Posts Tagged: Ilyas Patel

Accelerated Capital Gains Tax

There will be major changes to the tax rule for gains made from the sale of residential properties which will take effect from April 2020.   At present capital gains made by individuals are reported through self assessment, i.e if you sell a property between 6 April 2019 and 5th April 2020 you must declare… Read more »

Transferring Assets to your Spouse – Is it tax avoidance?

Tax rules have changed considerably over the years. In 1936 the House of Lords famously ruled that “Every man is entitled, if he can, to order his affairs so that the tax is less than it otherwise would be”. But in 2013 the General Anti-abuse rule was introduced. This has given HMRC the power to… Read more »

Cost of Entertaining Staff & Customers

Entertaining is categorized as business entertainment and therefore the cost isn’t tax deductible. There is an exception to this rule as staff entertainment can be tax deductible.     The cost of entertaining staff includes costs relating to the director shareholders. HMRC extends this to all business owners, ie business partners and sole traders, who take… Read more »

Breakfast, Lunch and Dinner paid by the Tax Man

Breakfast, Lunch & Dinner paid by the Tax Man   HMRC have set scales rates which can be used to reimburse employees without the need to check or retain employee’s receipts. However, you should always retain the receipts for your own records.The following allowances represent the amounts that you claim from the tax man.   Breakfast… Read more »

Trust Issues with Bank of Mum & Dad

With parents having a lack of trust in potential in-laws they are reviewing the use of cash payments to children for house purchases. Instead they are looking at will trusts and putting boundaries in place with regards to cash deposits. Bank of mum and dad are effectively one of the nation’s biggest mortgage lenders to… Read more »

Can you spare three months for HMRC?

How much of a tax investigation could you take? With the ensuing costs, intrusion, time and stress involved, there is no underestimating the impact this can have; which makes this week’s news very unwelcome. It’s just come to light through a Freedom of Information request, that HMRC is taking 20% longer with tax investigations. According to tax… Read more »