Newsletter – July 2022

We would like to welcome you to our latest newsletter to keep you up to date with a range of topical issues. Please click here to view.

Front page news:

• HMRC’s Trust Registration Service

The Trust Registration Service (TRS) is a register of the beneficial ownership of trusts. In existence for some years already, its scope now extends to all UK express trusts, with only limited exclusions. Registration can be needed even where there is no UK tax liability. There are also provisions for non-UK trusts.

Many more trusts are thus required to register than first anticipated. In certain cases, registration is needed by 1 September 2022. We advise on this deadline and key points to be aware of.

• Up to speed with pensions

You put money into saving for a pension. How, though, does that interact with your tax position?

HMRC has carried out research into public understanding of all things pensions and tax. It found a need for much more information to support taxpayers as they make plans for retirement.

Our other articles:

• Covid-19 support and a letter from HMRC?

What does HMRC compliance activity around the fourth and fifth Self-employment Income Support Scheme (SEISS) grants look like? We guide you through what to expect.

• Capital gains tax: negligible value claims

Making a negligible value claim has the potential to leverage tax relief in some circumstances. We set out when and how.

• What’s going on with your National Insurance costs?

National Insurance contributions have seen considerable movement in recent months. Our article explains the implications of these changes and provides a timely tax planning tip.

• Talking about capital allowances

The government is looking at new strategies to give tax relief for capital allowances.

With the end of the super-deduction regime in sight, and the expectation that the Annual Investment Allowance will drop back to £200,000 in April 2023, it’s a good time to review plans for any major capital expenditure in your business.

• FAO landlords: Homes for Ukraine scheme

What is the tax position if you use property for the Homes for Ukraine scheme? We advise on the knowns and unknowns.

Here to help

Please don’t hesitate to contact us for advice in any of these areas, or any other matter of concern.

Your views are always important to us and we welcome your feedback.