A basic principle of pensions has been that tax relief – on premiums paid, the fund itself and the lump sum when the pension was taken – encouraged saving for a pension to supplement the state scheme. However, in 2015 a further relief was given, in that it became possible for the individual to bequeath
Have My Pension Fund! Read More »
Inheritance tax (IHT) has been labelled by some as a tax on death. However, IHT has also been referred to as a voluntary tax, as steps can often be taken during an individual’s lifetime to reduce the IHT burden on their death. In addition, forward planning can sometimes reduce capital gains tax (CGT) in advance
A Matter of Life and Death Read More »
On 1 October 2024, the Employment (Allocation of Tips) Act 2023 came into force, aiming to ensure a fairer distribution of the payments customers leave as gratuities to staff. The tax treatment of tips and service charges depends on how staff are paid – does the new legislation change the tax position? PAYE for income
Service With A Smile: The New ‘Tipping’ Rules Read More »
HMRC’s real-time capital gains tax reporting service launched in April 2023 and is aimed at individuals not currently in the self-assessment system. This service allows those individuals to report their gains and pay outstanding tax in real time, omitting the former requirement to complete a tax return. Gains on Personal Assets The real time reporting
Capital Gains: Reporting Without Completing Tax Returns Read More »
When reporting information via the full payment submission (FPS), there is the ‘per pay-period’ obligation to submit this on or before the date of payment (SI 2003/2682, reg 67B). The date of payment (or payday) is not reported in the FPS; however, the field payment date is reported. The payment date is the date the
Christmas: Bringing Forward Paydays Read More »
One of the main attractions of forming a limited company is that it has limited liability. Under limited liability, a director or investor in a company is only liable for the money that was invested in the event that the company goes bankrupt. For example, a company is formed and issues £1,000 in shares. The
It’s On You! Personal Liability Notices Read More »
An individual may form a limited company to carry on their business – or indeed to hold assets (e.g., a property portfolio). The shares in the company may be held by the individual or individuals who are actively involved in running the business, whether trading or investment. However, shares (perhaps minority shareholdings) may also be
‘Settlements’ Traps for Family Companies Read More »
Joint bank and building society accounts (e.g., between spouses or civil partners, or family members) can be tricky for inheritance tax (IHT) purposes when one of the joint account holders dies. The main difficulty is in establishing how much of the balance in the account ‘belonged’ to the deceased immediately before death; was it 50%,
Hands Off! Joint Bank Accounts Read More »
As part of succession planning and considering what happens to the family silver, minor children may often be the only successors. The problem is that under English law, minors cannot own property – they cannot own bank accounts, shares of land, property or companies. Someone therefore has to own assets for them and have the
Trusts And Children: Do They Go Together? Read More »
Dear customer, Find out which VAT accounting scheme best suits your business by taking advantage of our online support – including the following live webinars. You can ask questions throughout by using the on-screen text box: VAT – Using the Flat Rate Scheme Register for our webinar about using the Flat Rate Scheme and find out
VAT Accounting Schemes Explained Read More »
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