for parents is often the search for accommodation, whether for first-timers or returning...

DIY Tax Could End Up Costing You MORE

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There are loads of books on the market to help you prepare your self-assessment tax return each year. There is even more information available online which will give you the answers you seek. However, whilst you may save a few pounds by doing it yourself...

Tax Trumps God

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Tax is not avoidable, even through God... A bizarre tax case has been heard in Australia which centres around whether tax is actually payable as it goes "against God's will". A brother and sister refused to pay income tax to the Australian...

Potential Tax Changes Under The Next Tory PM

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Unless you've been living in a cockerel's boot for the past few months, you'll be aware of the ongoing race to be the new Prime Minister. Now we have just two MP's on the shortlist, Messrs Johnson and Hunt. The choice for who tries to take...

Inheritance Tax on Lifetime Gifts: Could the System Be Simplified?

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Inheritance tax on lifetime gifts , could the system be simplified? A recent review of the Inheritance Tax (IHT) system was made by the Office of Tax Simplification (OTS), particularly focusing on chargeable lifetime gifts. IHT applies primarily on...

SDLT: Have You Paid The Right Amount?

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If you have recently purchased a residential property, it is highly likely that you would have paid Stamp Duty Land Tax (SDLT). However, many people fail to consider whether the amount they are paying is correct and potentially miss the chance to a claim a...

End of Tax Year & Start of the Phishing Season

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As the tax year ends, the phishing season begins. As we near the end of the tax year it's time for many people to consider how they utilise their ISA allowances, CGT annual exemptions and such like. It's also the perfect time of year for...

Tax return filing deadline rapidly approaching

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If you listen to commercial radio you'll have heard the, fairly regular, adverts from HMRC regarding the 31 January filing deadline for the 2017/18 tax return. There are only 3 weeks from the date of writing in which to file your return online. The paper...

Failure to Prevent - the new rules explained

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In April 2017, the Criminal Finances Act was given Royal Assent. It was primarily introduced to bring online the new corporate criminal offences of failure to prevent criminal facilitation of tax evasion and has been designed to tighten up several existing...

A Self-Assessed Christmas

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In case you aren't aware, Christmas is nearly upon us - just over a week in fact from the time of writing. All that merriment and good cheer to look forward to. Laughing children frolicking in the snow whilst the turkey cooks alongside crispy roast...

Inheritance tax forms, is it time for a change?

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Following a recent simplification review of Inheritance tax (IHT), the OTS (Office of Tax Simplification) said that the process is complex and old fashioned. During the review, over 3,500 people shared their opinions about IHT, which makes this particular...

No Mystic Meg...

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The Budget is over for another year and I thought I'd revisit the predictions from my last article. Did my crystal ball work or did it fail to connect to the spirit underworld? Judging from the title I think it's clear that the predictions were...

Chancellor's anti-austerity spending spree has few surprises

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An anti-austerity package of £30 billion of government spending was announced in the Chancellor’s Autumn Statement, drawing on improved public finance projections to support a range of new initiatives. Predicted growth for 2019 now stands...

Budget 2018 - crystal ball time

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The Chancellor announced that the Budget for 2018 will be held on Monday 29 October, not the usual Wednesday. It's a Monday for the most obvious reason - the Wednesday is Halloween so Thursday's newspapers would be filled with all manner of horror...

Changes to income tax rules in the administration period

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Back in February 2017 I considered the impact of the income tax changes on a deceased person's estate following Budget 2015. It was a rollercoaster ride of the thrills and spills surrounding the income tax position for the administration period....

IHT paid increases again in 2017/18

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The Office of Statistics has recently released figures that show that the amount of inheritance tax paid by estates increased by a whopping 8% in 2017/18 over the previous year. This equates to £388m, which is not an inconsequential amount. In fact,...

Court Ruling Means All's Fair in Love and Civil Partnerships

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A heterosexual couple have recently been successful in their appeal to the Supreme Court to allow civil partnerships for mixed-sex couples. Currently in the UK, only same-sex couples have a choice between marriage and entering into a civil...

Try to avoid penalties this July

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Even if you are not a sports fan, to many, the World Cup with the excitement of penalty shootouts and the thrill of Centre Court at Wimbledon, are likely considered to be more enjoyable events of July than thinking about your income tax! Once...

NHS windfall = higher taxes for everyone = problem?

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I've been enjoying the football in the World Cup, as have a lot of other people (although not seemingly those I work with..) and Theresa May took the opportunity off the back of the England team's opening victory (this may not actually be true!) to...

Why not use a law firm for tax advice?

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Growing up my parents used to tell me all sorts of things to assist in my development through to adulthood, and beyond. "Never go out without clean underwear on, in case you get hit by a bus", "it's not the winning, it's the...

Extra cash for summer?

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If you file self-assessment tax returns there's a chance that you are subject to making payments on account twice a year, 31 January during the estimated tax year and 31 July after the tax year end. They are advance payments of an estimated tax liability...

New tax year, new you

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It is now roughly a month after the end of the 2017/18 tax year and HMRC have issued their notices to file a tax return to many individuals, trustees and partnerships. Most people habitually file these away for a rainy day and remember around Christmas time...

The end is nigh! almost...

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Following months of hard work and the reading of countless missives and documents from HMRC and various professional bodies, not to mention the many blogs such as this, the deadline for registering an existing trust on the Trust Registration Service (TRS)...

Trust Registration Service - No penalty for late registration!

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" 'Curiouser and curiouser!' cried Alice (she was so much surprised, that for the moment she quite forgot how to speak good English);" Ok, so the movement of another Trust Registration Service deadline may not actually be that...

LEI Registration: Legal Entity Identifier - Trusts

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What is an LEI? The LEI (Legal Entity Identifier) is an initiative which was started in August 2013 giving every legal entity a 20-charater alphanumeric reference code. The purpose of creating the LEI is to generate a global referenced...

Chancellor announces get-fit regime

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An extra £3 billion to prepare for Brexit over the next two years and a vision of an economy that is ‘fit for the future’ were at the heart of the Chancellor’s Autumn statement. And despite downgrading growth and productivity...

Trust Registration Deadline extended again!

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HMRC have announced yet another extension to the Trust Registration Service (TRS) deadline in relation to trusts which incur a first time income tax or capital gains tax liability in 2016/17. Originally the deadline was 5 October 2017 and this was extended...

Married couples potentially missing out on £230

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On the 6th April 2015, the Government introduced the Marriage Allowance for the benefit of husbands, wives and civil partners by allowing the lower earning spouse to transfer up to 10% of their unused personal allowance to their partner for that year. In...

Trust Registration Service - Deadline extension

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HMRC have announced that the deadline for registering a Trust on the new Trust Registration Service (TRS) is to be extended for this year. Ordinarily, HMRC should be notified of a new Trust by 5 October following the end of the tax year in which there is a...

Trust Registration Service - for agents

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The Trust Registration Service ("TRS") has been online for a little over a month now. So far, only Trustees themselves can actually register a Trust. This is fine if the Trustees (well, at least one anyway) are au fait with completing online...

Online Trust Registration now available - for some

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Most people have heard of "trusts". Often they are assumed to be extremely complex and derived by lawyers who like to over complicate matters. The truth is that a trust can be one of the most useful tools available to individuals and can be used to...

School's out... The 31st July is almost here...

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Do you make payments on account towards your tax bill? If so, before packing your suitcase and heading to the airport, remember the deadline for paying the second instalment towards a 2016/17 tax bill is rapidly approaching. If you think that the...

Trust Registration

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Individuals often create Trusts for a variety of reasons. Each time a new Trust is created it must be registered with HMRC who will then issue the Trustees with a Unique Taxpayer Reference. This will be needed when dealing with HMRC, including any required...

Landlords' tax increases from April 2017

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Landlords who are higher rate or additional rate taxpayers are likely to see a dramatic increase in tax liabilities over the next few years due to the changes to tax relief on loan interest payments which kicked in from April 2017. After a phased in four...

​SDLT changes from 1 April 2016

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The chancellor's 2016 Budget was a concerted attack on the buy-to-let market. Whilst most of the headline news was already announced in 2015 the actual legislation wasn't available until Budget day. The first change will be noticed when purchasing a...

Significant increase in buy-to-let loans ahead of tax changes

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The first buy-to-let mortgages appeared on the market in the mid-1990s. Since then the sector has boomed. A shortage of housing and rising demand has pushed up house prices and rents, making the buy-to-let market, with its high potential returns, an...

Landlords lose and whiplash gets cracked in Osborne's autumn budget

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Backtracking on the contentious cuts to Working Tax Credits caught the headlines when Chancellor George Osborne delivered his Autumn Budget statement, alongside a boost to building and good news for first time buyers. The Chancellor announced the allocation...

Buy to let loan interest restrictions

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During the Chancellor's Summer Budget 2015 he made the announcement for plans to restrict the tax relief given to landlords for their finance costs. The decision was stated to have been made in order to remove the tax benefit available to a landlord but...