Sinclair Day

December 20, 2019

Paying wages to connected persons

The definition of a connected person for tax purposes includes certain relatives, trustees, partners and companies. A person is connected with an individual if that person is the individual’s spouse or civil partner a relative of the
December 20, 2019

Basis periods and change of accounting date

HMRC’s guidance lists the following useful examples about a change of accounting date: If your accounting date in 2016 to 2017 is more than 12 months after the end of the basis period for 2015 to 2016, your basis period is the period between
December 20, 2019

What is reasonable care

The inaccuracy penalty system is intended to make penalties simpler to understand and more consistent across many taxes. HMRC has the power to significantly reduce the amount of penalties due. The largest reductions are for unprompted disclosures (as
December 20, 2019

Exemptions from CGT

Capital Gains Tax (CGT) is a tax on the profit made on the disposal of an asset that has increased in value. Whilst most taxpayers are aware of their annual tax-free allowance (currently £12,000) and the exemption for the, qualifying, sale of