Tag Archives: tax advice north east

Do I need to register, or remain registered, for VAT?

do I need to register for VAT?

Of the many tax obligations people must consider, one of them is whether you need to become registered for VAT. VAT is chargeable on: any supply of goods or services; made in the UK; where it is a taxable supply; made by a taxable person; in the course of furtherance […]

Normal Expenditure out of Income

normal expenditure

In our previous blog, Inheritance Tax Exemptions – Christmas is a time for giving, we explained some of the main exemptions available to reduce your estate and any IHT liability it may attract. One such exemption, which is potentially the most valuable, is that of “Normal Expenditure out of Income”. […]

L – Land and Property

Land and Property

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 […]

Jobs – employment status variations

jobs and employment status

There are so many ways to work that it can sometimes get very confusing. People generally classify two key ways, you work for someone else or you work for yourself, but there are many different classifications of “jobs”. The old 9-5 For many being part of team on the payroll […]

Inheritance Tax Exemptions – Christmas is a time for giving

Inheritance tax exemptions

With Christmas fast approaching you may be stuck for ideas of what to get your nearest and dearest. If the idea of spending a day walking around a busy shopping centre fills you with dread, you may want to consider a cash gift instead. But before you go reaching for […]

Home expenses – tax considerations

Home Expenses

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 […]

Gifts – tax considerations

gift tax issues

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

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

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

Divorce tax

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 […]