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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
  • 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
  • For shareholders
  • Making good
  • Miscellaneous
  • 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
  • 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
  • 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

  • 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
  • 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
  • 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

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
  • 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

  • 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
  • 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
  • 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
  • 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
  • Stamp duty land tax

Succession planning

  • Family
  • Income tax
  • Incorporation
  • MBO

Tax credits

  • Tax credits
  • Working tax credits

Tax liability

  • Determination
  • Special relief

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
  • 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 21 - issue 10 - 25.02.2021

PAYE

End of tax year PAYE procedures

The end of the 2020/21 tax year is weeks away and as usual HMRC has made tweaks to its PAYE procedures. As an employer what do you need to know?

COMPANY VEHICLES

Capital allowances incentive for “green” cars extended

Despite the financial pressures caused by the pandemic the government has gone ahead with the planned extension to tax breaks for environmentally friendly vehicles. What might this mean for your business?

CAPITAL GAINS TAX

Incorporation relief - is it always the best option?

If you transfer your sole trader or partnership business to a company, incorporation relief prevents a capital gains tax (CGT) bill being triggered. This sounds like good news but might you be better paying the tax instead?

PROPERTY

Tax year-end planning for holiday accommodation landlords

You own and let furnished holiday accommodation all year round but 2020 was a disaster because of coronavirus-related cancellations. This could mean losing the furnished holiday let status of the property. Can you prevent this?

GIFT AID

Avoiding the Gift Aid tax trap

A recent press article about tax and Gift Aid donations caught your eye. It said that people who donate to charity and whose income has been hit by coronavirus can face unexpected tax bills. Are you at risk of this trap?

INHERITANCE TAX

Time to make use of your IHT exemptions

It’s easy to ignore inheritance tax as it’s usually your beneficiaries and not you who pick up the tab. But there are simple steps you can take to reduce their tax burden. What’s involved?

LOANS

Which employee loans must you report to HMRC?

One of our subscribers lent money from his business to help an employee whose partner lost their job last summer. After repayments the employee’s loan is now just below the key £10,000 limit. Does our subscriber need to report it to HMRC?

PAYROLL - BENEFITS

Deadline for payrolling benefits in kind

NATIONAL INSURANCE

Employers’ NI holiday for “veteran” employees

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