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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.

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.

Rate changes due in 2023

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October 2021

FAQ about how forthcoming changes to Corporation Tax are likely to affect certain groups of companies.

Time limits for correcting VAT errors

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October 2021

FAQ on the rules around time limits for correcting VAT errors and backdated VAT claims, looking at the case of a company who received invoices for 6 years worth of VAT from a previously non-VAT registered supplier.

Tax year for SEISS payments

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September 2021

FAQ about whether a client’s Self Employed Income Support Scheme (SEISS) payments received in June and August 2020, will be taxable in the 2021/22 tax year as they were received after his year end.

VAT – Pre-registration

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September 2021

FAQ about a client who has gone over the VAT registration threshold for the first time and wants to join the Flat Rate Scheme immediately, but there is concern that they won't be able to get any pre-registration VAT back unless it meets the FRS capex criteria.

VAT – Imports

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August 2021

FAQ about whether a client, who bought and imported some furnishings from the EU, should have paid VAT on the imports. They were not charged VAT by the supplier or freight carrier.

Personal tax - dealing with an estate

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August 2021

FAQ about dealing with the estate of a deceased client, and the procedure for informing HMRC of the client's assets.

VAT – Option to Tax

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July 2021

FAQ about the VAT implications for a client who is a residential property developer looking to buy a plot of land where the vendor has opted to tax, and whether the client can disapply the vendor’s OTT.

Benefits to participators

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July 2021

FAQ about the tax implications for a client who receives a company car from a company, of which he is a shareholder, rather than a director or employee.

Benefits in kind

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June 2021

FAQ about the reporting of ‘trivial benefits’, such as staff gifts and virtual team lunches, to HMRC.

VAT – Making Tax Digital

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June 2021

FAQ about a ‘soft landing’ for not having digital links when submitting VAT returns to HMRC. The firm in question has two strands to their business and for one of them, the accounts data has to be entered in to the MTD portal manually.

Construction Reverse Charge

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May 2021

FAQ on how the new domestic reverse charge (DRC) VAT rules (which came into force on 1 March 2021) apply within the Flat Rate Scheme.

Self Employed Income Support Scheme (SEISS)

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May 2021

FAQ on whether HMRC are likely to penalise claimants who received a grant under the Self Employed Income Support Scheme (SEISS), during the Coronavirus pandemic, if they are later found to have overclaimed.

Capital allowance super deduction for plant

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April 2021

FAQ on the new capital allowance super deduction for brand new plant bought between 1 April 2021 and 31 March 2023 and what happens if the plant is sold on before the end of that period.

VAT and hair salons

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April 2021

FAQ on the VAT implications for a hairdressing business investigating cutting costs by restructuring and switching their current employees to self-employed staff.

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