With remote and hybrid working now firmly embedded in British working life, understanding the tax treatment of working from home remains important. The rules differ depending on whether the worker is an employee, self-employed or a company director and choosing the right method can make a noticeable difference to the overall tax position. Employees: Employer
Use of home as office: Are you claiming? Read More »
Family businesses have a unique tax planning opportunity – the ability to bring one’s spouse, civil partner or children into the business and share in the profits. Done properly, it can significantly reduce the overall tax bill. Split the profits, split the tax The fundamental strategy is simple; every individual has their own personal allowance
Keeping it in the family Read More »
The first point to note is that for business incorporations on or after 6 April 2026, FA 2026, s 39 amends the capital gains tax incorporation relief provisions in TCGA 1992, s 162, requiring a claim to be made. Previously, the application of s 162 was automatic if the requirements of s 162 were met,
Incorporation relief: How it works and other ‘twists’ Read More »
When a business sets up a new client or supplier, it is good practice to check the supplier’s VAT number because, if it is invalid, so is the tax invoice they issue, and HMRC may disallow the input tax claim. It is equally important in Northern Ireland when dealing with sales to businesses in other
How to check if a VAT number is valid Read More »
Some assets are exempt from capital gains tax (CGT), and it is always worth being aware of these. The exemption for an only or main residence (immovable property) is probably the most well-known, but there are also exemptions for chattels and wasting assets (moveable property). Chattels A chattel is, broadly, tangible movable property: something physical
Chattels and wasting assets: What are they and how are they treated? Read More »
It is relatively common for assets such as investment properties to be jointly held in the names of a married couple (or civil partners). The general rule is that the couple is treated for income tax purposes as beneficially entitled to the property income in equal shares. This is often referred to as the ‘50:50’
Don’t be taxed on income not received! Read More »
Chris Thorpe outlines how discretionary trusts can be used to gift assets tax-free. A trust is essentially an arrangement whereby the legal ownership is in the hands of one person, with beneficial ownership in the hands of another; the legal owner (the trustee) holds that asset as custodian for the beneficial owner (beneficiary). What is
Tax-free gifts: Using a discretionary trust Read More »
Jennifer Adams outlines the tax implications of an overdrawn director’s loan account at the end of an accounting period, and anti-avoidance rules designed to prevent misuse. At the end of the accounting period, it is not unusual to find that a director and shareholder of a closely-controlled company has overdrawn their directors’ loan account, resulting
The ‘bed and breakfasting’ trap Read More »
Tristan Noyes looks at the impact of dying without a valid will and how that affects an individual’s inheritance tax position. Some find it morbid to think about planning for their own death, so put off writing a will. The importance of a will There are myriad reasons to avoid the task, but many good
The perils of dying intestate Read More »
Kevin Read looks at the income tax rises coming in April 2027. At the November 2025 Budget, the Chancellor announced an increase in the tax rates applicable to income from property businesses and savings, which will apply from 6 April 2027. On the horizon… The basic, higher and additional rates on rental and savings income
Income tax is going to get even more complicated! Read More »
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