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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
  • 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
  • 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
  • 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
  • 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 7 - 13.01.2022

MAKING TAX DIGITAL

New condition for joining MTD pilot

HMRC has changed the way businesses can sign up for the Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) pilot. Who can join and what steps are required?

CAPITAL GAINS

New CGT deadline for separating couples

The government is to change the law to correct one of the great tax injustices. The overdue reform will reduce the pressure on separating couples to settle ownership of their asset quickly or face a capital gains tax (CGT) bill. What’s the full story?

PROFIT EXTRACTION

Accumulate your profits or pay them into a pension

You’re leaving profits in your company to accumulate with a view to eventually winding the business up and taking the profits as a capital amount. But might you save tax by extracting them as pension contributions?

PAYROLL

Which formula for termination pay is the right one?

If an employee leaves and they are paid off rather than working their notice, there’s a special formula for working out how much of the termination payment is taxable. In fact, there are two slightly different formulas. Which one should you use?

EXPENSES

Membership costs for business clubs

You’ve joined a business association to promote trade in the local area. Typically, meetings take place over a meal and have a social aspect as well as a business one. Does this affect the tax deductibility of the membership fees?

CAPITAL GAINS TAX

Selling shares back to the issuing company

The executors of a shareholder’s estate are required to sell their shares to the company’s other shareholders. The trouble is they can’t afford to. The company can buy them instead but this increases the tax cost. Is there a way around this?

VAT

Transforming commercial property to residential use

You have planning permission to convert an empty commercial property into flats. You haven’t decided whether to let or sell the property when they are completed. Are there any VAT pros or cons that might affect your decision?

TAX PAYMENTS

DIY tax deferral

NATIONAL INSURANCE

Warning for employers about incorrect NI codes

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