In family and owner-managed companies, it is not uncommon for shares in the company to be spread among family members. This might be done for various reasons – both tax and non-tax related. For example, the company’s shareholders might include an adult child whose parents control the business, or a trust in which the child
Dividends and University Fees: Is HMRC Watching? Read More »
If you make VATable supplies, you will need to register for VAT if your taxable turnover reaches the VAT registration threshold. The VAT registration threshold is set at £85,000. The need to register for VAT is triggered if your VAT taxable turnover for the last 12 months exceeded £85,000 or if you expect your VAT
Do We Need to Register for VAT? Read More »
There are various reasons why HMRC may issue a tax penalty. You may receive a penalty if you file your tax return late, your tax return is inaccurate, you are late paying tax that you owe or you fail to keep accurate records. If you do not agree with the penalty, you can appeal against
How to Appeal a Tax Penalty Read More »
Although the tax system contains an exemption for employer-provided eye tests and the glasses or contact lenses for display screen use, its availability is dependent on the associated conditions being met. When seeking to take advantage of the exemption, the method of provision is key. The tax consequences of an employer providing eye tests for
Avoid the Traps When Providing Eye Tests for Employees Read More »
HMRC have sent out nudge ‘One to Many’ letters to taxpayers who they believe may have claimed Business Asset Disposal Relief (BADR) in excess of the £1 million lifetime limit. Nature of the Relief Formerly known as Entrepreneurs’ Relief, BADR reduces the amount of capital gains tax that is payable where a person sells
Business Asset Disposal Relief – Have you Exceeded the Limit? Read More »
There are two different ways in which accounts can be prepared – the cash basis and the accruals basis. The cash basis is the default basis of preparation for unincorporated landlords who are eligible to use it. However, they can elect to use the accruals basis if they prefer. Landlords who are not eligible to
Cash Basis or Accruals Basis? Read More »
If you let out a property, you can deduct the business expenses that you incur when working out your taxable rental profit. The rules governing the expenses that you can deduct depend on whether you prepare accounts using the cash basis or the accruals basis. If you use the cash basis (which is the default
10 Deductible Expenses Read More »
Private residence relief means that you do not have to pay capital gains tax on any gain that you make when your sell your home to the extent that the gain relates to the period that you lived in the property as your only or main residence or the last nine months of ownership (36
Swapping Your Main Residence for Capital Gains Tax Purposes Read More »
The sale or rental of a property is normally exempt from VAT, the main exceptions being the sale of new residential property (zero-rated) or the sale of new (less than three years old) freehold commercial property (standard-rated). Exempt transactions mean no VAT is chargeable, but it also means that the person making the supply cannot
VAT Option to Tax Changes Read More »
According to the RAC, average fuel prices peaked a year ago at £1.91 per litre, since levelling off at the same price as ten years ago. However, HMRC’s approved mileage rates have remained static, not increasing since April 2011, when petrol was around £1.42 per litre. In the ten years since the last increase, fuel
Tax Implications Where Employers Pay Above HMRC’s Approved Mileage Rates Read More »
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