A-Z TAX ISSUES

This blog series of A-Z tax issues provides you with a quick and easy guide to the tax matters that you and your business may need to look out for. Our advice is based on the questions that our Tax Team, with a collective 200+ years’ experience get asked time after time.

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Gifts – tax considerations

There are fewer than 100 days left until Christmas where the season of goodwill, merriment and office parties will creep upon us once more. You may wish to consider the tax liabilities associated with gifts. Many companies view gifts as an ideal means of promoting their business and boosting morale […]

Furnished Holiday Lets Tax Tips

With less people holidaying overseas the demand for UK holiday lets has soared. They also seem to have taken on a mythical status in the tax world due to some of the more generous ways that the tax system deals with them.  So let’s quickly take a look at some of […]

Entertainment – Tax Considerations

The entertaining of clients, customers and staff has always been an important part of business strategy. It can help to strengthen and maintain client relationships and improve staff morale and loyalty. But alongside this are important tax considerations.   What is entertainment? Essentially, it is hospitality of any kind. This […]

Divorce – Tax Considerations

The end of a relationship, particularly divorce is difficult for so many reasons, but you may not realise that divorce and the end of a marriage or civil partnership, could lead to tax complications.   Most people know that transfers of assets between married or civil partnered couples are free […]

Capital Allowances

Capital allowances are one of the most complex areas within UK tax legislation. A lot of the rules originally came from case law until the various decisions were legislated within the Capital Allowances Act of 2001. Broadly speaking, capital allowances are a tax-approved form of depreciation.  Whereas accounting principles allow […]

Clothing – can clothing for work be set against a tax bill?

Many of us buy clothing that, in reality, we only wear for work – and we are often asked if the cost of these clothes can be set against the tax bill. The short answer is no: HM Revenue & Customs is adamant that such expenditure has a purpose not […]

Bad Debt – what are the tax reliefs on bad debt?

Not many businesses operate without a bit of bad debt, although hopefully it is just the odd one! However, for tax purposes, there are different rules depending on the tax involved. VAT There are detailed instructions for VAT relief on bad debts which is set out in VAT Notice 700/18, […]

Bacon Sandwiches – trivial benefits for employees

There are numerous accounts of tax officers trying to tax the provision of tea and coffee for employees, and whilst some of these amount to an urban myth, the tax rules about providing a bacon (or vegan alternative) sandwich for your employees as a trivial benefit are not straightforward. HMRC […]

Allowable Expenses for Tax Purposes

Allowable Expenses is a fitting subject to start with as a significant proportion of our queries stem from this. The rules about which expenses can be justifiably claimed for tax purposes are opaque and differ from the accounting rules. There are different rules depending on whether you trade through a […]