020 8914 7835 or 07967 813065 dan@stillnessroad.com

Making Tax Digital

From April 2019 all VAT returns will need to be submitted through software, under HMRC's Making Tax Digital programme. It will no longer be possible to submit returns through HMRC's website. I use Quickbooks Online and Receipt Bank to help make your record keeping as...

Penalties

Penalties for late filing of Income Tax, Capital Gains Tax, and Corporation Tax returns are as follows: Missed filing deadline - £100; 3 months late - £10 per day for up to 90 days; 6 months late - 5% of tax due, or £300 if greater; 12 months late - 5% of tax due, or...

Divorce

There is no general tax exemption on divorce, although there are some specific reliefs available. Maintenance between ex-spouses is always tax free for the recipient, but no tax relief is given to the payer unless either spouse was born before 1935. Marital home...

Main Residence

Main Residence Relief If an individual sells their only or main private residence, any gain is exempt from tax. This includes the garden up to 0.5 hectares, or a larger area if required for reasonable enjoyment of the residence. If the property has not been an...

Sale of garden

Mr Lynes sold his home but kept part of the garden and applied for planning permission to develop it. Four years later, he sold the garden and claimed main residence relief on the sale. The legislation granting main residence relief is written...

Capital or revenue

Bullcraft Main Collieries Ltd and Samuel Jones & Co were two separate businesses. Both had factories with chimneys which were in such bad condition that each had to be demolished and replaced with a new one. In both cases, a new chimney was built while the old chimney...