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Marc Dorsett
 

Trust Registration Service - No penalty for late registration!

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" 'Curiouser and curiouser!' cried Alice (she was so much surprised, that for the moment she quite forgot how to speak good English);" Ok, so the movement of another Trust Registration Service deadline may not actually be that...

LEI Registration: Legal Entity Identifier - Trusts

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What is an LEI? The LEI (Legal Entity Identifier) is an initiative which was started in August 2013 giving every legal entity a 20-charater alphanumeric reference code. The purpose of creating the LEI is to generate a global referenced...

Chancellor announces get-fit regime

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An extra £3 billion to prepare for Brexit over the next two years and a vision of an economy that is ‘fit for the future’ were at the heart of the Chancellor’s Autumn statement. And despite downgrading growth and productivity...

Trust Registration Deadline extended again!

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HMRC have announced yet another extension to the Trust Registration Service (TRS) deadline in relation to trusts which incur a first time income tax or capital gains tax liability in 2016/17. Originally the deadline was 5 October 2017 and this was extended...

Married couples potentially missing out on £230

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On the 6th April 2015, the Government introduced the Marriage Allowance for the benefit of husbands, wives and civil partners by allowing the lower earning spouse to transfer up to 10% of their unused personal allowance to their partner for that year. In...

Trust Registration Service - Deadline extension

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HMRC have announced that the deadline for registering a Trust on the new Trust Registration Service (TRS) is to be extended for this year. Ordinarily, HMRC should be notified of a new Trust by 5 October following the end of the tax year in which there is a...

Trust Registration Service - for agents

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The Trust Registration Service ("TRS") has been online for a little over a month now. So far, only Trustees themselves can actually register a Trust. This is fine if the Trustees (well, at least one anyway) are au fait with completing online...

Online Trust Registration now available - for some

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Most people have heard of "trusts". Often they are assumed to be extremely complex and derived by lawyers who like to over complicate matters. The truth is that a trust can be one of the most useful tools available to individuals and can be used to...

School's out... The 31st July is almost here...

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Do you make payments on account towards your tax bill? If so, before packing your suitcase and heading to the airport, remember the deadline for paying the second instalment towards a 2016/17 tax bill is rapidly approaching. If you think that the...

Trust Registration

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Individuals often create Trusts for a variety of reasons. Each time a new Trust is created it must be registered with HMRC who will then issue the Trustees with a Unique Taxpayer Reference. This will be needed when dealing with HMRC, including any required...

Landlords' tax increases from April 2017

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Landlords who are higher rate or additional rate taxpayers are likely to see a dramatic increase in tax liabilities over the next few years due to the changes to tax relief on loan interest payments which kicked in from April 2017. After a phased in four...

​SDLT changes from 1 April 2016

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The chancellor's 2016 Budget was a concerted attack on the buy-to-let market. Whilst most of the headline news was already announced in 2015 the actual legislation wasn't available until Budget day. The first change will be noticed when purchasing a...

Significant increase in buy-to-let loans ahead of tax changes

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The first buy-to-let mortgages appeared on the market in the mid-1990s. Since then the sector has boomed. A shortage of housing and rising demand has pushed up house prices and rents, making the buy-to-let market, with its high potential returns, an...

Landlords lose and whiplash gets cracked in Osborne's autumn budget

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Backtracking on the contentious cuts to Working Tax Credits caught the headlines when Chancellor George Osborne delivered his Autumn Budget statement, alongside a boost to building and good news for first time buyers. The Chancellor announced the allocation...

Buy to let loan interest restrictions

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During the Chancellor's Summer Budget 2015 he made the announcement for plans to restrict the tax relief given to landlords for their finance costs. The decision was stated to have been made in order to remove the tax benefit available to a landlord but...