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All FAQs by date

List of frequently asked questions published by Markel Tax.

Note these FAQs were correct at the time of going to press and should be considered as principles based guidance. To check current validity, call the Markel Tax helpline.

Trust registration of gifted property

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August 2022

FAQ on whether there is a requirement to register a bare trust with HMRC, on a property gifted to children, but currently held in trust by their parents.

Margin scheme

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August 2022

FAQ on whether a client who ordinarily sells second hand goods and ordinarily accounts for VAT under the margin scheme, can charge VAT at the request of one of his customers.

New NIC threshold - July 2022

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July 2022

FAQ on whether that it is correct that payroll software is applying the new NIC threshold to a June 2022 salary payment, event though the new thresholds are not meant to apply until 6 July 2022.

VAT zero rating and construction

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July 2022

FAQ on whether a client, who bought a group of residential new build flats at VAT zero-rating, can claim VAT on agent fees if he sells them on empty, as new-builds.

Making Tax Digital

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June 2022

FAQ on whether a client who is UK VAT registered on a voluntary basis ,and who currently keeps records manually, will soon be obliged to switch to operating under MTD rules.

Affect of second property on SDLT

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June 2022

FAQ on whether a client who is currently in the middle of selling their main home and purchasing their new home, will be affected by an additional SDLT percentage, as they also own an additional residential property which they rent out to tenants.

Corporation tax - income tax chargeable event gain rules

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May 2022

FAQ on whether a company will be subject to the income tax chargeable event gain rules following their disposed of an investment life insurance contract.

VAT and charitable donations

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May 2022

FAQ on whether money donated to charity from the sale of luggage and accessories falls outside the scope of VAT.

VAT groups

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April 2022

FAQ on what to do in the interim period while HMRC is processing and application to form a new VAT group.

Tax implications for written off loan

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April 2022

FAQ on the tax implications of a loan made to a shareholder, which was subsequently written off.

Non-resident CGT

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March 2022

FAQ on whether an overseas client's carried forward UK capital losses can be set against a gain from a UK commercial property they have sold.

VAT on service charge

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March 2022

FAQ on the liability for VAT on a service charge applied by a restaurant, depending on whether the charge is optional or compulsory.

Country of tax residence

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February 2022

FAQ on establishing which country a client, who is resident in two countries, can claim tax residence.

Place of Supply and other VAT implications

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February 2022

FAQ on what counts at the Place of Supply (POS) for goods moved between two continental European countries, by a UK based contractor.

VAT on commission income

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January 2022

FAQ on whether the commission income on sales of third party art by a gallery owner falls below the VAT threshold.

Tax and bitcoin sales

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January 2022

FAQ on the tax treatment of the sale of some bitcoin that a client was holding as an investment.

Inheritance Tax – residence nil rate band

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December 2021

FAQ about whether a house gifted to a client in 2010 by his mother, which she continued to occupy until her death, will put my client outside the Nil Rate Band for inheritance tax

VAT exemption for services provided to a charity

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December 2021

FAQ on the VAT status of a charity that is employing the services of a carpet fitter who is installing carpets in an existing commercial property.

Capital gains tax and self-assessment

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November 2021

FAQ querying how to treat a capital gain made on the disposal of a residential property by a client , but not declared on a UK property form within 30 days of the disposal.

Electric charging points

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November 2021

FAQ on what rate of VAT should be applied when a client charges an electric vehicle using a commercial charging point at a petrol station, whilst travelling for business.

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