Posts Categorized: Friday Tax Tip’s

Employers who cover the costs of their employees providing entertainment for clients have certain tax, National Insurance and reporting obligations. Here are some of the things you need to know: Tax Deduction in Business Accounts Entertaining expenditure is disallowed as a deduction for tax purposes. However, staff entertaining which is not treated as ‘entertaining’ for tax… Read more »

Investment in shares in an unquoted trading company including AIM shares are exempt from Inheritance Tax, after a two year holding period. This is attractive but taxpayers should also be looking at other investments closer to home that can save them substantial Inheritance Tax.     There are Inheritance Tax planning opportunities associated with investing in one… Read more »

There are several ways to reduce Stamp Duty. Here are some of the examples:     1. Commercial Property Purchase of commercial property results in lower Stamp Duty compared to residential properties of the same value. 2. Mixed-use Property A mixed-use property, wherein it has both residential and commercial aspects, attracts lower rates of Stamp Duty. The 3%… Read more »

  The additional 3% Stamp Duty Land Tax surcharge has been implemented since 1 April 2016. Therefore, if you own more than one residential property then you have to pay 3% more stamp duty than would be applicable based on normal rates. There are various scenarios that require careful planning to avoid paying the additional 3%… Read more »

Wondering about jury service UK pay? Our article can help you! During jury service there is no statutory entitlement for an employee to be paid by his employer, unless there is a clause in their contract regarding such a situation. Employees are however entitled to claim allowances from the court to cover travel and subsistence costs… Read more »

The cost of going to university and living away from home can come up to £20,000 per year. Because students usually don’t have enough time to get a decent job to cover their expenses, the bills often fall to Mum and Dad. Mum and Dad are often higher rate taxpayers. Therefore, it will cost them £33,333… Read more »

Every year, following the 31 January Self-Assessment deadline, HMRC exposes a number of interesting excuses for not completing tax returns online. The most interesting ones are the following:  Late Filing Excuses I couldn’t file my return on time as my wife has been seeing aliens and won’t let me enter the house. I’ve been far too… Read more »

The deadline for filing a paper tax return has already passed. However, you still have a few weeks to submit your online tax return. This needs to be filed by midnight on 31 January 2018.   You need to file a self-assessment tax return if you: are self-employed earn more than £100,000 a year have… Read more »

Treat your employees with tax-free champagnes this holiday season ! As long as it doesn’t exceed the trivial benefit threshold and certain conditions are met, your other presents could also be tax-free ! THE RULES   The cost of providing the benefit should not exceed £50 per employee The benefit is not a cash or cash… Read more »

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 »