Posted in Payroll
The P9X form is used to notify employers of tax codes to use for employees. The form confirms expectations that the basic personal allowance for the tax year starting 6 April 2020 will remain at £12,500. The emergency tax code will remain at
Continue readingPosted in Value Added Tax
The VAT treatment of land and property is one of the most complex areas of the VAT legislation. Under certain situations, supplies of building materials can be zero-rated or reduced-rated at 5% for VAT.
For the supplies of building materials to be
Continue readingPosted in Income Tax
Savings income and dividends are taxed at the recipients' highest tax rate.
The relevant legislation in ITA07/S16 sets out the following rules.
If a person has savings income but no dividend income, the savings income is treated as the
Continue readingPosted in HMRC Notices
Special rules apply to transfers of income streams. The rules make it clear that the sale of an income stream – designed to turn economic income into a return that is treated by tax law as capital – is unlikely to work. For example, shareholders
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