Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
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...
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...
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...
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...
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...
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...
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...
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