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Income tax and national insurance contributions

Frequently asked questions from Markel Tax on income tax and national insurance contributions.

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.

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.

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.

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.

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.

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.

Registering a holiday home as a limited company

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August 2020

FAQ clarifying what my client has been told locally about the income tax situation, where he intends to by a holiday home overseas, for use by his family and as a holiday let to others.

Personal tax following a divorce

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July 2020

FAQ about the tax implications for my female client, as the courts are making an order for her ex-husband in respect of her pension rights following their divorce.

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