Since the start of the Covid pandemic in March 2020, the number of people working from home in the UK has increased. With more employees now home-based, benefits-inkind that are centred on the workplace are less attractive; but there is also the issue of fairness for those who, through their job role or domestic situations, […]
Benefits Packages: Allowing Employees to Choose Read More »
Joint bank and building society accounts (e.g., between spouses or civil partners, or family members) can be tricky for inheritance tax (IHT) purposes when one of the joint account holders dies. The main difficulty is in establishing how much of the balance in the account ‘belonged’ to the deceased immediately before death; was it 50%,
Hands Off! Joint Bank Accounts Read More »
As part of succession planning and considering what happens to the family silver, minor children may often be the only successors. The problem is that under English law, minors cannot own property – they cannot own bank accounts, shares of land, property or companies. Someone therefore has to own assets for them and have the
Trusts And Children: Do They Go Together? Read More »
It is a reality for payroll departments that, sometimes, they are not always advised of a new starter until after payroll cut-off. Operationally (and depending on the values involved), they will pay the amount due but not paid as backpay in the following pay period, together with the employee’s regular salary. ‘Mistimed’ Payments HMRC and
New Employees, NICs and Mistimed Payments Read More »
I am always amazed by the number of people who undertake high value transactions without getting proper advice about the tax consequences. A classic example arose recently in Arshad Mahmood v Revenue and Customs [2024] UKFTT 114 (TC). The Key Facts Arshad Mahmood [M] transferred ten commercial properties to a company owned by his wife.
A Little Knowledge is A Dangerous Thing! Read More »
What are common bookkeeping mistakes to avoid? Bookkeeping is the foundation of a healthy business. This provides a clear financial picture that informs decisions, drives growth, and ensures compliance with UK regulations. However, even the most well-intentioned business owners can fall victim to common bookkeeping mistakes. These errors can have serious consequences, including penalties, fines,
Common Bookkeeping Mistakes to Avoid and How to Fix Them Read More »
For directors, remuneration is typically assessed on an annual earnings period basis; all earnings for the tax year are considered, rather than looking at each pay period individually. This approach recognises that directors often have irregular payment patterns and bonuses rather than a set amount per month. The payment date is broadly deemed to be:
When Are Director’s Remuneration and Dividends Deemed to Be Paid? Read More »
When HM Revenue and Customs (HMRC) opens a tax return enquiry, the natural reaction of most taxpayers is to speculate about the reason why their tax return has been selected. In fact, HMRC does not need an excuse to open a tax return enquiry; a small proportion of tax returns are simply selected at random.
No (HMRC) Tip-Off! Read More »
When HMRC talks of payrolling benefits and expenses (‘payrolling’), it refers to putting the taxable value through the payroll when the employee is paid, thereby avoiding declaring items on form P11D. The benefit is removed from the tax code, but a taxable non-payable value is processed in the payroll. It really could not be easier.
Putting Benefits-In-Kind Through the Payroll From 2026 – Simples! Read More »
I t is quite common for building projects to attract more than one rate of VAT on different elements of the development. For example, a three-story property in London is purchased and consists of a retail unit on the ground floor and four residential apartments on the two floors above, two on each floor. The
Simplified Accounting: Using Composite VAT Rates Read More »
