Posts Categorized: Friday Tax Tip’s

Marriage allowance is a way for couples to transfer a proportion of their individual Personal Allowance between them in a tax-efficient manner.      Criteria The couple must be either married or in a civil partnership. Living together is not sufficient for the allowance to be claimed. One partner needs to be a non-taxpayer. This… Read more »

Business splitting takes place when two business trade independently of each other under different legal entities. This could mean that neither businesses could exceed the VAT registration threshold.     For example, a computer consultant decides to form a partnership with her wife for the activity that relates to buying and selling computer hardware. He then decides to keep the… Read more »

We are encouraging individuals to set up a property alert in order to warn them in the event of someone trying to alter key details of their property online. Scammers can transfer your property into their name by using false documents or stolen identities. In some cases, they even transfer the property whilst you are… Read more »

There are special UK tax rules that apply to commercial occupation of woodlands in the UK. Due to numerous tax benefits, woodlands can be a very attractive investment option for you.     Income No income tax or Corporation Tax is charged on income and profits arising from the commercial occupation of woodlands. For example,… Read more »

Workers can spend up to 75% of their day sitting down which leads to health conditions including back injuries, stress, depression or anxiety. We have recently been reminding employers that there are certain tax breaks for those who promote health and fitness for their employees.   Employers can take advantage of existing tax exemptions where… Read more »

When getting a divorce, the liability and payment of tax are usually not in the forefront of your priorities. However, there can be unanticipated tax charges that arise if care is not taken. Here are some examples:   Assets When married couples own assets, particularly shares and properties, it is common to have these divided between… Read more »

Since 6 April 2016, majority of individuals who have savings, no longer pay tax on any interest they earn. This is due to the introduction of Personal Savings Allowance. This means that directors, employees and self-employed can earn up tp £6,000 worth of interest from savings tax free.     Personal Savings Allowance Basic Rate Taxpayers… Read more »

We have found a fantastic way to motivate your employees ! Fortunately, there are some great 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… Read more »

HMRC has issued factsheet on the individual rights of taxpayers who are facing penalties for non-compliance with tax rules.     The factsheet sets out the individual’s rights when HMRC asks for information regarding potential tax evasion and the extent of HMRC’s power to excise penalties. TAXPAYER RIGHTS   You have the right under Article 6… Read more »

The dividend allowance has been reduced to £2,000 from 6 April 2018, coinciding with the annual shifts in personal allowance and basic rate band. All these changes will have an effect on owner-manager individuals.     PERSONAL ALLOWANCE The personal allowance for 2018/19 is £11,850 and the basic rate band is £34,500. This means that… Read more »