Chris Stedman

Senior Partner
Latest News

Making Tax Digital - Postponed

The government has just announced some important postponements in its efforts to fully digitalise and streamline the UK tax system. A parliamentary statement was presented to the House of Commons by Lucy Frazer, the new Financial Secretary to the Treasury, on 23 September 2021. So what is on hold and for how long?

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Capital Gains Tax - A Garage Project

George & Mary bought their family home in 1996. It costs them £265,000. The property and the separate garage stand in a plot which is just within the “permitted area”. This is normally taken as 0.5 hectares which in broad terms corresponds to 1.235 acres. George & Mary have looked after the property and as it stands today it would probably fetch £1.4m. But George & Mary have other ideas...

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Coronavirus Job Retention Scheme - Fraudulent and Erroneous Claims

Now that furlough has drawn to a close, businesses should brace for a significant flood of letters from HMRC as the government looks to recoup a suspected £7bn of fraudulent or erroneous coronavirus job retention scheme (CJRS) claims.

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Extended Loss Relief For Unincorporated Businesses

Part of the government’s Covid measures include relief for unincorporated businesses that incurred losses as a result of the pandemic. Note this only applies to the self employed and to partnerships for the two years 2020/21 and 2021/22. No one likes losses. The best one can do is find a way in which these can be relieved against other profits and/or other income. But the path is narrow and requires careful attention.

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The Enhanced Capital Allowance Rules For Limited Companies

The Finance Act 2021 introduced the capital allowance “super-deduction” and special rate first year allowance as a temporary measure. These provide relief for companies on qualifying expenditure on new plant or machinery from 1st April 2021 to 31st March 2023. They are valuable reliefs, but the date of expenditure is important for the asset to qualify.

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Latest News

The Health and Social Care Tax

The recently announced health and social care tax (or the national insurance and dividend tax hike) are covered in more detail

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Taxation

Capital Gains Tax Losses and Connected Persons

Thinking to make a capital loss on disposal to a connected person in view of reducing other capital gains? The rules are different and may catch you out if you're not careful...

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Advice

Gifts Out of Surplus Income

While many of us like to hold onto our money, there comes a stage when it is beneficial to give it away to protect your family from inheritance tax. The question is how much can you legitimately pass on?

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Advice

Your Pension Pot and Your Family

Pensions have long been shrouded in mystery. Current rules introduced on 6 April 2015 have made them much more intelligible and attractive.

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Latest News

Sole Traders & Partnerships - New Basis of Assessment

Another change in the assessment of business profits is on its way…

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Taxation

Payment of Inheritance Tax - Deceased Estates

While the prime object in most Estate Planning exercises is to avoid payment of IHT altogether the fact remains that an increasing number of estates will be chargeable. This could be your estate or one for which you will be responsible as an Executor. It is useful to know that certain types of property qualify for payment of tax by instalment.

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Advice

Working From Home - Employees

The Government has recognised the fact that where employees are required to work from home on a regular basis for whatever reason then some tax relief should be available.

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Advice

Trivial Benefits

In general the value of any benefit provided by an employer to an employee constitutes part of the employee’s employment income and is fully taxable. In addition the employer has to pay class 1A NIC on many such benefits. It is very sad.

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Advice

Tax Planning & Pensions

In recent years pensions have become a lot more attractive and with care can be an effective planning tool. It’s a specialist subject and the rules are constantly changing. But successive governments have been keen to encourage pension provision in the knowledge that the state scheme is proving increasingly inadequate.

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Latest News

A Knotty Tax Problem

The following is an actual case reported in Taxation recently and considered at some length by a contributing barrister.

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Latest News

Cherry Picker

This note revisits the UK capital taxes scene where there is growing conviction that significant changes are imminent.

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Government Support

Self-Employment Income Support Scheme (SEISS)

The SEISS has provided significant support to many self-employed individuals since it was first launched in March 2020. At 31 December 2020 more than 6.8 million grants had been claimed totalling some £18.9 billion of support.

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Latest News

The Disappointing Tax Day

23rd March 2021 was going to be the tax day of days. It had been announced by the Chancellor of the Exchequer himself and given the background of a rather thin Budget on 3rd March this event was going to make all the difference. The media hyped it up no end and produced a whole string of likely changes which the Chancellor was considering in an effort to stabilise the UK economy. But it wasn’t to be.

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Taxation

Century!

There was a time when everyone was entitled to a full personal allowance. Then George Osborne introduced a change in the Finance Act 2014. From 6 April 2015 the allowance was progressively withdrawn where “adjusted net income” exceeds £100,000.

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Advice

Penalty!

Something that did not receive a mention in the Budget speech but is likely to have an impact on most of us sooner or later is the new regime for late return and late tax payment penalties.

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Latest News

The Chancellor's Taxation Strategy

Mr Sunak has not found this Budget at all easy. He is convinced that thanks to the vaccines the UK economy is on its way to a swift and sustained recovery. He has had to pick his way through conflicting demands very carefully. Somehow he has to hold the economy together, do all he can to keep people in employment, help those without jobs, assist specific industries and sectors which have been particularly affected by the pandemic, check future borrowing, start repaying debt - the list is endless.

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Latest News

Fifty Years On...

50 years ago this month the UK finally adopted decimal currency. Despite the fact that the pound sterling was (and is) the oldest national currency in use the UK was one of the last countries to decimalise.

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Advice

Late Payment Penalties - Personal Tax

If you miss paying your personal tax payment, HMRC are quick to issue penalties. How much could you be charged?

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Government Support

Deferred VAT

The Government’s original support package in March 2020 included specific help in connection with VAT. Registered businesses could defer payment of their VAT liabilities arising in the period 20 March 2020 to 30 June 2020 until 31 March 2021. This day of reckoning is only a few weeks away…

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Advice

Child Benefit – Urgent

Most of us have heard about the High-Income Child Benefit tax charge. If you or your spouse has income over £60,000 all the child benefit is clawed back as a tax charge. If income is between £50,000 and £60,000 a proportion is clawed back.

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Taxation

Some Inheritance Tax Traps

Examples of some common traps with inheritance tax.

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Taxation

The Marriage Allowance

This is a relatively new allowance which first became available in the year 2015/16. Unlike other reliefs it is a transfer of excess allowances from one spouse to another.

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Advice

Lasting Powers of Attorney

It is becoming fashionable when making a Will to instruct a solicitor or agent to make a Lasting Power of Attorney (LPA) at the same time. What are they? What is their function? Do we all need one?

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Taxation

Stamp Duty Land Tax (SDLT) : Welcome Break

The government has announced a stamp duty land tax holiday until 31st March 2021 in an attempt to kickstart the residential housing market.

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Government Support

Self-Employed Income Support Scheme – Additional Grant

The self-employed including members of partnerships who have been adversely affected by Covid-19 can now apply for a further (and final) grant.

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Government Support

CJRS Claims & Furlough Abuse

We are all familiar with the government’s coronavirus job retention scheme (CJRS) which was announced on 20th March 2020 with the aim of protecting UK jobs during the global coronavirus pandemic

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Latest News

Autumn Budget – 2020

The Chancellor has gone public this week along with the Prime Minister in an effort to assure Conservative party colleagues that his over-riding concern is to drive the economy forward, protect employment and achieve a sustainable level of public finances

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Taxation

Charitable Giving

Successive UK governments have positively encouraged charitable giving in recent years by providing generous income tax and corporation tax relief to donors, donees and sometimes both. After all the public is taking on financial responsibility some of which the government should be bearing…

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Taxation

Tax in the 2020s

The Government has just published a report entitled “Building a Trusted Modern Tax Administration System” in which it sets out its roadmap for making tax digital (MTD) in the context of a broader 10-year plan to modernise the tax system which is appropriate to the present decade.

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Government Support

Detailed Covid-19 Support & Advice from the HMRC Chief Executive

The following is an extract from a recent guidance note sent to accountants and tax agents giving some “flesh” to the bones of last week’s financial statement by the Chancellor of the Exchequer.

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Taxation

The Shaggy Calf Story

Here’s a recent tax case that underlines some basic tax principles.

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Taxation

The UK Trust Register

This Register has been around since 2017. It serves a dual purpose:

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Taxation

All Change with Capital Gains Tax?

Capital Gains Tax (CGT) is an interesting tax and a relatively new one as well. It was introduced in 1965 by the Labour Chancellor, James Callaghan, who went on to replace...

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Latest News

What are HMRC Nudge Letters?

These letters have been part of HMRC’s armoury for about 10 years and are definitely here to stay.

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Taxation

Belated Bonuses

The tax legislation makes provision for staff or director remuneration to be paid up to nine months after the accounting year end but allowed as a deduction in the accounts of the earlier year. What are the implications?

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Latest News

Where there’s a Will…

This basic drill, with a few variations to cater for people with special needs, is all covered by The Wills Act 1837 which tells its own story. For a procedure to have been on the statute book for 183 years is good going. But enter Covid-19 and social distancing…. what happens now?

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