Businesses have been going through difficult times recently and some smaller businesses selling to the public, particularly services, find that they have fallen below the VAT deregistration threshold (currently £88,000 p.a.) and think that they would be better off deregistered. The reasoning behind considering VAT deregistration is that they can either decrease their prices by
VAT: The Deregistration Trap Read More »
In May, HM Revenue and Customs (HMRC) reminded parents of the savings they can make on childcare costs when a child starts primary school for the first time. The government’s tax-free childcare scheme allows eligible persons to pay money into a designated National Savings & Investments (NS&I) account in respect of an eligible child. HMRC
Tax-Free Childcare: Are you Eligible? Read More »
Many individuals without much knowledge of inheritance tax (IHT) will nevertheless be aware of a ‘seven-year rule’ for escaping IHT on lifetime gifts. The Seven-Year Rule In broad terms, the ‘seven-year rule’ is shorthand for the general principle that if (for example) a parent gifts an asset to their adult child, the gift is a
Trusts are often mis-trusted (excuse the pun!); they are seen as being vehicles of fraud, dodgy dealings and generally something to be avoided. Whilst they could indeed be used for such ends (just as limited companies and any other structure might), trusts are more often used as a perfectly innocuous means of holding assets for
Can You Put Your Trust in Trusts? Read More »
It is not unusual for small company directors, their family members, or other business partners to have interests in multiple companies. However, should any of those companies be deemed as ‘associated’, those directors may wish to review the current structures and tax strategies of those companies. The Importance of the ‘Associated Companies’ Rules For many
Tax Impact of Associated Companies – What’s An ‘Associated Company’? Read More »
There are 30.4 million payrolled employees in the UK, paying tax through the pay as you earn (PAYE) system. The PAYE scheme was introduced in 1944 following the Second World War. It’s designed to deduct tax at each pay date (weekly or monthly), so tax is paid evenly throughout the year – avoiding you having
What’s the Emergency? Read More »
Let me take you back to March 2016, which seems like a lifetime ago in political and economic terms. George Osborne announced that the dividend tax credit system was being abolished from 6 April 2016. This change was also going to put up effective dividend tax rates by about 7.5 percentage points; for an additional
Good Timing Can Save A Lot of Tax! Read More »
Many businesses give gifts to customers and staff, or to promote their business. The rule relating to free gifts not only relates to promotional items and Christmas gifts but also (among others) to: ‘executive presents’; long service awards; retirement gifts; items distributed to trade customers; prizes from amusement machines, etc.; prizes in betting gaming and
Recovering VAT on Business Gifts Read More »
For many years, unlike normal rented properties, the rent from a furnished holiday letting (FHL) was treated as trading rather than investment income, which had several tax benefits. Broadly, a property could be treated as an FHL if, in each tax year, it was available for short-term letting for 210 days and was in fact,
All Change: Furnished Holiday Lettings Read More »
The inheritance tax (IHT) annual exemption is often overlooked. This is probably because the exempt amount is a relatively modest £3,000 (for 2025/26). However, as the well-known slogan from the popular supermarket goes, ‘every little helps’! For example, £3,000 given away in every tax year for seven years can shelter £21,000 from a possible IHT
Use It or Lose It! Read More »
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