UURBS is an unapproved, unfunded retirement benefit scheme mainly used by company executives & directors, such a scheme if approved receives substantial tax benefits which includes corporation tax deferral, in a recent UKFTT case , AD Bly v HMRC (2021), the UKFTT went with the defendants which in this case were HMRC….
The minimum retirement living standard is based on the Joseph Rowntree Foundation’s Minimum Income Standard and covers a typical retiree’s basic needs plus enough for some social activities, such as a week of holiday in the UK, eating out once a month, but not including running a car.
JMS Accounting commentary on 2021 Autumn Budget. There were high expectations by landlords of further reforms in the budget, and sadly many opportunities to improve the situation for landlords were missed.
On 23rd Sept 2021 HMRC announced that Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) will be introduced a year later than planned, in the tax year beginning in April 2024.
From 6 October 2021, VAT chargeable on Service Accommodation, hotels and travel accommodation in UK has gone up to 12.5% from 5%
This rate will be applicable to 31 March 2022, thereafter the rate will revert to 20%.
The government announced 1.25% increase in national insurance yesterday with effect from 6th April 2022.
Making tax digital for landlords has been on the cards for some time and now the government has finally come up with the start date