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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.

Salary sacrifice - cycle to work scheme

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January 2023

FAQ questioning whether a salary sacrifice arrangement needs to be set up for a director who is provided with a company bicycle under a cycle to work scheme.

New penalty system for late VAT returns

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January 2023

FAQ on a client who is behind with both submitting and paying his VAT returns and not able to pay VAT due for the 12/22 VAT period, thus incurring a default surcharge. It looks at what will happen if he does not submit and/or pay his VAT return for 03/23 on time.

Loans to traders

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December 2022

FAQ on whether tax relief be claimed on a loan which a client made to his company, but which cannot now be reclaimed.

Place of supply of repair services

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December 2022

FAQ on whether VAT is chargeable on a vehicle repair carried out by a UK-based UK VAT registered car garage. The vehicle is insured by a Netherlands-based insurer, but is used for transporting goods from its UK supplier to customers all over the UK.

Trading allowance

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November 2022

FAQ on how to account for trading income in a tax return.

TOGC relevant date

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November 2022

FAQ on whether a client buying a commercial property rental business by way of an outside-the-scope of VAT Tranfer of Business as a Going Concern (TOGC) needs to notify HMRC of his Option to Tax (OTT) on the property.

Construction Industry Scheme

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October 2022

FAQ on whether CIS deductions be applicable on boiler installation work, carried out by a sub-contractor for a plumbing company.

Claiming VAT back as input tax

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October 2022

FAQ on whether a client's company can claim the VAT back as input tax on a motorhome, which will be used instead of hotels when the client is on business trips (although there will also be a small percentage of leisure use).

VAT and green home improvements

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September 2022

FAQ on the VAT liability for energy saving home improvements, looking at the case of a client who had solar panels installed on his house in 2022.

CGT and property transfers in a divorce

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September 2022

FAQ on whether CGT is due on a rental property being transferred to a spouse as part of a divorce settlement.

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.

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