Welcome to Contractor Corner, the series written specifically by Qdos Contractor for accountants with clients who are contractors. No more delays: IR35 reform is set for 2021 On 1 July, MPs voted against an amendment that proposed a 2023/2024 IR35…
Category: Tax
Capital Loss Restrictions explained
Nick Lovett explains how the new ‘deductions allowance’ will work Schedule 45 of the Finance Act 2020 introduces a corporate capital loss restriction. The Act received Royal Assent on 22 July 2020. The provisions will apply to accounting periods beginning…
HMRC can’t simply go on a fishing trip through your business
Mark McLaughlin highlights a case in which HMRC was not given its own way when requesting information to check a taxpayer’s tax position. Taxpayers understandably do not generally relish contact with HMRC, such as receiving requests for information and/or documents…
Tax bills on unspent Primary Care Network (PCN) funds
If you have any GP clients whose surgery is a member of a PCN that has not utilised all of its funding received you should make your client aware that HMRC will regard your client’s share of these unspent amounts…
Contractor Corner Reverting to outside IR35
Welcome to Contractor Corner, the series written specifically by Qdos Contractor for accountants with clients who are contractors. The implications of reverting to outside IR35 On 17 March 2020, just two weeks before the expected implementation of the contested off-payroll…
CGT soft landing ends 31 July don’t get caught out
You need to be aware of the important changes to the deadlines for filing and paying capital gains tax (CGT) on the disposal of UK property. The deadlines for filing and paying CGT arising on the disposal of an interest…
Shared parental leave explained
Simon Palmer provides an overview of SPL and Statutory Shared Parental Pay. While shared parental leave (SPL) has been available to eligible employees since April 2015, in practice many businesses find it a complex topic to understand and administer. They…
IHT: Don’t do it yourself
Don’t do it yourself Mark McLaughlin warns that a ‘do it yourself’ approach without professional assistance can be an expensive error when it comes to dealing with inheritance tax on a deceased person’s estate. When someone dies, family members or…
Tax really should be simple!
I have to admit I’m not a great believer in the Office of Tax Simplification because, frankly, they don’t actually seem to achieve anything tangible. Throughout the fiasco that has been the MTD initiative they have remained silent – and…
OTS and IHT : Time for a radical overhaul?
OTS is calling for simplicity when it comes to inheritance tax The Office of Tax Simplification (OTS) has recommended sweeping reforms of inheritance tax in a bid to reduce complexity as more people are caught by the tax as house…