Company Cars: Where are We Now?
If a car is made available to an employee for their private use, an income tax charge arises. Double-cab pick-up trucks, a common alternative to
Accounting, Tax & Business Blogs
Explore expert accounting, tax, bookkeeping, and business advice from across the UK. Get practical tips, financial insights, and the latest updates to help you manage your finances and grow your business.
Tax Planning with Limited Liability Partnerships
Limited liability partnerships (LLPs), often described as being a ‘hybrid’ combining features of both partnerships and corporations, allow two or more individuals to own and
Income tax and Nationwide’s ‘Thank You’ and ‘Fairer Share’ payments
Eligible members of Nationwide Building Society saw ‘Big Nationwide Thank You’ payments of £50 paid into their accounts. What is the tax position of such
PPR Relief: Transfers Between Spouses
Transfers of assets between spouses who are living together are treated as taking place at neither a gain nor a loss for capital gains tax
How to Reduce VAT Penalties
Any under-declaration of VAT could potentially attract a penalty. The level of penalty broadly depends on whether an error was careless, deliberate but not concealed,
Chattels: Taxable or Exempt?
While income tax applies to most sources of income, capital gains tax (CGT) applies to profits on the sale or disposal of an asset that
Goodbye IHT…Hello Income Tax?
Mark McLaughlin looks at the pre-owned assets tax charge, and its connection with inheritance tax planning. Planning to mitigate a particular tax can sometimes have
Trusts: The Basics
Trusts are formed when the legal ownership of an asset is separated from the beneficial ownership, i.e., a legal owner (the trustee) holds it ‘on
Funding a business: Is Tax Relief Available?
At some time during the life of a business, that business may need funding, whether the monies come from the owner’s personal resources or via
Friends Without Benefits!
A question often asked is: “Can I give all my assets to my children and avoid inheritance tax (IHT)?”. The short answer is yes, but
CGT Expenditure: Section 38 Rules, Okay?
Most readers will be aware that capital expenditure cannot be offset as an expense against income. There is a huge body of case law concerned
VAT: The Deregistration Trap
Businesses have been going through difficult times recently and some smaller businesses selling to the public, particularly services, find that they have fallen below the
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