Gifting assets during one’s lifetime is never an easy proposition even though by doing so inheritance tax (IHT) may be reduced in the long run. The dilemma is well-known, namely, that to reduce IHT you have to draw capital out of your estate but if you do – once it’s gone, it’s gone. Further, any
How Gifting Can Save You Tax Read More »
The supposed reason why HMRC issue penalties is to deter future late payment of tax and/or late submission of tax returns. There are set dates for self assessment returns, payment, VAT and corporation tax etc., but submissions for payroll under the real time information (RTI) system do not have deadlines on set dates. Instead, the
Can You Be Penalised For Submitting a Return Too Early? Read More »
HMRC can issue a determination when a taxpayer has failed to submit a tax return. The determination is HMRC’s formal calculation of tax that it calculates as being due. In arriving at the amount HMRC will consider any information it has available (e.g. on a P60 submitted by an employer). There is no right of
What Are Determinations And Can They Be Cancelled? Read More »
Furnished holiday lettings enjoy favourable tax treatment as long as certain conditions are met, allowing landlords of holiday lets to access certain valuable reliefs, such as business asset disposal relief and business asset rollover relief. The landlord can also claim capital allowances for items such as fixtures, furniture and equipment. As winter approaches and bookings
Holiday Lettings – Beware Of Longer Lets Read More »
Statistics published by HMRC in August 2022 revealed that in the 2021/22 tax year, 129,000 taxpayers reported residential property disposal using HMRC’s online service, filing 137,000 returns in respect of 141,000 disposal and paying £1.7 billion in tax. However, an estimated 26,500 returns (20%) were filed late, suggesting some ignorance around the rules and the
CGT On Residential Property Gains – Are You Aware Of The 60-day Limit? Read More »
Holiday homes and holiday lets are treated differently – holiday lets are liable for business rates while holiday home owners must pay council tax. This can work to the landlord’s advantage, particularly if small business rate relief is available. However, owners of holiday properties should be warned – new rules are coming into effect from
Claim Small Business Rate Relief For Your Furnished Holiday Let? Read More »
As the cost-of-living crisis deepens, many employees are looking to save money. One option is to cut the cost of the commute by cycling to work. There can be tax benefits for this too. Exemption For Employer-Provided Cycles Employees can enjoy the use of employer-provided cycles and cyclists’ safety equipment without having to pay
Cycle To Work Tax-Free Read More »
Inheritance tax is often described as a voluntary tax. While most of us do not know in advance when we are going to die, there are steps that you can take to reduce the amount of inheritance tax on your estate. Here are five suggestions. 1.Leave Everything To Your Spouse Or Civil Partner The
Five Ways To Save Inheritance Tax Read More »
If you are an employer, it is beneficial for both you and your employees if your workforce is healthy. Consequently, you may want to offer benefits to help employees spot any issues early and get back to full health. While the provision of private medical insurance (other than for employees working overseas) is a taxable
Tax-Free Health Benefits Read More »
You must register for VAT if your VAT taxable turnover for the last 12 months exceeded the VAT registration threshold of £85,000, or if you expect your turnover in the next 30 days to exceed this amount. However, while you are not obliged to register for VAT if your turnover is below this level, you
Is It Worth Registering For VAT Voluntarily? Read More »
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