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Tips & Advice Tax

Your fortnightly guide to practical tax savings

Tips & Advice Tax is... 

A newsletter: available on paper and/or digitally to

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  • Understand the consequences of changes to tax law
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  • A broad network of specialists who are experts in their fields

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  • Finance staff
  • Tax advisors
  • Accountants

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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 16 - 19.05.2022

TAX CREDITS

Time to renew your tax credits

HMRC is currently issuing tax credit renewal packs. There are two versions of the form which require different responses. What action is required to renew your claim?

PAYROLL

Beware the tax and NI cost of temporary workers

Summer is on the way and for many businesses that means taking on temporary workers. Some may stay for the season while others just a week or two. What tax tips and traps should you be alert to?

COMPANY TAX

Writing off a loan to a company

A few years ago you lent your son money to help get his new business off the ground. It’s now established but he can’t afford to repay you. You decided to waive the loan but are there any tax consequences you need to be aware of?

PROFIT EXTRACTION

Can you profit from the sale of an old company vehicle?

You recently replaced one of your company’s vans and a friend has now offered cash for the old one. Can you personally make a little extra money from the sale by transferring the van to yourself first?

PROPERTY

Renting accommodation to your business

You recently moved to a new home which has land and outbuildings suitable for commercial use. You’re going to relocate your company there and charge it rent as a tax-efficient way of extracting profit. Will it have to pay stamp duty land tax (SDLT)?

PENSIONS

Minimising tax on inherited pensions

Our subscriber’s father died a few years ago leaving his pension savings to his wife. She recently passed away and now our subscriber is the beneficiary of her pension savings plus those of her father. What tax will she have to pay on these?

VAT

VAT on staff travel

During routine records checks HMRC first looks for mistakes which businesses commonly make. One target area is the VAT treatment of travel expenses. What should you be checking to ensure your VAT returns are correct?

PAYE - BENEFITS

Don’t miss the PSA agreement deadline

VAT

Revised VAT road fuel scale charges

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