HMRC launches mortgage guarantee scheme from 19th April 2021

First time buyers, home movers and previous homeowners will be able to access 95% loan-to-value mortgages with only 5% deposit under the new scheme launched by HMRC. Now, what does this mean to borrowers exactly? There is no actual difference between the 95% mortgages taken through this scheme or the…

Informal payrolling of benefits stops from 2021-22 tax year

Employers who previously chose to informally payroll benefits will no longer be able to do so in the 2021-22 tax year. They will need to complete the registration with HMRC before the 5th April 2021 if they wish to proceed and formally payroll benefits as informal arrangements will no longer…

R&D Tax Relief

Research and development projects which will provide an advance in science and technology with innovative solutions are often subject to Tax relief. R&D Tax Credits can be claimed by a range of companies that seek to research and develop an advance in their field, even if the project was unsuccessful.…

Tax on cryptocurrency

HMRC has published internal manuals on cryptoassets taxation on 6th April 2021 detailing appropriate tax treatment as well as guidance for people holding cryptoassets regarding record keeping and liabilities. Companies or businesses involved in cryptocurrency activities (buying or selling, exchanging for other assets or cryptoassets, ‘mining’, providing goods or services…

Members’ Voluntary Liquidation (MVL)

Company liquidation is usually a process carried out due to being financially unsuccessful or being unable to pay its creditors the money owed.  If this was the case, the company would be placed into liquidation by the directors and shareholders, any remaining assets would be realised and any creditor liabilities…

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