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Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
Get ready for the next steps of Making Tax Digital
Get ready for the next steps of Making Tax Digital Making Tax Digital (MTD) is a government programme to move to a digital tax world. HMRC’s stated ambition is to become one of the most digitally advanced tax administrations in the world. MTD involves fundamental changes...
Understanding how dividends are taxed Dividends have their own tax rules and their own rates of tax. The rules and the rates apply in the same way regardless of whether the dividends are paid from your personal or family company as part of a profit extraction strategy, or ...
How to keep your Christmas party tax free
Keeping the Christmas party tax-free Last year, the Covid-19 pandemic and national lockdown took the annual Christmas party (other than virtual ones) off the agenda. This year, there may be a temptation to make up for lost time. How can you celebrate the festive season wit...
Tax-free help with childcare costs
Tax-free help with childcare costs Childcare costs can be very expensive and any help is welcomed, particularly where you can benefit from that help tax-free. There are various routes by which this is possible. Government tax-free top-up scheme ...
Special capital gains tax rule for transfers of assets between spouses
Special capital gains tax rule for transfers of assets between spouses Although married couples and civil partners are assessed individually for capital gains tax purposes and each has their own annual exempt amount, a ...
Disposing of an asset on which capital allowances have been claimed
Disposing of an asset on which capital allowances have been claimed Capital allowances are the tax equivalent of depreciation, and the mechanism of providing tax relief for certain items of capital expenditure. However, with the exception of cars, capital allowances are no...
RTI penalties and period of grace
RTI penalties and period of grace Under real time information (RTI), employers are required to report pay and deductions information to HMRC ‘at or before’ the time that the payment is made to the employee. This is done by means of the full payment submission (FPS). Pe...
Tax relief on loans to close companies
Tax relief on loans to close companies Family and personal companies are often ‘close’ companies. Broadly, this is one that is controlled by five or fewer shareholders or any number of shareholders all of whom are directors. In a ...
Claim tax relief for additional costs of working from home
Claim tax relief for additional costs of working from home During the Covid-19 pandemic, the advice was ‘work from home if you can’. As a result, millions of employees found themselves working at home, often at very short notice. Many still have not returned to the wor...
Take dividends while you can For personal and family companies, a tax efficient strategy for extracting profits is to take a small salary and to extract any further funds needed outside the company in the form of dividends. However, while there are no restrictions on takin...
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