It is the season of giving so why not treat your customers with tax free presents? Gifts to customers can generally be classed under entertaining or advertising and marketing. It can take in many forms such as free samples of your product, free pen or mug that carries advertising for your company or… Read more »
Posts By: ilyas Patel
Spend £300 Per Employee On A Great Party !
Did you know that you can spend £300 per employee on a great Christmas party and charge the cost through your business ? In fact, your great party does not have to be at Christmas. You can have one in the summer and one later in the year, free of all taxes. Here’s how:… Read more »
Unexpected VAT Bonus on Motor Expenses
VAT rules for cars used in your business are generally strict. However, on certain motor expenses, HMRC are surprisingly generous. When it comes to the cost of repairing and maintaining your car, the VAT rules become interesting. HMRC allows you to reclaim 100% of the VAT paid on this sort of expenditure even… Read more »
Main Reason Individuals Set Up Trusts
One of the well-known reasons why settlors set up a trust is to make use of the nil rate band which allows them to transfer assets up to the Inheritance Tax threshold of £325,000 tax free if they survived for seven years. However, many believe that this is not the only reason why they set… Read more »
HMRC New ‘Snooping’ Powers
From April 2018, VAT-registered business with a taxable turnover in excess of £85,000 will no longer be able to keep manual records due to the HMRC’s new Making Tax Digital (MTD) regime. What Does This Really Mean To You You will need to use accounting software that integrates with HMRC’s system. Dividends will need to… Read more »
Benefit From Celebrity Inheritance Tax Planning
Sir Bruce Forsyth’s has reportedly left all his estate to his wife in order to avoid paying Inheritance Tax on its £17 million worth. The inter-spouse Inheritance Tax exemption is one of the simple tax reliefs around. This relief imposes that transfers from on spouse or civil partner to the other are exempt from Inheritance Tax…. Read more »
Does Working From Home Affect Principal Private Residence Relief ?
There is a tax myth about business owners’ capital gains tax position if they sell their main residence, which they also use as a place of work. Some business owners are being put off in maximising their tax deductible expenses for their ‘office use of home’ as they are prejudicing their capital gains tax position when they… Read more »
Tax Minimisation For Directors
Top 10 tax tools for directors of companies: 1. Dividends Due to the reduction of dividend allowance to £2,000, many small company shareholders are paying significantly higher amounts of tax than they used to. However, by bringing in family members as shareholders, you can split dividends amongst them. This is useful if you are… Read more »
HMRC’s Investigation Powers
HMRC has the authority to recover unpaid tax outside of the enquiry window through discovery assessment. If it has a reason to believe that a tax liability has been understated due to an error in your tax return. Discovery Assessment Discovery assessment happens in one of three situations: You inform HMRC that you… Read more »
Payment Period For Stamp Duty Land Tax Shortened From March 2019
Commercial and residential property owners need to be aware that the payment period for Stamp Duty Land Tax has been shortened from 30 days to 14 days. This will apply from 1 March 2019. The change in legislation also included lesser number of questions on the SDLT return. The measure was supposed to come into… Read more »
