| VAT Penalties |
| If you pay your VAT late to HMRC, even one day late, your card will be marked for a VAT penalty called a "default surcharge". The first late payment doesn't attract a monetary penalty, but the second occasion on which you are late within 12 mont Read More... |
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| IHT Relief on Business Assets |
| Inheritance tax (IHT) is payable at 40% on the net value of the assets you own when you die, plus (to a certain extent) on the value of the gifts you made in the seven years before you die. The first £325,000 of assets is currently exempt from IHT i Read More... |
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| CGT on Home Developments |
| Your main home is exempt from capital gains tax when you sell it, but only if you bought the property with the intention of living in it on a permanent basis, not as a project to renovate and sell. People who are required to live in job related accommodat Read More... |
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| Non-Resident Landlords |
| If you leave the UK and let your property here, your letting agent (or the tenant where there is no agent) should deduct basic rate (20%) tax from the rents paid after deduction of certain expenses, under the non-resident landlord scheme (NRL). This ensur Read More... |
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| February Question and Answer Section |
| Q.I work through my own personal service company. When I go abroad on business my customer normally pays for the cost of hotels and meals. Can I still claim the personal incidental expenses (PIE) from my own company? Read More... |
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| February Key Tax Dates |
| 2 - Last day for car change notifications in the quarter to 5 January - Use P46 Car Read More... |
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Copyright © 2024 J.S. Mackie & Co. All rights reserved.
8 Douglas Street
Hamilton
Lanarkshire
ML3 OBP
J.S. Mackie & Co is a trading name of J S Mackie & Co Ltd
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