Boris Johnson launched a new Health and Social Care Levy this week to replenish the country’s finances in the aftermath of COVID-19… It appears “unprecedented times” translates into unprecedented tax increases which depart from the Conservative party’s commitments to the triple lock on income tax, National Insurance Contributions (NICs) […]
Category Archives: Tax
10
Aug
Aug
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 […]
02
Aug
Aug
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 […]
01
Jul
Jul
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 […]
28
Jun
Jun
Tax, made digital. Many of you might know that tax is already digital now as the returns are done online. What this means is your records must be kept digitally. Making Tax Digital comes into force for sole traders and partnerships from 6 April 2023 with income from all sources […]
24
Jun
Jun
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 […]
11
Jun
Jun
It is no secret that many governments have struggled to tackle the tax challenges that arise from an increasingly globalised and digital economy. However, following years of discussion, on 5 June 2021 G7 agreed to back an historic international agreement on a global tax reform, which will push for […]
A-Z, Blog, Business, Tax, Taxable Benefits
Clothing – can clothing for work be set against a tax bill?
08
Jun
Jun
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 […]
07
Jun
Jun
In the 2020/21 tax year, just ended on 5th April 2021, as an employee you may have received extra support from your employer to enable you to continue to work. HMRC introduced a number of concessions so that these necessary support measures are not taxable benefits for employees. They include, […]
27
May
May
On 20 May 2021 the Office of Tax Simplification published the second part of its review of Capital Gains Tax (CGT). Whilst most taxpayers encounter income tax, National Insurance Contributions (NICs) and VAT every day, the report is concerned that many taxpayers are strikingly unaware of their obligations to report […]