Femi O. Ogunshakin – Solicitor & Tax Advisor

Femi O. Ogunshakin – Solicitor & Tax Advisor

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Femi O. Ogunshakin – Solicitor & Tax Advisor

Femi O. Ogunshakin – Solicitor & Tax Advisor

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Income Tax

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Off-payroll mistakes now penalised

June 24, 2022Employment Law, Employment Tax, Income Tax, IR35, Litigation & Dispute ResolutionLeave a commentadmin

The private sector off-payroll working rules have been in place since April 2021, but for the first 12 months businesses have benefitted from HMRC’s relaxed stance on penalties. HMRC will now, however, penalise mistakes made…

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Sharp rise in higher rate taxpayer numbers…….

May 12, 2022Employment Tax, Income Tax, IR35, self-assessment, Self-Employed, Tax, WealthLeave a commentadmin

......and if that’s you, then advice is now more important than ever. There was once a time when paying tax at more than the basic rate made you a member of a somewhat select club.…

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A new breed of digital nomad

April 28, 2022Income Tax, self-assessment, Self-Employed, TaxLeave a commentadmin

The pandemic has freed many workers from the confines of the office, leading to the emergence of a new breed of digital nomad – people who can take their laptop, jump on a plane and…

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Can the child benefit charge be fixed?

April 16, 2022Employment Tax, High Income Child Benefit Charge, Income Tax, self-assessmentLeave a commentadmin

A critical review of how the government taxes child benefits has raised a major question mark over HMRC’s approach to collecting payments. Child benefit tax, or the High-Income Child Benefit Charge (HICBC) to use its…

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What is a ‘reasonable excuse’ for tax penalties?

February 21, 2022Capital Gains Tax, COVID-19, Income Tax, self-assessment, Self-EmployedLeave a commentadmin

Having a reasonable excuse can be a get-out-of-jail-free card if you are charged a tax penalty. However, there is no statutory definition of the term, and what might constitute a reasonable excuse for one person…

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Keeping it in the family – tax saving salary strategies

February 16, 2022Employment Tax, Income Tax, Law, PAYE, Self-EmployedLeave a commentadmin

An easy way to reduce a business’s tax bill – and also increase the amount of funds withdrawn from the business – is to put a family member on the payroll. Of course, the salary…

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Don’t forget to include Covid-19 payments on self-assessment returns

January 11, 2022COVID-19, Income Tax, self-assessmentLeave a commentadmin

With the 2021 self-assessment tax return deadline on 31 January, HMRC has been busy reminding taxpayers to declare any Covid-19 grant payments they might have received. This is the first year they need to be…

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Universal Credit eligibility expands to higher rate taxpayers

December 20, 2021COVID-19, Income Tax, self-assessment, Self-Employed, TaxLeave a commentadmin

Autumn Budget reforms have created a surprising clash of benefits and income tax. The Covid-19 pandemic was the first time many people utilised Universal Credit (UC) for the first time – between February and May…

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Cryptoassets tax confusion

December 13, 2021Capital Gains Tax, Cryptocurrency, Income Tax, Tax, WealthLeave a commentadmin

HMRC is sending letters to taxpayers who they believe hold cryptoassets, advising them of the potential capital gains tax (CGT) implications and linking to relevant guidance. Many taxpayers will be unaware that simply exchanging one…

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New tipping rules to come into force within months

November 2, 2021Employment Tax, Income TaxLeave a commentadmin

Five years after carrying out a consultation, the government is going to make it illegal for employers to withhold tips from workers. The change to legislation, due to take effect over the next 12 months,…

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