Land and property are usually the most expensive assets a person will own throughout their lifetime, whether it is their home, their business premises, or even a holiday getaway in the country. As a result, they often attract the largest tax bills a person might have to pay. These […]
Within family businesses it is common for family members to be involved in the day to day running of the family business. It is therefore worthwhile to consider the tax rules regarding the remuneration of each family member. Most UK individuals benefit from a Personal Allowance, which enables them to […]
At the start of the pandemic HMRC introduced several tax concessions to provide additional support to employees working from home but what are the tax implications of these additional perks? In the 2020/21 tax year, as an employee you may have received extra support from your employer to enable […]
If you have a UK pension then you may need to be aware of three important changes that were announced in the recent Autumn Budget: No 1. The change to the age that you can take an income from an invested pension. We’ve been mentioning this to our clients […]
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 amongst their workforce. However – as ever – the tax legislation is not as straightforward and it is important to take appropriate advice to […]
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 […]
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 […]
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, […]
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 Relief On Bad Debts There are detailed instructions for VAT relief on bad debts which is set out […]
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 […]
