HMRC enquiries: How to keep private records private!
Any taxpayer who submits a tax return can be selected for an HM Revenue and Customs (HMRC) enquiry at random. Those taxpayers unfortunate enough to be selected may find HMRC’s tax return enquiries rather intrusive. For example, HMRC sometimes request a taxpayer’s private records. A controversial topic in enquiries is whether HMRC is entitled to […]
IHT and holiday lettings: A (rare!) business property relief success
Inheritance tax (IHT) relief at the rate of 100% is an attractive proposition. Business property relief (BPR) is available to business owners if certain conditions are satisfied. BPR at the 100% rate applies to ‘relevant business property’ including a business or interest in a business (in certain other cases, BPR is available at 50% instead). […]
IHT and holiday lettings: A (rare!) business property relief success
Inheritance tax (IHT) relief at the rate of 100% is an attractive proposition. Business property relief (BPR) is available to business owners if certain conditions are satisfied. BPR at the 100% rate applies to ‘relevant business property’ including a business or interest in a business (in certain other cases, BPR is available at 50% instead). […]
Tax relief for employment expenses: But don’t get too excited!
Many employees need to use and maintain special clothing for work purposes. They may incur costs of (for example) having their protective work clothing cleaned regularly. It would therefore seem fair and reasonable that such costs should be deductible from their employment income. However, the tax system is not necessarily known for its fairness. Is […]