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Tips & Advice Tax

Your fortnightly guide to practical tax savings

Tips & Advice Tax is... 

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A unique collaboration between

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  • Tax advisors
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Examples and source material

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Here are some of the topics we cover:


Accounts

  • Bad debts
  • Basis period
  • Case law
  • Cash basis
  • Checking
  • Errors
  • Fees
  • FRS
  • Generally accepted accounting practice
  • Investigation
  • Miscellaneous
  • Stock
  • Writing off

Anti-avoidance

  • Accelerated payment notice (APN)
  • anti-avoidance rules
  • Company wind-up
  • Disguised remuneration
  • Notifiable avoidance schemes
  • Partnerships

Bank accounts

  • Funding
  • Interest
  • Investigations
  • Joint accounts
  • Offshore
  • Personal
  • Returns

Benefits

  • Assets
  • Benefits-in-kind
  • Cars
  • Company-owned
  • Cycle-to-work
  • Earnings limit
  • Exempt benefits
  • For shareholders
  • Making good
  • Miscellaneous
  • NI contributions
  • P11d notices
  • Personal
  • Reclaiming VAT
  • Records
  • Relocation costs
  • Remuneration package
  • Staff discounts
  • Travel
  • Trivial
  • Vans

Brexit

  • Brexit

Business status

  • Incorporation

Capital allowances

  • Abortive expenditure
  • Annual Investment Allowance
  • Business property relief
  • Business purchase
  • Cars
  • Construction
  • Employees and directors
  • Enhanced capital allowances
  • Environmentally beneficial
  • First year
  • Fixtures and fittings
  • Industrial buildings allowance
  • Intangible asset
  • Miscellaneous
  • Plant and Equipment
  • Structures and buildings allowance
  • Writing down
  • Year-end planning

Capital gains tax

  • Allowances
  • Annual exemption
  • Antiques
  • Business property
  • Case law
  • Deductible expenses
  • Divorce/separation
  • Domestic property
  • Dwellings
  • Earn-outs
  • Enterprise investment scheme
  • Entrepreneurs' Relief
  • Exemption
  • Gifts
  • Goodwill
  • Holdover
  • Home as office
  • Husband/wife
  • Indexation Allowance
  • Investors' relief
  • Joint ownership
  • Losses
  • Market value
  • Miscellaneous
  • Negligible value
  • Offshore funds
  • Part disposals
  • Private residence relief
  • Reporting to HMRC
  • Roll-over relief
  • Shares
  • Social investment tax relief
  • Taper relief
  • Tax bands
  • Tax breaks
  • Unascertainable proceeds
  • Valuation
  • Wine
  • Year-end planning

Cars

  • Advisory fuel rates
  • Allowances
  • Authorised Mileage Rate
  • Benefits-in-kind
  • Capital allowances
  • CO2 emissions
  • Family members
  • Leasing
  • Loans
  • Miscellaneous
  • Private use
  • Scale charge
  • Simplified expenses
  • Vans
  • VAT

Children

  • Bank accounts
  • Child benefit
  • Childcare vouchers
  • Company car
  • Education funding
  • Gift
  • High income child benefit
  • Inheritance tax
  • Investments
  • Personal allowance
  • Tax credit
  • Tax free childcare
  • Tax planning
  • Trusts

CIS

  • CIS returns
  • Subcontractor
  • VAT

Civil partner

  • Divorce

Companies

  • Associated
  • Close
  • Companies House
  • Corporation tax
  • Demergers
  • Dividends
  • Foreign
  • Incorporation
  • Loans
  • Miscellaneous
  • Moving profits
  • Offshore
  • Purchasing
  • Reorganisation of share capital
  • Selling a company
  • Substantial shareholding exemption
  • Winding up

Contractors

  • CIS scheme
  • IR35

Corporation tax

  • Accounting period
  • Allowances
  • Annual return
  • Associated companies
  • Deductions
  • Disincorporation
  • Employer pension contributions
  • Gifts
  • Goodwill
  • Joint companies
  • Loan relationship
  • Loans to directors/shareholders
  • Losses
  • Miscellaneous
  • Offshore
  • Payment bands
  • R&D relief
  • Relief
  • Sponsorship
  • Tax bands
  • Transfer pricing
  • Year-end planning

Dividends

  • Distribution
  • Husband and wife
  • Illegal dividends
  • Interim or final
  • Maximum
  • Miscellaneous
  • Non-corporate
  • Timing
  • Vouchers
  • Waivers
  • Year-end planning

Domicile

  • Non dom

EIS, VCT, SEIS and SITR

  • Knowledge intensive companies

Employees

  • Allowances
  • Benefits
  • Capital allowances
  • Casual
  • Children
  • Contractors
  • Customer tips
  • Directors
  • Disabled
  • Dividends
  • Employing family members
  • Employment status
  • Expenses
  • Foreign
  • Freelancers
  • Gifts to
  • Income tax
  • Loans to
  • Maternity leave
  • Miscellaneous
  • National Insurance
  • Non-executive directors
  • P11D
  • P35
  • Parental leave
  • PAYE
  • Records
  • Redundancy
  • Self-employed
  • Share schemes
  • Statutory maternity pay
  • Statutory sick pay
  • Tax codes
  • Temps
  • Termination
  • Training
  • Training costs

Enquiries/investigations

  • Accelerated payment notice (APN)
  • Assessments
  • Bank account enquiries
  • Closing an enquiry
  • Discovery
  • Fishing letters
  • HMRC information powers
  • Inspectors' visits
  • Interest
  • Investigations
  • Miscellaneous
  • Penalties
  • Taxman's rights
  • Time limits
  • Tribunals

Entertainment

  • Allowances
  • Business
  • Case law
  • Employees
  • Expenses
  • Miscellaneous
  • Tax-free limits
  • Third party
  • VAT

Expenses

  • Allowances
  • Annual returns
  • Bad debt relief
  • Benefits-in-kind
  • Case law
  • Dispensations
  • Home as office
  • Medical
  • Miscellaneous
  • Payment
  • Pre-trading
  • Records
  • Reimbursed to employee
  • Repairs/renewals
  • Simplified motor expenses
  • Training costs
  • Travel
  • VAT

Finance

  • Cryptoassets
  • Currency transactions
  • Raising finance

Gifts

  • Business gifts
  • Capital gains tax
  • Charitable
  • Children
  • Employee
  • Gift aid scheme
  • Gifts between spouses
  • Inheritance tax
  • Miscellaneous

HMRC

  • Administration
  • Alternative dispute resolution
  • Announcements
  • Appeals against
  • Budget
  • Clearances
  • Complaints procedure
  • Dealing with generally
  • Digital tax services
  • Enforcement
  • Errors
  • Forms
  • Guidance
  • Interest rates
  • Internal review
  • Making tax digital
  • Miscellaneous
  • Payments
  • Procedure
  • Repayments
  • Scam communications
  • Self-assessment

Husband and wife companies

  • Dividends
  • Divorce
  • Income shifting
  • Income splitting
  • Inheritance tax
  • Interest split
  • Joint property
  • Miscellaneous

Income tax

  • Allowances
  • Assessments
  • Capital gains tax
  • Cars/fuel
  • Case law
  • Children
  • Codes
  • Deadlines
  • Dividend timing
  • Gift aid
  • Gifts
  • Loans
  • Losses
  • Miscellaneous
  • Overpayment
  • Payment methods
  • Payments on account
  • Penalties
  • Personal allowance
  • Rates
  • Relief
  • Repayments
  • Returns
  • Scottish rate of income tax
  • Tax avoidance schemes
  • Tax credits
  • Underpayment
  • Welsh tax rates

Inheritance tax

  • Annual exemption
  • Business property relief
  • Case law
  • Deeds of variation
  • Enduring power of attorney
  • Exemption
  • Gifts
  • Insurance
  • Joint accounts
  • Marriage
  • Miscellaneous
  • Nil-rate band
  • Offshore
  • Pensions
  • Potentially exempt transfers
  • Pre-owned assets
  • Probate
  • Property transfers
  • Quick succession relief
  • Returns
  • Trusts
  • Using a will
  • Valuation

Insurance

  • Bond
  • Claim
  • Fee protection
  • Life
  • Permanent health
  • Recovery

Investments and savings

  • AIM stocks
  • Allowances
  • Bonds
  • Capital gains tax
  • Enterprise investment scheme
  • Exemptions
  • Help-to-Save
  • Interest
  • ISAs
  • Offshore
  • Scams
  • Seed enterprise investment scheme
  • Tax free childcare
  • Trust funds
  • Unit trusts
  • Venture capital trusts
  • Year-end planning

IR35

  • Definition of
  • Factors indicative of
  • Payment of tax

Land and Buildings Transaction Tax

  • Leases
  • Rates

Landfill Tax

  • Landfill tax rates

Loans

  • Bank
  • Benefit-in-kind
  • Directors
  • Employees
  • Family
  • Interest
  • Interest qualifying for relief
  • Loan accounts
  • Loans written off
  • Miscellaneous
  • Mortgages

Married couples and civil partners

  • Form 17
  • Income splitting
  • Marriage allowance

National Insurance

  • Age exemption
  • Bands
  • Benefits
  • Class 1A
  • Class 2
  • Class 3
  • Directors
  • Earnings periods
  • Earnings threshold
  • Employee status
  • Employment allowance
  • Enforcement
  • Errors
  • Late payment
  • Miscellaneous
  • Overpayments
  • Rates
  • Rebate
  • Rental income
  • Self-employment
  • Six-year rule
  • Voluntary payments
  • Working abroad

News

  • Benefits
  • Brexit
  • Capital allowances
  • Capital gains tax
  • Cars, vans and fuel
  • Companies
  • Corporation tax
  • Expenses
  • HMRC
  • Income tax
  • Inheritance tax
  • National Insurance
  • News
  • Offshore
  • Partnerships
  • Payroll
  • Pensions
  • Property
  • Returns
  • Sole traders
  • Stamp taxes
  • Status
  • VAT

Offshore

  • Amnesties
  • Capital gains tax
  • Companies
  • Homes abroad
  • Income tax
  • Investments

Partnerships

  • Limited liability
  • Mixed partnerships
  • Tax returns
  • Whether partnership exists

PAYE

  • Construction industry scheme
  • Employees' obligations to pay
  • End-of-year procedure
  • New employee procedure
  • Overpayments
  • P11Dd
  • Payment of via deductions
  • Payroll software
  • Payslips
  • PSA
  • Repayments
  • RTI
  • Student loans
  • Taxable earnings
  • Tax codes
  • Underpayment of tax

Payments

  • Capital gains tax
  • CIS scheme
  • Direct deductions
  • Income tax
  • Interest
  • Payment options
  • RTI
  • Self employed
  • Tax summaries

Penalties

  • Appealing against
  • Careless or deliberate
  • CIS scheme
  • Failure to notify tax liability
  • Interest
  • RTI
  • Self employed

Pensions

  • A-day
  • Allowances
  • Annual allowance charge
  • Annuity
  • Auto enrolment
  • Contribution limits
  • Employer-paid-for advice
  • Penalties
  • Pension input periods
  • Pension sharing
  • Personal
  • Recycling
  • Relief
  • Schemes
  • SIPPs
  • SSAS
  • State pension
  • Tax-free lump sum
  • Tax rebate

Practice admin

  • Agent authorisation
  • Client contact

Profit extraction

  • Benefits-in-kind
  • Bonuses
  • Dividends
  • Miscellaneous
  • Remuneration package
  • Rent
  • Salary
  • Shares
  • Transfer of assets to or from company

Property

  • Annual tax on enveloped dwellings
  • Business asset taper relief
  • Buy-to-let
  • Capital allowances
  • Capital gains tax
  • Cash basis accounts
  • Damage, loss or destruction of assets
  • Disadvantaged areas
  • Funding
  • Holiday lets
  • Home as office
  • Inheritance tax
  • Joint ownership
  • LBTT
  • Lease
  • Letting expenses
  • Loss relief
  • Main residence
  • Miscellaneous
  • Mixed-use
  • Option to tax
  • Overseas
  • Rental income
  • Rent-a-room relief
  • Repairs/renewals
  • Residency
  • Self-build
  • Stamp duty
  • Transfer
  • VAT
  • Welsh land transaction tax

Returns

  • CIS returns
  • Company
  • Corporation Tax
  • Correction and amendment
  • Deadlines
  • Enforcement
  • Entries
  • Errors
  • Incentives
  • Late submission
  • Miscellaneous
  • Online
  • Paper
  • PAYE
  • Penalties
  • Personal
  • Posting
  • Quality standard
  • VAT

Self assessment

  • Payments
  • Penalties
  • Procedure

Shares

  • Buy-backs
  • Capital gains tax
  • EMI scheme
  • Employer share schemes
  • Gifting
  • Husband/wife
  • Inheritance tax
  • Loss relief
  • Miscellaneous
  • Negligible value
  • Valuations
  • year-end planning

Stamp Duty

  • Land and buildings transfer tax
  • Land transaction tax
  • Miscellaneous
  • Penalties
  • Rate
  • Stamp duty land tax

Succession planning

  • Family
  • Income tax
  • MBO

Tax credits

  • Tax credits
  • Working tax credits

Tax liability

  • Determination
  • Special relief

Trusts and estates

  • Beneficial ownership
  • Planning
  • Registration

Vans

  • Benefit in kind
  • VAT

VAT

  • Aggregation of businesses
  • Allowances
  • Annual accounting scheme
  • Appeal
  • Assessments
  • Bad debt
  • Barter trade
  • Benefits-in-kind
  • Business gifts
  • Capital goods scheme
  • Case law
  • Charities
  • Construction
  • Deposits
  • Deregistration
  • Disbursements
  • Discount and promotion schemes
  • E-commerce
  • Education
  • Entertainment
  • Errors
  • EU sales and purchases
  • Exempt supplies
  • Flat rate
  • Global accounting scheme
  • Groups
  • Holding companies
  • Imports
  • Input tax
  • Late returns
  • Making tax digital
  • Margin scheme
  • Membership fees
  • Miscellaneous
  • Mixed or composite supplies
  • MOSS
  • Online trading
  • Option to tax
  • Output tax
  • Partial exemption
  • Payment
  • Periods
  • Private use of assets
  • Prompt payment discount
  • Property
  • Rates
  • Reclaiming
  • Records
  • Reduced rate supplies
  • Registration
  • Returned goods
  • Returns
  • Reverse charge
  • Reverse charge construction industry
  • Sponsorship
  • Staff clothes/equipment
  • Standard rate
  • Stock value
  • Surcharge
  • Tax points
  • TOGC
  • Tribunal
  • Voluntary disclosures
  • Vouchers
  • Zero-rated

Wages/salaries

  • Benefits
  • Bonuses
  • Directors
  • National Insurance
  • National minimum wage
  • PAYE
  • Pay in lieu of notice
  • Payroll
  • Remuneration packages
  • Sacrifice schemes
  • Sick pay
  • Spouses
  • Tax codes

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In the most recent issue you'll find advice on...


Year 20 - issue 5 - 28.11.2019

MAKING TAX DIGITAL

MTDfV - are you ready for the next step?

Making Tax Digital for VAT became compulsory in April 2019 which means another important digital deadline is looming. What is it?

HMRC

HMRC’s new guidance on cryptoassets and business taxes

Until now, HMRC’s guidance on the tax consequences of using or trading in cryptoassets, such as digital currencies like Bitcoin, was mainly aimed at individuals. It’s now published new guidance for businesses. What’s the full story?

ACCOUNTS

Cash basis accounts - are they worth the effort?

HMRC allows some unincorporated businesses to base their tax bills on profits calculated using the cash basis. How can you turn this administrative simplification into a tax and NI saving?

BENEFITS

Inventive ways to use trivial benefits

Despite the tax and NI exemption for trivial benefits being more than three years old, business owners are sometimes mystified about when and how they can use it, especially for themselves. How can you get the most from it?

CAPITAL GAINS TAX

Tax rate trap on sale of land

Our subscriber received his 2018/19 tax bill from HMRC which is higher than expected. The difference is extra capital gains tax relating to the sale of land. HMRC says it’s because the tax rate for this is 28% and not 20%. Is this correct?

INHERITANCE TAX

Can you “maintain” your family at HMRC’s expense?

Giving away your wealth to members of your family reduces your estate for inheritance tax purposes, but only after seven years. However, it’s possible to achieve the same result without the wait. What steps do you need to take?

VAT - CARS

Maximise your VAT claim for road fuel

If your business pays for fuel for work and private journeys, there are different methods to work out the VAT reclaimable. There are further complications if your business is partially exempt. Which method should you use to maximise your claim?

VAT

VAT groups expanded

HMRC

HMRC agrees to tax simplification

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