There is a misconception that “Family Investment Companies” are complicated and are only relevant to rich families. However, this is clearly not the case ! A Family Investment is simply a company where the shares are held by family members. It’s possible that one can do weird and wonderful things with the share capital, but this… Read more »
Posts By: ilyas Patel
Get On Your Bike
You can get a bike and cycling equipment worth up to £1,000. Here’s how . . . The HMRC “Cycle-to-Work” scheme allows you to enter into a hire agreement with your employer or your business in order to pay back the amount. This is typically done through monthly salary sacrifice over the period of 12… Read more »
Tax Savings For Employees And Directors
6 Things You Need To Know 1. Season ticket loan If you are a commuter, you can ask your employer if they can give you a tax-free loan to buy your season ticket. 2. Pool cars Use a pool car for occasional business travel if your employer provides these. 3. Childcare schemes and tax credits… Read more »
Tax-free Mileage Allowance of 60p
The approved HMRC mileage allowance payment is a maximum of 45p per mile. This means that you can pay your directors and employees the maximum amount for using their own vehicles for business journeys. You can also pay your employees more than the HMRC’s approved rates of 45p for the first 10,000 miles and 25p… Read more »
Pay Less Tax On Savings And Investments
6 Things You Need To Know Transfer Assets – If your wife or husband is paying a lower rate of tax than you do, you can transfer your savings and investments to them in order to pay less income tax. Dividend Allowance – The first £5,000 you receive in dividends is tax-free. Basic-rate taxpayers will pay 7.5%… Read more »
Child Benefit Changes
If you or your partner has an income of more than £50,000 per year, then the partner with a higher income has to pay the High Income Child Benefit Charge that came into effect on 7 January 2013. This means that the partner with a higher income must pay an income tax on some or… Read more »
HMRC Actions on Disguised Remuneration
The result of the Supreme Court’s decision regarding the Rangers football case has provoked HMRC to take more action against a wide range of disguised remuneration tax avoidance schemes. Paragraph 89 of the court decision states that employment income paid from an employer to a third party is still taxable as employment income. This means… Read more »
Things You Need To Know About Tax Avoidance
Tax avoidance used to be tolerated by the Taxman. This is because the Taxman was more concerned in dealing with those who are guilty of intentionally doing it before. However, HMRC is now after tax dodgers in the likes of politicians, celebrities and even small businesses. HMRC investigations have resulted in the collection of an… Read more »
Auto-enrolment Duty
The Pensions Regulator’s annual commentary and analysis report states that more than 70% of all new businesses will have staff they need to put into a workplace pension. This statement clearly shows that auto-enrolment has overturned the decline in workplace saving. The number of staff that was saving into a workplace pension has increased to… Read more »
Gift Aid Small Donations Scheme Guidance Made Clear By HMRC
Updated guidance has been issued by HMRC regarding the Gift Aid Small Donations Scheme (GASDS). The new guidance enables a charity or Community Amateur Sports Club (CASC) to claim top-up payments on small donations of up to £20. It also includes revisions to the section covering community buildings. Under the new rules, a charity with… Read more »