(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
- 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
PAYEEnd of tax year PAYE proceduresThe 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 VEHICLESCapital allowances incentive for “green” cars extendedDespite 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 TAXIncorporation 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? |
PROPERTYTax year-end planning for holiday accommodation landlordsYou 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 AIDAvoiding the Gift Aid tax trapA 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 TAXTime to make use of your IHT exemptionsIt’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? |
LOANSWhich 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 - BENEFITSDeadline for payrolling benefits in kind |
NATIONAL INSURANCEEmployers’ NI holiday for “veteran” employees |
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