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Exclusive Markel tax

Markel Tax FAQs

List of frequently asked questions published by Markel Tax.
Displaying 1-42 of 42 results
Exclusive SDLT and non-UK company shareholders
  • 01 Sep 2023
FAQ about whether the additional 2% rate of stamp duty land tax for non-residents will apply to a limited, UK-registered property letting company, whose shareholders moved out of the UK in the previous tax year and are now non-residents for tax purposes.
Exclusive Cash accounting scheme
  • 01 Sep 2023
FAQ about how to calculate turnover when a company is looking to leave the the cash accounting scheme.
Exclusive VAT registration threshold
  • 07 Aug 2023
FAQ about a client with a house clearance business, whose regular trading income is normally below the VAT registration threshold, who wonders whether he can claim VAT exemption if a one-off sale of a find takes his income over the threshold.
Exclusive Capital allowances and disposal of assets
  • 07 Aug 2023
FAQ about the effect on capital allowances, when a business sold some plant and machinery at a higher price than originally paid.
Exclusive VAT treatment of competition entry fees
  • 06 Jul 2023
FAQ about the VAT liability of the entry fees charged by a company which runs competitions where participants pay to enter and have to answer some questions to get entered in to a draw.
Exclusive Pensions saving limits 2023 increase
  • 06 Jul 2023
FAQ about a client wishing to benefit from increased pension savings limits announced in the 2023 Spring Budget.
Exclusive Retrospectively claiming unused nil rate band of inheritance tax
  • 05 Jun 2023
FAQ on a whether the spouse of a client who died 10 years ago can claim the unused nil rate band (NRB) on his death, having been sole benefactor.
Exclusive VAT treatment of vouchers
  • 05 Jun 2023
FAQ on a small bookshop/café business whose owner wants to encourage custom by selling vouchers which can then be redeemed in the shop and café. The owner wants to know how to treat VAT on the sale and redemption of these vouchers.
Exclusive Tax relief and gifting of commercial property
  • 05 May 2023
FAQ on what tax relief might be available on business properties to be gifted to a garage owner's son. The properties have been rented out to third properties to generate an income.
Exclusive Cash Accounting Scheme
  • 05 May 2023
FAQ on whether a decorator client, using the Cash Accounting Scheme, will have to account for VAT on payment for a job that was invoiced for, and completed, before the client registered for VAT.
Exclusive Deferring CGT payments
  • 12 Apr 2023
FAQ on whether it is possible to defer payment of the Capital Gains Tax (CGT) liability arising from an asset sold, which the buyer is paying for in instalments.
Exclusive Construction DRC and the flat rate scheme
  • 12 Apr 2023
FAQ on how to report supplies made and received which fall under the construction domestic reverse charge (DRC) and whether and whether flat Rate VAT should be paid.
Exclusive Recharges
  • 10 Mar 2023
FAQ on whether VAT can be charged on travel expenses reclaimed by a management consultant from is customer, who has agreed to reimburse these costs.
Exclusive Pension payments in a property company
  • 10 Mar 2023
FAQ on whether a property investment company can receive tax relief on their employer contributions to a registered pension scheme on the same basis as all their other business expenditure.
Exclusive Written-off directors’ loans and NIC
  • 06 Feb 2023
FAQ about whether a client becomes liable to Class 1 National Insurance Contributions (NIC) on the write-off of a loan or advance to a participator.
Exclusive Flat Rate Scheme and Outside the Scope services
  • 06 Feb 2023
FAQ about a client who is on the Flat Rate Scheme (FRS), who supplies services to the UK and other countries, considering how they should Outside the Scope (OTS) supplies when calculating VAT using their FRS percentage.
Exclusive New penalty system for late VAT returns
  • 18 Jan 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.
Exclusive Salary sacrifice - cycle to work scheme
  • 18 Jan 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.
Exclusive Place of supply of repair services
  • 06 Dec 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.
Exclusive Loans to traders
  • 06 Dec 2022
FAQ on whether tax relief be claimed on a loan which a client made to his company, but which cannot now be reclaimed.
Exclusive TOGC relevant date
  • 01 Nov 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.
Exclusive Trading allowance
  • 01 Nov 2022
FAQ on how to account for trading income in a tax return.
Exclusive Claiming VAT back as input tax
  • 04 Oct 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).
Exclusive Construction Industry Scheme
  • 04 Oct 2022
FAQ on whether CIS deductions be applicable on boiler installation work, carried out by a sub-contractor for a plumbing company.
Exclusive VAT and green home improvements
  • 06 Sep 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.
Exclusive CGT and property transfers in a divorce
  • 06 Sep 2022
FAQ on whether CGT is due on a rental property being transferred to a spouse as part of a divorce settlement.
Exclusive Trust registration of gifted property
  • 09 Aug 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.
Exclusive Margin scheme
  • 09 Aug 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.
Exclusive New NIC threshold - July 2022
  • 07 Jul 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.
Exclusive VAT zero rating and construction
  • 07 Jul 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.
Exclusive Affect of second property on SDLT
  • 09 Jun 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.
Exclusive Making Tax Digital
  • 09 Jun 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.
Exclusive Corporation tax - income tax chargeable event gain rules
  • 11 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.
Exclusive VAT and charitable donations
  • 11 May 2022
FAQ on whether money donated to charity from the sale of luggage and accessories falls outside the scope of VAT.
Exclusive Tax implications for written off loan
  • 06 Apr 2022
FAQ on the tax implications of a loan made to a shareholder, which was subsequently written off.
Exclusive VAT groups
  • 06 Apr 2022
FAQ on what to do in the interim period while HMRC is processing and application to form a new VAT group.
Exclusive VAT on service charge
  • 15 Mar 2022
FAQ on the liability for VAT on a service charge applied by a restaurant, depending on whether the charge is optional or compulsory.
Exclusive Non-resident CGT
  • 15 Mar 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.
Exclusive Country of tax residence
  • 10 Feb 2022
FAQ on establishing which country a client, who is resident in two countries, can claim tax residence.
Exclusive Place of Supply and other VAT implications
  • 10 Feb 2022
FAQ on what counts at the Place of Supply (POS) for goods moved between two continental European countries, by a UK based contractor.
Exclusive VAT on commission income
  • 07 Jan 2022
FAQ on whether the commission income on sales of third party art by a gallery owner falls below the VAT threshold.
Exclusive Tax and bitcoin sales
  • 07 Jan 2022
FAQ on the tax treatment of the sale of some bitcoin that a client was holding as an investment.
Displaying 1-42 of 42 results

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.