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Keeping the Christmas Party tax-free
Last year, the Covid-19 pandemic and national lockdown took Christmas parties (other than virtual ones) off the agenda. This year, they may be a temptation to make up for lost time. How can you celebrate the festive season without triggering a tax liability in the...
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 in the way in which taxpayers keep records and...
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 not available where accounts are prepared under the cash basis;...
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 special rule allows them to transfer assets between them at a value that gives rise to neither a loss nor a gain. This...
Thinking of starting a business but not sure when you’d be classed as trading?
Trading income is taxed for both income tax and corporation tax purposes. In order for a tax charge to arise under the trading income rules, there must be a trade. It is, therefore, necessary to understand what constitutes trading, and when a trade commenced or...
Tax-efficient childcare
Childcare is expensive; however, the tax system can provide a helping hand. In recent years, there has been a shift from tax relief for employer-supported childcare and vouchers to a Government top-up scheme. Government scheme The Government operate a tax-free...
Paying inheritance tax in instalments
Where inheritance tax is payable on an estate, it must normally be paid by the end of the sixth month after that in which the death occurred. For example, if the deceased died on 22 August 2021, inheritance tax on the estate would be due by 28 February 2022. The...
Collection of tax debts post Covid-19
During the Covid-19 pandemic, HMRC paused much of their tax collection work, both to allow resources to be diverted to other activities, such as administering the various coronavirus support initiatives, such as the Coronavirus Job Retention Scheme and the...
Making mileage payments to employees
As the country emerges from the Covid-19 pandemic, business travel is once again on the agenda. Where employees undertake business travel, they will usually be able to claim the associated expenses from their employer. If the journey is by car, the easiest way to do...
Do I need to register for VAT?
You must register your business for VAT if your VAT taxable turnover exceeds the registration threshold. This is currently £85,000. You must register if: at the end of any month, the value of your VAT taxable supplies in the previous 12 months or less is more than...