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Tips & Advice Tax

Your fortnightly guide to practical tax savings

Tips & Advice Tax is... 

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Here are some of the topics we cover:


Accounts

  • Bad debts
  • Basis period
  • Case law
  • Cash basis
  • Checking
  • Errors
  • Fees
  • Final accounts for business
  • FRS
  • Generally accepted accounting practice
  • Investigation
  • Miscellaneous
  • Overlap relief
  • Post cessation receipts
  • Stock
  • Writing off

Anti-avoidance

  • Accelerated payment notice (APN)
  • anti-avoidance rules
  • Company wind-up
  • Disguised remuneration
  • HMRC Spotlights
  • 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
  • Employer loans
  • Exempt benefits
  • Exempt benefits in kind
  • For shareholders
  • In-house benefits
  • Making good
  • Miscellaneous
  • Mobile phones
  • NI contributions
  • P11d notices
  • PAYE settlement agreements
  • Payrolling benefits
  • Personal
  • Reclaiming VAT
  • Records
  • Relocation costs
  • Remuneration package
  • Staff discounts
  • Travel
  • Trivial
  • Vans

Bicycles

  • Mileage allowance

Brexit

  • Brexit

Business rates

  • Enviromental improvement relief
  • Revaluation
  • Vacant premises

Business status

  • Incorporation
  • Trading or investment business

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
  • Full expensing
  • Industrial buildings allowance
  • Intangible asset
  • Integral features
  • Miscellaneous
  • Plant and Equipment
  • Short-life asset
  • Structures and buildings allowance
  • Writing down
  • Year-end planning

Capital gains tax

  • Allowances
  • Annual exemption
  • Antiques
  • Business asset disposal relief
  • Business property
  • Case law
  • Community infrastructure levy
  • Cryptoassets
  • Deductible expenses
  • Deferred and contingent proceeds
  • Divorce/separation
  • Domestic property
  • Dwellings
  • Earn-outs
  • Enterprise investment scheme
  • Entrepreneurs' Relief
  • Exemption
  • Gifts
  • Goodwill
  • Holdover
  • Home as office
  • Husband/wife
  • Indexation Allowance
  • Instalment proceeds
  • Investors' relief
  • Joint ownership
  • Losses
  • Market value
  • Miscellaneous
  • Negligible value
  • Offshore funds
  • Part disposals
  • Private residence relief
  • Reporting to HMRC
  • Residential property gains
  • 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
  • Car fuel benefit
  • CO2 emissions
  • Electric cars
  • Family members
  • Leasing
  • Loans
  • Miscellaneous
  • Pool cars
  • Private use
  • Scale charge
  • Simplified expenses
  • Vans
  • VAT

Children

  • Bank accounts
  • Capital gains tax
  • 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 deductions
  • 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

Coronavirus

  • Government support payments
  • News

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

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

Domicile

  • Non dom

EIS, VCT, SEIS and SITR

  • Knowledge intensive companies
  • Shares qualifying period

Employees

  • Allowances
  • Benefits
  • Capital allowances
  • Casual
  • Children
  • Compensation payments
  • Contractors
  • Customer tips
  • Damages and compensation
  • Directors
  • Disabled
  • Dividends
  • Employing family members
  • Employment status
  • Expenses
  • Foreign
  • Freelancers
  • Gifts to
  • Home working
  • Income tax
  • Loans to
  • Maternity leave
  • Minimum wage rates
  • Miscellaneous
  • National Insurance
  • Non-executive directors
  • Non-taxable payments
  • P11D
  • P35
  • Parental leave
  • PAYE
  • Payment in lieu of notice
  • 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

Environmental taxes

  • Landfill tax
  • Plastic packaging tax

Expenses

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

Finance

  • Cryptoassets
  • Currency transactions
  • Debt factoring
  • 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
  • Contacting HMRC
  • Dealing with generally
  • Digital documents
  • Digital tax services
  • Enforcement
  • Errors
  • Forms
  • Guidance
  • Interest rates
  • Internal review
  • Making tax digital
  • Miscellaneous
  • Payments
  • Procedure
  • Repayments
  • Scam communications
  • Self-assessment
  • Tax conditionality and licencing

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
  • Marriage allowance
  • Miscellaneous
  • Miscellaneous income
  • 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

Incorporation

  • Tax implications

Inheritance tax

  • Annual exemption
  • Business property relief
  • Case law
  • Deeds of variation
  • Enduring power of attorney
  • Exemption
  • Fall in value relief
  • Gifts
  • IHT-saving schemes
  • Insurance
  • Joint accounts
  • Marriage
  • Miscellaneous
  • Nil-rate band
  • Offshore
  • Pensions
  • Potentially exempt transfers
  • Pre-owned assets
  • Probate
  • Property transfers
  • Quick succession relief
  • Residence nil rate band
  • Returns
  • Taper relief
  • 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
  • Insurance investment bonds
  • Interest
  • ISAs
  • Offshore
  • Scams
  • Seed enterprise investment scheme
  • Tax free childcare
  • Tax incentives
  • Top slicing relief
  • Trust funds
  • Unit trusts
  • Venture capital trusts
  • Woodlands
  • Year-end planning

IR35

  • Definition of
  • Factors indicative of
  • Off-payroll rules
  • Payment of tax
  • Whose responsibility

Land

  • Capital allowances
  • Polluted or derelict land

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
  • Loan charge
  • Loans written off
  • Miscellaneous
  • Mortgages
  • Student loan repayments

Married couples and civil partners

  • Form 17
  • Income splitting
  • Marriage allowance

National Insurance

  • Age exemption
  • Bands
  • Benefits
  • Class 1
  • Class 1A
  • Class 2
  • Class 3
  • Class 4
  • Directors
  • Earnings periods
  • Earnings threshold
  • Employee status
  • Employment allowance
  • Enforcement
  • Errors
  • Late payment
  • Miscellaneous
  • Overpayments
  • Rates
  • Rebate
  • Rental income
  • Self-employment
  • Six-year rule
  • Trading losses
  • Voluntary payments
  • Working abroad

News

  • Benefits
  • Brexit
  • Business rates
  • Capital allowances
  • Capital gains tax
  • Cars, vans and fuel
  • Companies
  • Construction industry
  • Coronavirus
  • Corporation tax
  • Expenses
  • HMRC
  • Income tax
  • Inheritance tax
  • IR35
  • National Insurance
  • News
  • Offshore
  • Partnerships
  • Payroll
  • Penalties
  • Pensions
  • Property
  • Returns
  • Sole traders
  • Stamp taxes
  • Status
  • VAT

Offshore

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

Partnerships

  • Change in partnership shares
  • Limited liability
  • Mixed partnerships
  • Tax returns
  • VAT
  • Whether partnership exists

PAYE

  • Construction industry scheme
  • Director's remuneration
  • Employees' obligations to pay
  • End-of-year procedure
  • New employee procedure
  • Overpayments
  • P11Dd
  • Payment in lieu of notice
  • Payment of via deductions
  • Payroll software
  • Payslips
  • PSA
  • Repayments
  • RTI
  • Student loans
  • Taxable earnings
  • Tax codes
  • Temporary and casual workers
  • Underpayment of tax

Payments

  • Capital gains tax
  • CIS scheme
  • Direct deductions
  • Income tax
  • Interest
  • Payment options
  • Repayments
  • RTI
  • Self employed
  • Tax summaries
  • Time to pay agreements
  • VAT

Penalties

  • Appealing against
  • Careless or deliberate
  • CIS scheme
  • Failure to notify tax liability
  • Interest
  • RTI
  • Self employed
  • Suspension of penalties
  • Tax deductible
  • VAT

Pensions

  • A-day
  • Allowances
  • Annual allowance charge
  • Annuity
  • Auto enrolment
  • Contribution limits
  • Employer contributions
  • Employer-paid-for advice
  • IHT
  • In specie contributions
  • Money purchase annual allowance (MPAA)
  • Penalties
  • Pension input periods
  • Pension sharing
  • Personal
  • Recycling
  • Relief
  • Schemes
  • SIPPs
  • Small pot pension
  • SSAS
  • State pension
  • Taking benefits
  • Tax-free lump sum
  • Tax rebate

Practice admin

  • Agent authorisation
  • Client contact

Profit extraction

  • Benefits-in-kind
  • Bonuses
  • Dividends
  • During wind-up
  • Interest
  • Miscellaneous
  • Pension contributions
  • 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
  • Community infrastructure levy
  • 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
  • Employee benefits and expenses
  • Enforcement
  • Entries
  • Errors
  • For administration of estate
  • 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
  • Reliefs and exemptions
  • Stamp duty land tax

Succession planning

  • Family
  • Income tax
  • Incorporation
  • MBO

Tax credits

  • Tax credits
  • Working tax credits

Tax liability

  • Determination
  • Special relief

Trade

  • Cessation of trade
  • Trading allowance
  • Whether trading or not

Trusts and estates

  • Beneficial ownership
  • Capital distributions
  • Planning
  • Registration

Vans

  • Benefit in kind
  • VAT

VAT

  • Agent or principal supplier
  • Aggregation of businesses
  • Allowances
  • Annual accounting scheme
  • Appeal
  • Assessments
  • Bad debt
  • Barter trade
  • Benefits-in-kind
  • Brexit
  • Business gifts
  • Capital goods scheme
  • Case law
  • Cash accounting scheme
  • Cash basis scheme
  • Charities
  • Compensation
  • Construction
  • Credit notes
  • Debt factoring
  • Delivery charges
  • Deposits
  • Deregistration
  • Disbursements
  • Discount and promotion schemes
  • E-commerce
  • Education
  • Educational supplies
  • Entertainment
  • Errors
  • EU sales and purchases
  • Exempt supplies
  • Exports
  • Flat rate
  • Food & drink
  • Gifts
  • Global accounting scheme
  • Groups
  • Holding companies
  • Imports
  • Input tax
  • Invoices
  • 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
  • Purchases for private use
  • Rates
  • Reclaiming
  • Records
  • Reduced rate supplies
  • Registration
  • Returned goods
  • Returns
  • Reverse charge
  • Reverse charge construction industry
  • Sponsorship
  • Staff clothes/equipment
  • Standard rate
  • Stock value
  • Supply of staff
  • 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 24 - issue 11 - 07.03.2024

MAKING TAX DIGITAL

New MTD trial launches soon

HMRC’s Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) pilot has been a disaster. Despite this, it’s pushing businesses and accountants to use it from April 2024. Should you consider signing up?

TAX PLANNING

Threshold tax and benefit traps on families

The media like to bandy about the phrase “stealth tax”. In reality what they call stealth tax isn’t at all. However, there are genuine cliff-edge income thresholds that result in unfair tax charges. What are they and how can you avoid them?

RAISING FINANCE

Take advantage of SEIS cash injection

Your company is relatively new and needs extra finance. You’re thinking about offering a Dragons’ Den type deal to outside investors. How can a tax incentive scheme help make your deal more attractive?

EXPENSES

Overseas business trip with the family - is it taxable?

Our subscriber is making an overseas trip for business and is taking her spouse and two children so they can holiday while she’s working. Her question is, can she put the expense through her company and if so are there any tax considerations?

TRUSTS

Winding up a trust - avoiding a tax trap

You’ve been looking after a trust for your children for years. As they are now adults and working you’ve decided to wind up the trust and give each of them their share of the fund. What steps can you take to make the winding up tax efficient?

CAPITAL GAINS TAX

Sell now to reduce your CGT bill

The new tax year starts in April 2024, at which time the capital gains tax (CGT) annual exemption will be cut by half. How can you use your current exemption to reduce tax on later gains?

VAT

VAT and customer incentive schemes

You want to set up a loyalty scheme for your customers but haven’t settled on exactly what it will be. You especially want to avoid tricky VAT issues. What are your options?

PAYROLL

Termination payments - HMRC clearance

CARS

New fuel rates for cars and double-cab pickups

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