(01233) 653500 Tips & Advice Tax
Your fortnightly guide to practical tax savings
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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
- Post cessation receipts
- 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
- Exempt benefits in kind
- For shareholders
- Making good
- Miscellaneous
- Mobile phones
- NI contributions
- P11d notices
- Payrolling benefits
- Personal
- Reclaiming VAT
- Records
- Relocation costs
- Remuneration package
- Staff discounts
- Travel
- Trivial
- Vans
Brexit
- Brexit
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
- Industrial buildings allowance
- Intangible asset
- Integral features
- Miscellaneous
- Plant and Equipment
- 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
- 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
- Instalment proceeds
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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
- 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 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
- 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
- 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
- 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
- RTI
- Self employed
- Tax summaries
- Time to pay agreements
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-paid-for advice
- In specie contributions
- Penalties
- Pension input periods
- Pension sharing
- Personal
- Recycling
- Relief
- Schemes
- SIPPs
- 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
- Whether trading or not
Trusts and estates
- Beneficial ownership
- 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
- Charities
- Compensation
- Construction
- 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 22 - issue 19 - 30.06.2022
MAKING TAX DIGITALHMRC’s latest on MTD ITSAHMRC has finally set out its new timetable and criteria for joining its Making Tax Digital pilot. When will you be able to sign up and should you bother? |
VATReclaiming VAT on cars, personalised plates and clothingThe First-tier Tribunal (FTT) recently considered a firm’s VAT claim for the purchase of two cars, a personalised number plate and clothing. Its ruling neatly sums up the conditions that must be met for such claims to be successful. What was the outcome? |
INHERITANCE TAXIHT-efficient business incorporationsYou and your partners are transferring your business to a company. This has tax pros and cons. One major drawback is the loss of inheritance tax business property relief (BPR). How can you prevent this and retain the other benefits of transferring the business? |
BENEFITS IN KINDCan “making good” benefits reduce your tax bill?In 2021/22 your company provided you with benefits in kind on which you’ve been taxed. It’s possible to reverse this by making good the benefit. But will this save you and your company tax in the long run? |
PROPERTYInterest on buy-to-lets - how much tax relief can you claim?Working out the tax relief that you’re entitled to for interest you pay on your buy-to-let-related loans isn’t simple. How is it calculated and why is it so important to keep track of it? |
EXPENSESUncover extra tax relief on your travel expensesYour firm’s policy is to pay the HMRC-approved mileage rates to staff who use their own vehicles for business journeys. However, HMRC’s definition of business mileage can mean that an additional tax deduction can be claimed. When might this apply? |
ENQUIRIESHMRC’s rights to information about your staffOur subscriber received a letter from HMRC about one of her former employees. It wants to know about his working hours, holiday dates and other absences. Is it OK for her to divulge this information to HMRC? |
PAYROLLImportant update to payroll software |
EXPENSESWorking from home expenses |
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