As well as providing their employees with a salary, many employers wish to offer other benefits-in-kind (BIKs) as a means of further incentivisation or simply out of care for one’s workers. That benevolence may be a little more affordable if an employee was able to make a contribution by having the cost deducted from their […]
The Salary Sacrifice ‘Trap’ Read More »
Christmas comes but once a year and while, one hopes, this is accompanied by a feeling of goodwill and generosity to all, this may not extend to HMRC! In fact, perhaps the seasonal expenditure on family and friends may prompt the idea that this may be softened by tax savings elsewhere. Here are a few
A Tax-Efficient Christmas! Read More »
For VAT legislation purposes, a new commercial property or civil engineering work can be partly constructed or up to three years old and still count as being new. VAT Liability Normally, the sale or leasing of commercial property is exempt from VAT unless the owner has opted to tax it. However, there is an
Standard Rated, Zero Rated or Exempt?! Read More »
Taxpayers might be forgiven for considering that HM Revenue and Customs (HMRC) has more than enough powers to tackle taxpayers over what it regards as ‘naughty’ behaviour. However, taxpayers are not alone; HMRC’s attention seems to be turning increasingly to agents and tax advisers, including for (what HMRC regards as) leading taxpayers astray with ‘dodgy’
The ‘Naughty’ List! Read More »
Steps to close a limited company involves a series of steps and considerations. The two main ways to close a limited company in the UK are through a voluntary liquidation, also known as a creditors voluntary liquidation (CVL), or through a compulsory liquidation initiated by creditors or HMRC. The specific process and requirements can differ
How to Close a Limited Company? Read More »
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 »
Even if you pay all your tax through PAYE, you may still need to complete a Self-Assessment tax return if you are a high earner. For 2022/23 and earlier tax years, this is the case if your income is more than £100,000. However, for 2023/24 onwards, the trigger threshold is increased to £150,000. Unless you
Do You Need to Complete a Tax Return? Read More »
Most taxpayers know that they must adhere to a rigid timetable for the submission of tax returns and claims, otherwise either penalties are levied or the claim is refused. Taxpayers are also restricted as to the number of years they may go back to seek relief from an overpayment after making an error or mistake
Enquiry or Discovery – What is the Difference? Read More »
Last year apart, the number of tax enquiries is on the increase; the reason is not that more taxpayers are seeking to defraud the tax system but because advances in digital technology and data exploitation are enabling more efficiently targeted enquiries. For example, although HMRC undertook fewer stamp duty land tax investigations last year, the
Avoiding an Investigation: How does Risk Assessment Work -What do HMRC Look for? Read More »
Under real time information (RTI), employers are required to report pay and deductions information to HMRC ‘at or before’ the time that the payment is made to the employee. This is done by means of the full payment submission (FPS). Penalties are charged if the FPS is filed late or if HMRC did not receive
RTI Penalties and Period of Grace Read More »
