When an employer’s car is available for an employee’s personal use, there is an income tax charge on the employee – but that charge depends on what the vehicle is. Class 1A National Insurance contributions (NICs) are payable by the employer on the value of the benefit on these vehicles. 1.Cars Employers cannot claim annual
Wheels – True Perk or Expensive? Read More »
One success story to come out of HMRC is the ‘time to pay’ (TTP) arrangement. Set up in 2018, HMRC statistics show that over 90% of TTP arrangements are completed successfully, and by the end of November 2024, more than 15,000 selfassessment customers had set up a TTP payment plan for the 2023/24 tax year.
Time to Pay Arrangements – Practicalities Read More »
Starting a new tax year brings an opportunity to review savings and investments to make sure you maximise tax reliefs. Here’s a brief overview of some key things to consider. Pensions The government encourages retirement saving, requiring employers to auto-enrol staff in workplace pensions and to make contributions. Payments made by you or your employer
Tax Relief: Getting A Bigger Bang for Your Buck! Read More »
I was recently asked about the payment of capital gains tax (CGT) by instalments following a management buyout of a private company involving deferred consideration payable by monthly instalments. I have to say that whenever I have considered this question, I have ‘drawn a blank’ for one reason or another! The legislation (at TCGA 1992,
Payment Of CGT By Instalments – Or Not? Read More »
The recovery of VAT on clothing bought by a business for its staff can result in disputes with HMRC. HMRC states that the VAT incurred by a taxable person on uniforms or protective clothing such as helmets and safety boots worn by themselves or their employees in the performance of their duties can be treated
Claiming VAT Back On Clothing Read More »
Workers who have undertaken work arranged by an employment agency may have found themselves working for an umbrella company. Generally, the recruitment agency would employ a worker who would undertake work for a client of the agency; however, it is increasingly common for the worker to be employed by another business, commonly known as an
Under the Umbrella Read More »
Those of a certain vintage will remember ‘Auf Wiedersehen, Pet’, a comedy series from the 1980s. Of course, a PET (potentially exempt transfer) in an inheritance tax (IHT) context has a different meaning. However, the comedy title has a certain relevance in one sense – individuals who make lifetime gifts can say ‘goodbye’ to a
Auf Wiedersehen, PET! Read More »
The changes to agricultural property relief (APR) and business property relief (BPR) announced in the Autumn Budget 2024 by Rachel Reeves mean that, for the first time in over thirty years, some farms and other trading businesses will potentially come within the inheritance tax (IHT) net from 6 April 2026. The details of the plans
Potentially A Lot of Interest in Instalments! Read More »
You can transfer a VAT registration number if there’s a change of business ownership or legal status. For example, if: you take over a company and want to keep using its VAT registration number; or your business changes from a partnership to a sole trader or becomes a limited company. This means the business will
VAT Number: Keep or Let Go? Read More »
Football supporters of a certain age will be familiar with the name of Bryan Robson, particularly the important part he played between 1981 and 1994 in the success of Manchester United Football Club (MUFC). Some years after he finished playing, Mr Robson became an ‘ambassador’ for MUFC. At first, the agreements to carry out this
Offside! Famous Footballer Falls Foul of IR35 Rules Read More »
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