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Addison & Co Blog

[18.03.2020]

Junior ISAs

Junior ISAs were introduced to encourage parents to save money for their children and to provide an alternative to the Child Trust Funds (CTF) that were only available to children born after 31 August 2002 and before 3 January 2011. It is possible to

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[04.03.2020]

Tax treatment when transferring income streams

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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[26.02.2020]

Property rental income and bad debt

In most cases, property rental income must be brought into account in the year in which the income was earned, even if the invoice has not yet been paid. However, a deduction is allowed in respect of bad & doubtful debts.

These are debts which

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[19.02.2020]

A reminder – badges of trade

The 'badges of trade' tests, whilst not conclusive, are used by HMRC to help determine whether an activity is a proper economic / business activity or merely a money-making side-line to a hobby. Eventually, taxpayers may have to decide if

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[29.01.2020]

Importing from EU after 31 January 2020

HMRC has published a useful list to help businesses be prepared to import goods from the EU to the UK after the 31 January 2020 Brexit date. In the short-term there will be a transition period during which all rules remain the same. The Government

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[29.01.2020]

Exporting goods to EU after 31 January 2020

In tandem with the list for importing goods, HMRC has published a useful list to help businesses be prepared to export goods from the UK to the EU after the 31 January 2020 Brexit date. In the short-term there will be a transition period during which

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[29.01.2020]

Transporting goods out of the UK by road to or through the EU

HMRC has published a useful list to help businesses transport goods commercially when driving from the UK to or through Europe. In the short-term there will be a transition period during which all rules remain the same. The Government expects to have

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[22.01.2020]

Ways that HMRC can collect overdue tax

If you are unable to pay your tax bill or need time to pay then it is in your best interests to contact HMRC as soon as possible. For example, you can apply to HMRC to make a payment plan and seek to agree a way forward. This can be done through the

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[22.01.2020]

When is a Will revoked?

We have previously covered the importance of making a Will and ensuring that assets are divided amongst beneficiaries in the way best suited to personal circumstances. One of the most important reasons for doing so is to ensure that individuals do

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[08.01.2020]

Getting clients ready for Brexit

HMRC has published a useful list to help businesses be prepared to import goods from the EU to the UK as we count down to the 31 January 2020 Brexit date. We are then likely to see a fixed transition period until 31 December 2020 by the end of which

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