Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
Should an LLP partner be treated as a salaried partner?
Should an LLP partner be treated as a salaried partner? As a general rule, the individual partners in a partnership are treated as self-employed for tax purposes. Consequently, they pay tax under the self-assessment system and pay Class 2 and ...
The last thing you want for Christmas is an inheritance tax liability!
Beware of triggering an IHT bill on Christmas gifts When deciding what to give as Christmas gifts, the possibility of triggering an unintended inheritance tax liability is not one that immediately springs to mind. However, t...
Is it time to go electric? Zero charge for zero emissions car!
Zero charge for zero emission cars From 6 April 2020, the way in which carbon dioxide emissions for cars are measured is changing – moving from the New European Driving Cycle (NEDC) (used for cars registered prior to 6 April 2020) to the Worldwide Light Testing Procedure...
Have you heard of ‘bed and breakfasting’ a director’s loan?
Directors’ loans – Beware of ‘bed and breakfasting’ It can make sense financially for directors of personal and family companies to borrow money, in the form of a director's loan, from the company, rather than from a commercial lender. Depending on when in the fina...
Wondering what chattels are and how they relate to Capital gains tax? Wonder no more!
Capital gains tax and chattels (an item of tangible movable property) For capital gains tax purposes, not all chattels are equal. In some cases, it is possible to realise a profit on the disposal of a chattel and enjoy that profit tax free, whereas in other cases, capital ...
Worthless assets and negligible value claims
Worthless assets and negligible value claims Where an asset has been lost or destroyed or the value of the asset has become negligible, it may be possible to take advantage of an allowable loss for capital gains tax purposes. It should be noted, however, that the loss will...
Dying without making a will – who gets what
Dying without making a will – who gets what The best way to ensure that your estate is passed on in accordance with your wishes is to make a will. However, even with the best of intentions, it may happen that someone dies without making a will, particularly whe...
Does your business trade with the EU? You’ll need an EORI number after Brexit.
What is an EORI number and who needs one? An Economic Operator Registration and Identification (EORI) number will be needed for UK businesses to be able to continue to trade with the EU after the UK leaves the EU. If there is a no-deal Brexit In...
Tax Savings – when is a car a pool car?
Tax Savings - when is a car a pool car? Rather than allocating specific cars to particular employees, some employers find it preferable to operate a carpool and have several cars available for use by employees when they need to undertake a business journey. From a tax pe...
Don’t assume HMRC is right – check your tax calculation
Check your tax calculation Each year HMRC undertake a PAYE reconciliation for employed individuals who are not required to submit a tax return to check that the correct amount of tax has been paid. Where it has not, HMRC will send out either a P800 tax calculation or a PA3...
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