Posts Categorized: Friday Tax Tip’s

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 »

Company cars are becoming increasingly expensive from a tax and National Insurance point of view, especially if private fuel is provided. Moreover, the salary sacrifice scheme for taxable benefits for cars ceased in 2017.   In order to save tax, you should consider purchasing a company van instead. CAR or VAN Generally, a vehicle is considered a… Read more »

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 »