When dividends cannot be paid

When dividends cannot be paid

by | Sep 12, 2024 | HMRC notices

There is a basic principle that dividends or other distributions must not be paid out of capital even if the Articles of a company authorise such a payment. For the purposes of this article, reference to distributions includes dividends. This is stated as follows in...
Definition of living together

Definition of living together

by | Aug 22, 2024 | HMRC notices

There are many tax reliefs available to married couples or civil partners. In many cases, these reliefs are only available if the couple / civil partners meet the legal definition of living together. This definition of ‘living together’ is set out in...
Let Property Campaign

Let Property Campaign

by | Jul 25, 2024 | HMRC notices

The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any outstanding liabilities whether due to misunderstanding the tax rules or...
Taxable and non-taxable State Benefits

Taxable and non-taxable State Benefits

by | Jul 18, 2024 | HMRC notices

Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable and which are tax-free. HMRC’s guidance provides the following list of the most common state benefits that are taxable, i.e., Income Tax is payable,...
Child benefit for 16 to 19 year olds

Child benefit for 16 to 19 year olds

by | Jul 18, 2024 | HMRC notices

The child benefit rates for the only or eldest child in a family is currently £25.60 and the weekly rate for all other children is £16.95. Taxpayers entitled to the child benefit should be aware that HMRC usually stop paying child benefit on the 31 August...