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Tax investigation services we offer here at SDT

30/08/2019 – HMRC enquiry activity is more focused and better targeted than ever before. In 2017-18, HMRC collected £30.3 billion through compliance activity. There are now, many more trained investigation specialists, who are using the latest technology and information at their disposal to launch campaigns and taskforces to maximise tax revenues. … More...

Breathing space to help those in debt

12/02/2020 – HM Treasury has confirmed that the new 'breathing space' scheme to help those with problem debts will become operational next year. The scheme will provide legal protections from creditor action while those affected will receive professional debt advice in order to find an appropriate solution to their debt issues. The breathing … More...

Scottish Income Tax rates announced 2020-21

12/02/2020 – Public finance minister Kate Forbes delivered her first Budget statement to the Scottish Parliament on 6 February 2020. This followed the shock resignation of finance minister, Derek Mackay. This is the first time that Scotland has held a Budget before the rest of the UK. It was announced as part of the Scottish Budget that there would … More...

Still time to utilise annual tax-free allowance

12/02/2020 – We would like to remind our readers that there is still time to use the annual exemption for Capital Gains Tax (CGT). In the current 2019-20 tax year, this amounts to £12,000. This means that there is no CGT to pay on the first £12,000 of gains where you dispose of chargeable assets, such as property or stocks and shares. If … More...

Checking your NIC records

12/02/2020 – HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, you will need to have a Government Gateway account. If you don't have an account, you can apply to set one up online. By signing in to the 'Check your National Insurance record' service you will also … More...

Review occupancy for Holiday Lets owners

12/02/2020 – The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for tax purposes. In order to qualify as a furnished holiday letting, the following criteria need to be met: The property must be let on a commercial basis with a view to the realisation of profits. Second … More...

Change to off-payroll working rules

12/02/2020 – A welcome change to the implementation of the new off-payroll working rules has been announced. The Government has confirmed that the changes that come into effect April 2020 will not be retrospective. This means that the new rules will only apply to payments made for services provided on or after 6 April 2020. This change was in response … More...

Gifts to spouse or charity

12/02/2020 – There is usually no Capital Gains Tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. However, the gift is still treated as a disposal that has taken place for CGT purposes, on a no- gain no-loss basis. When the asset is ultimately sold, the gain or loss will be calculated using the disposal proceeds less the … More...

Statutory payment rates 2020/21 confirmed

06/02/2020 – Following the government policy paper published in January 2020, announcing the proposed new rates for statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP), statutory shared parental pay (ShPP) and statutory sick pay (SSP) for tax year 2020/21, the government has now published the draft Social … More...

Draft regulations to increase the National Minimum Wage published

06/02/2020 – The draft National Minimum Wage (Amendment) Regulations 2020 have been laid before Parliament and are due to come into force on 1 April 2020. The regulations will increase the various rates of the National Minimum Wage (NMW) and National Living Wage (NLW) as follows: the NLW rate for workers aged 25 and over will rise from £8.21 … More...

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