Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
Directors’ loan accounts – avoiding the risks
Directors’ loan accounts – avoiding the risks HMRC produce a series of toolkits which set out common errors that they find in returns. The hope is that by being familiar with the mistakes that are routinely made, you can take the necessary steps to...
Tax credits – do I have to tell HMRC if my circumstances change?
Tax credits – do I have to tell HMRC if my circumstances change? Tax credits are benefit payments that are paid to people in work who are on a low income or have children. There are two tax credits – working tax credit (for those working but on a low income) and child ...
Here’s how to apply for tax-free childcare
Government childcare scheme – tax-free top-up Working parents can receive a tax-free top up from the Government to help with their childcare costs. The top up is worth £500 every three months (£2,000 a year). A higher top-up of £4,000 a year (£1,000 every three mon...
Inheritance tax and spouses and civil partners
Inheritance tax and spouses and civil partners Special rules apply for inheritance tax purposes to married couples and civil partners. To ensure valuable tax reliefs are not lost, it is beneficial to consider the c...
Closing a business – when a Members Voluntary Liquidation is beneficial
Closing a business – when a Members Voluntary Liquidation is beneficial Members Voluntary Liquidation (MVL) Although it is possible to strike off a company and for distributions made prior to dissolution to be treated as capital rather th...
Changes to the off-payroll working rules
Changes to the off-payroll working rules -how will your business be impacted? From 6 April 2020 the off-payroll working rules that have applied since 6 April 2017, where the end client is a public sector body, are to be extended. The changes will see the rules ex...
Electricity for electric cars – a tax-free benefit
Electric cars - a tax-free benefit. The Government is keen to encourage drivers to make environmentally friendly choices when it comes to choosing a car. As far as the company car tax market is concerned, the tax policy is used to drive behaviour. Therefore, rewarding driv...
Tax relief when you donate to a charity
Tax relief for charitable donations Individuals who donate to charity can do so tax-free. There are various ways of making tax-deductible gifts to charity. The way in which the relief works depends on how the donation was made. Donations can be made in a numbe...
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...
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...
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