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Tips & Advice Tax

Your fortnightly guide to practical tax savings

Tips & Advice Tax is... 

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The following topics are covered on a regular basis...


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
  • Partnerships

Bank accounts

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

Benefits

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

Brexit

  • Brexit

Business status

  • Incorporation

Capital allowances

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

Capital gains tax

  • Allowances
  • Annual exemption
  • Antiques
  • Business property
  • Case law
  • Deductible expenses
  • Divorce/separation
  • Domestic property
  • Enterprise investment scheme
  • Entrepreneurs' Relief
  • Exemption
  • Gifts
  • Goodwill
  • Holdover
  • Home as office
  • Husband/wife
  • Indexation Allowance
  • 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
  • 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

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
  • Maximum
  • Miscellaneous
  • Non-corporate
  • Timing
  • Vouchers
  • Waivers
  • Year-end planning

Domicile

  • Non dom

Employees

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

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
  • Tribunals

Entertainment

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

Expenses

  • Allowances
  • Annual returns
  • Benefits-in-kind
  • Case law
  • Dispensations
  • Home as office
  • Medical
  • Miscellaneous
  • Payment
  • Pre-trading
  • Records
  • Repairs/renewals
  • Simplified motor expenses
  • Travel
  • VAT

Finance

  • Currency transactions
  • Raising finance

Gifts

  • Business gifts
  • Capital gains tax
  • Charitable
  • Children
  • Employee
  • Gift aid scheme
  • 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
  • Property transfers
  • 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
  • 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
  • Miscellaneous
  • Mortgages

Married couples and civil partners

  • Form 17
  • Income splitting

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

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
  • Overpayments
  • P11Dd
  • Payment of via deductions
  • Payroll software
  • 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
  • Pension input periods
  • Personal
  • 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
  • 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

  • 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

  • Miscellaneous
  • Penalties
  • Rate

Succession planning

  • Family
  • Income tax
  • MBO

Tax credits

  • Tax credits
  • Working tax credits

Tax liability

  • Determination
  • Special relief

Trusts and estates

  • Planning
  • Registration

Vans

  • Benefit in kind
  • VAT

VAT

  • 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
  • Input tax
  • Late returns
  • Making tax digital
  • Margin scheme
  • Membership fees
  • Miscellaneous
  • 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
  • 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 19 - issue 9 - 0907.02.2019

MAKING TAX DIGITAL - VAT

Alert over old-style VAT returns

Under Making Tax Digital for VAT (MTDfV) you won’t be able to submit returns using HMRC’s existing system, known as the portal site. Where does that leave you if you later need to correct a return?

CORPORATION TAX

Will your company qualify for the new “goodwill” relief?

The 2018 Budget included a proposal to introduce a new relief for intangible assets including goodwill. The new relief will be allowed from April 2019. Will you qualify if you acquired the asset prior to this?

EXPENSES

Flat rate travel expenses - HMRC’s hidden trap

You use HMRC’s approved benchmark rates when you pay your employees for subsistence when they travel for work. The trouble is, if you follow HMRC’s latest advice you may be costing yourself VAT. What’s the full story?

PROPERTY

Have you missed out on tax loss reliefs?

You let out a property for several years, but as it was loss making you didn’t declare it to HMRC. It’s now started turning a profit but you’ve been advised that because you didn’t declare the losses it’s too late to use them. Is this correct?

CAPITAL ALLOWANCES

HMRC’s spin on repair costs

Nothing lasts forever, but with timely repairs you can extend the life of machinery and other equipment used in your business. However, getting a tax deduction for the repair cost isn’t always straightforward. What’s the problem?

CAPITAL GAINS TAX

Selling an asset - tax relief for those little extras

The negotiations for selling your company have been long-winded and costly. Your accountant, solicitor and a tax expert have weighed in with hefty bills. What proportion of these expenses can you deduct from your capital gains tax bill?

INHERITANCE TAX

Is there IHT on the gift of family holiday home?

A director shareholder is retiring and his company is being liquidated. He’s suggested to the other shareholders (family members) that the proceeds are used to buy a holiday home they can all use. What’s the inheritance tax (IHT) position?

HMRC

ADR - when can you use it?

VAT

HMRC’s new policy on deposits

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