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All FAQs by date

List of frequently asked questions published by Markel Tax.

Content is correct at time of publishing but should be read in conjunction with most recent relevant legislation and guidance

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.

Residential property disposals

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March 2021

FAQ on Capital Gains Tax reporting rules, concerning the gain from a sale of a UK residential property which falls below the annual exemption.

Construction Reverse Charge

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March 2021

FAQ on services reportable under the Construction Industry Scheme (CIS), concerning whether a client who supplies labour to building firms should be charging VAT after 1 March 2021.

Tax treatment of a holiday let during the coronavirus pandemic

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February 2021

FAQ on the tax treatment for a furnished holiday let (FHL) for the tax year 2020/21, citing the case of a client whose FHL did not meet the 105-day occupancy requirement, due to the coronavirus pandemic.

VAT on fee paid to a finance intermediary

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February 2021

FAQ on the VAT liability for the fee that an estate agent receives every time he passes on a client to his adviser contact, who arranges their mortgages for them.

VAT post Brexit

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January 2021

FAQ on how VAT rules have changed for British companies selling UK stock globally, now that the United Kingdom has left the European Union.

Pension annual allowance

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January 2021

FAQ about a client who previously had a reduced pension annual allowance, due to their income figures. It examines what the amended rules are for 2020/21.

Tax status of UK dividends received by overseas client

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November 2020

FAQ on whether a client who lives overseas is liable to pay UK tax on a significant amount of dividends they receive from their Ltd company in the United Kingdom.

Are supplies VAT-exempt for a practitioner of alternative therapies

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November 2020

FAQ on whether a medically-trained therapist, providing services such as meditation techniques to improve clients' mental health, can claim a VAT exemption for supplies under the health exemption, even though they are not a member of any health professional body.

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