Frequently asked questions from Markel Tax on income tax and national insurance contributions.
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.
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FAQ on the tax implications of a loan made to a shareholder, which was subsequently written off.
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FAQ on establishing which country a client, who is resident in two countries, can claim tax residence.
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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.
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FAQ about dealing with the estate of a deceased client, and the procedure for informing HMRC of the client's assets.
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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.
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FAQ about the reporting of ‘trivial benefits’, such as staff gifts and virtual team lunches, to HMRC.
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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.
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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.
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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.
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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.