(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
- 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
- Loan charge
- 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 8 - 23.01.2020
IR35HMRC publishes “Factsheet for contractors”With only weeks to go before the new rules for off-payroll working apply, HMRC has produced a factsheet for those working through intermediaries. What’s the full story? |
PAYEIs HMRC holding on to your PAYE refund?Your bookkeeper has picked up on an error in the PAYE calculations for your business. It means you’re entitled to a refund, but under HMRC’s policy it has no plans to repay you. What steps can you take to get your money back? |
CAPITAL ALLOWANCESAvoiding the 2020 AIA trapAt the end of 2020 the annual investment allowance (AIA) reverts to £200,000. If your financial year spans the change, transitional rules can unexpectedly restrict your entitlement further. Why, and what steps can you take to work around this? |
PROFIT EXTRACTIONCompany income - time for year-end tax planningAs a director shareholder of your company you’re in a good position to arrange your income for maximum tax efficiency. Now that the end of 2019/20 is in sight what can you do to achieve this? |
COMPANY TAXWhen can and should you use a company share buy-back?The co-director and shareholder of your company wants to leave and sell their shares. You can’t raise the cash to buy them out. They have suggested a company share buy-back. Is this something worth considering? |
EMPLOYMENT STATUSAre you inadvertently acting as an employment agency?A customer asks you to organise additional workers to help with the project you’re working on. This might result in HMRC requiring you to account for PAYE tax and NI on what your customer pays them. How can this nasty trap be avoided? |
VATInput VAT - what more proof do you need?The First-tier Tribunal recently considered whether the information and documents held in support of a VAT claim were sufficient. What was the outcome and how can you ensure your VAT claims are valid? |
BENEFITS - MOBILE PHONESHMRC tweaks guidance on tax-free phones |
ANTI-AVOIDANCEHMRC announces changes to the loan charge |
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