Notes there are instances where choosing to take a benefit-inkind rather than salary may not produce a reduction in tax or National Insurance contributions for employee or employer. Remuneration comes in many guises, usually as salaries, bonuses or benefits-in-kind, all being subject to tax and National Insurance contributions (NICs) unless the payment or benefit is
Going to the OpRA! Read More »
Considers the operation and practical implications of the income tax starting rate band for savings. The starting (savings) rate band for interest income is one of the most difficult concepts for taxation students (and some tax qualified professionals!) to understand, so it is not a surprise that most taxpayers without detailed technical tax teaching, do
How Does The Starting Rate Band For Savings Income Work? Read More »
Lets Points out how a company could benefit a business, and what directorship entails. When deciding whether to incorporate a business, tax is clearly a major factor; but it is not the only one, as a company is a separate legal entity – a body corporate, and one which needs to be properly managed by
Directorships and Employing a Company Read More »
Considers the basic principles of the capital gains tax exemption for only or main residences. For most of us, the house in which we live – our ‘only or main residence’ in the terms of the tax legislation – is our most valuable asset. For many of us, it is one that has increased in
Tax and the Main Residence Read More »
Surprising loved ones with a gift can potentially backfire on the donor, who may end up with a tax charge in exchange for giving up the asset. Depending on the recipient, the nature of the asset and its value, a gift could lead to a capital gains tax (CGT) or inheritance tax (IHT) charge.
Gifting an Asset: What Does the Taxman Get? Read More »
In the intricate world of business finance, micro entities represent a category of small-sized businesses with comparatively simpler accounting requirements. This blog explores the concept of micro entity accounts, delineates who needs to file them, underscores the importance of enlisting an accountant’s expertise, and illustrates how AccountingFirms.co.uk can be instrumental in connecting you with the
Looks at what is known as the ‘golden brick’ and its effect on the VAT treatment of new residential property in the construction industry.I t is not uncommon, in these cash-strapped times, for construction companies to start work on a housing project and either run out of money or stop building due to a lack
Construction Industry: The ‘Golden Brick’ Read More »
Looks at some inheritance tax points to consider for parents wishing to help adult offspring manage their mortgage debts. These are difficult times for most young people buying their first home, or for recent first-time buyers trying to keep up with their mortgage payments. Some offspring will need help from their parents to get (or
IHT: Helping the Kids with Their Mortgages? Read More »
Payments on account (POAs) for the selfemployed or those taxpayers who have significant income from sources other than employment have been compulsory for nearly 30 years. POAs are advance payments towards the final tax bill, made twice a year (in January and July) based on the previous year’s tax liability. The payment dates could not
Business Strategies: Spreading Tax Payments Read More »
As an employee, it is normal to receive and to be taxed on the worker’s salary, wages and bonuses for the work performed in the employment. However, employers may also wish to remunerate the employee by providing benefits-in-kind. These additional benefits are also taxable, but on what value of this benefit does the employee need
How Much is My Benefit-In-Kind Worth? Read More »
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