S R Lynn & Co·Blog

Income sharing trouble for separated couple

After a couple separated one spouse received income from letting the property she jointly owned with her estranged spouse. HMRC taxed all the income on her. Was it right to do so or should her spouse have been taxed on half the income?

Articles

What’s the difference between an error and an adjustment?

20th May 2024 by Joanne Stoneman

Your business must disclose errors to HMRC above certain limits in writing. But it can include accounting “adjustments” on the next return. What are the main adjustments (that aren’t errors) that your business could make?

The IHT exemption that HMRC hides

15th May 2024 by Joanne Stoneman

You have the task of obtaining probate for your mother’s estate which involves completing tricky inheritance (IHT) tax forms. One of these requires you to report lifetime gifts. How might the form’s wording cause you to miss out on an IHT exemption?

Gifts of shares to children: direct or via a trust?

14th May 2024 by Joanne Stoneman

You want to give away some shares in your company to help provide an income for your children. Is it better to make a direct gift to them or should you transfer the shares to a trust with your children as beneficiaries?

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