Posts Categorized: Friday Tax Tip’s

‘I Do’ To Wedding Tax Relief

As more and more couples are deciding to live together before getting married, they now tend to request gifts of cash rather than the traditional gifts such as kettles and china tea cups. This is why guests should take advantage of the tax relief available on their gifts to the bride and groom. All or part… Read more »

Delay Tax On Bonus Payments

Paying a director’s salary or bonus is a Corporation Tax deductible cost for a company. The taxman could dispute a deduction if the remuneration is excessive compared to the company’s income. However, the timing of a tax deduction is a different matter.   Nine-month rule: According to the Corporation Tax rules, a deduction can be… Read more »

Avoid Capital Gains Tax On Divorce

One prevalent issue with divorce is the separation of assets from one spouse to another. Although assets can generally be transferred between spouses at no gain or no loss when spouses are still ‘living together’, this treatment ceases after the tax year in which separation occurs. HMRC treats spouses as ‘living together‘ unless separated: under a court… Read more »

Tax On Lottery Winnings

Businesses all over the country run lottery syndicates. Staff members usually put in an agreed amount each week and the designated employee will use the funds to buy lottery tickets. If the lucky numbers come up, the prize will be equally shared by the members.   The issue arises when the designated employee collects and transfers… Read more »

Car Mileage & VAT Claims

Employees who use their own car for business purposes can claim mileage. This is currently 45p per mile for the first 10,000 miles and 25p per mile thereafter. If the employer pays more than this, the additional amount will be taxed as income. On the other hand, if the employer pays less than this, the employee gets… Read more »

Trust For School Fees

One of the many problems with having children is the cost of school fees and that the cost comes out of your taxed income. However, all individuals including children are entitled to claim a personal allowance of up to £11,000 (2015/16) which they can use to reduce the amount of income on which they pay… Read more »

Tax-saving Ideas To Implement Before 6 April 2017

Now is the time to consider tax planning opportunities before the tax year ends on 5 April. Here’s some of our ideas !   Marriage Allowance Where one spouse has no taxable income, the other spouse can transfer up to 10% of their personal allowance to their partner if the lower earner spouse has an income… Read more »

Grandparents Overlook Childcare NI Credit

In 2011, the specified adult childcare was introduced and is available to grandparents or other family members who care for a child under 12 whenever their parent or main carer is at work. An estimate shows that more than 100,000 grandparents of working age could benefit from the scheme . Nevertheless, only a few claim… Read more »

Claim 100% VAT On A Car

You can claim 100% of the VAT paid on a car that is used as a genuine pool car. A pool car has 2 main features: It is not allocated to any single employee and is available for the general use of company employees. It is kept overnight at the business premises and not the… Read more »

Trivial Benefits: Not so trivial £50

We have found a fantastic way to motivate your employees! Fortunately, there are now some great new rules introduced by Finance Bill 2016 which indicates that NO TAX is payable on trivial benefits. Here’s the criteria that need to be satisfied for a trivial benefit: Up to £50 per benefit. If the benefit is provided to a group of… Read more »