Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
Did you know frequent gifts can be free of inheritance tax?
Did you know frequent gifts can be free of inheritance tax? Give from income to save inheritance tax Within a family scenario, there are many situations in which one family member may make a gift to other family members. However, the way in which...
Capital gains – beware of disposals to family members
Beware of disposals to family members – the ‘market value’ rule At first sight, the calculation of a capital gain or loss on the disposal of an asset is relatively straightforward – simply the difference between th...
My work experience with Arthur Boyd & Company
My work experience with Arthur Boyd & Company The job of an Accountant / Insolvency Practitioner! I’m a sixth year student at St. Dominic’s Grammar school in Belfast, studying 4 A Levels in Biology, Psychology, Spanish and Busi...
Family companies – do you have the optimal salary for tax?
Family companies – optimal salary for 2019/20 Do you have the optimal salary for tax purposes? For personal and family companies it can be beneficial to extract some of your profits in the form of a salary. If you do not have 35 qualifying years in order to be eligibl...
Pass on your house free of inheritance tax
Pass on your house free of Inheritance Tax The introduction of the residence nil rate band (RNRB) opens up the possibility of leaving the family home to su...
Did you know you can claim tax relief for your start up costs?
Claim a tax deduction for pre-trading expenses Setting up a new business is exciting time, but can also be a very costly time. It requires a lot of investment in regards to your time and money before you can start to reap any of the rewards. So it is very important that yo...
Claiming Tax Relief for employee expenses
Don’t pay for expenses that your employer should be paying for – here’s how and when to claim a tax deduction. Tax Relief for employee expenses As an employee, you may spend your own money on things that are related to your job. Where this is the ...
Why you should still register for Child Benefit even if you are a high earner
Importance of registering for child benefit - even if the High-Income Child Benefit charge applies If you are a parent or carer affected by the High-Income Child Benefit charge (HICBC) you can be forgiven for thinking that there is no point in registering for child benefit...
Pass on your house free of IHT
Pass on your house free of IHT The introduction of the residence nil rate band (RNRB) opens up the possibility of leaving the family home to successive generations without triggering an inheritance tax charge. It is available for deaths on or after 6 April 2017. The RNRB is an...
Taxman chases parents who have been overpaid Child Benefit
Thousands of families are being chased by the taxman after they failed to repay child benefit that they had received but were not entitled to keep. Since January 2013, parents who earn more than £50,000 a year have been required to pay back some of the child benefit they receive from the Governm...
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