Posts Tagged: Tax Rules

Will £1 Billion in Covid Grants Curb The Christmas Crisis?

The government have announced a new wave of Covid grants to protect the hospitality and leisure industry in the wake of the omicron variant. But is it enough? (3 minute read) The Case for Covid Grants The emergence of the Omicron Covid 19 variant has wreaked havoc in industries across the country. In particular, the… Read more »

Is my Christmas Party Tax Deductible? Planning a Tax Efficient Function

‘Tis the season for the office do! Here’s how to make your end-of-year Christmas party tax deductible! (2 minute read) Throwing the Perfect Party End-of-year staff parties are a workplace staple: promoting camaraderie, teamwork and reflection in yourself and your employees. Whether you’re throwing a formal do or something more adventurous, there’s a million and… Read more »

Gifting Shares to Family: Everything You Need to Know

Whether gifting shares for your child’s further education or surprising your spouse with an unconventional Christmas present: shares are the gift that keeps on giving! (2 minute read) This guide covers: How to gift shares to family The tax considerations Where to get help if you need it How to Gift Shares Before gifting any… Read more »

VAT Error Correction: Can I Fix a Mistake?

VAT error correction can be costly and confusing. Today’s Friday Tax Tip will provide some guidance to alleviate the burden. (4 minute read) Errors under £10,000 If the net sum of errors is below £10,000, you can simply adjust for them in your next VAT return. However, adjusting for a mistake does not count as… Read more »

Tax on Cryptocurrency UK: WARNING for Investors!

Should you be paying tax on cryptocurrency UK? Yes! And HMRC are writing to crypto-investors to make sure you know it. (3 minute read) What are Cryptoassets? The world of crypto is shrouded by jargon which makes it seem impenetrable for those new to it. Even HMRC’s definition can be confusing. HMRC defines cryptoassets as… Read more »

HMRC Debt Management: 6 Ways HMRC can Recover a Debt

How do HMRC debt management powers work? This simple guide will explain the methods HMRC can use to recover a debt.  (4 minute read) Paying Back HMRC Nobody wants to be in debt with HMRC. However, mistakes can happen, especially if you manage your accounts yourself. As a result, it’s imperative that you understand HMRC debt… Read more »

Flexible Working: Fad or Future? Have Your Say Now

The UK government have opened a consultation on the Right to Request flexible working. You have until 1st December to make your opinion known. Current Flexible Working Rules The UK government is proposing changes to workers’ rights that could see a dramatic cultural shift sweep through workplaces across England, Scotland and Wales. These proposals aim… Read more »

Business Property Relief for Inheritance Tax Planning? How It Works

Business Property Relief is a vital tool in the IHT planning arsenal, offering huge IHT reductions with minimal loss of control. Could this be the right strategy for you? Inheritance Tax Planning Strategies Despite predictions from experts and government consultations, Inheritance Tax (IHT) was untouched in the recent budget. This is welcome news to many… Read more »

Autumn Budget 2021: The Whistle-stop Tour

The autumn budget 2021 revealed plans for a slew of policy changes, including a 50% business rates discount and minimum wage increase. Let’s review the key changes. What’s in the Autumn Budget? Last Wednesday, Chancellor Rishi Sunak stepped out of Downing Street for the traditional budget photo op before formally unveiling the policies that will… Read more »

Substantial Shareholdings Exemption: The £10 million Tax Quirk

Substantial Shareholdings Exemption law technicalities cost one business £10 million on tax. How one simple oversight cost a business £10 million in tax, and how to learn from their mistake. The Case Earlier this year, the company M Group was forced to pay £10 million in taxes. They were deemed to have wrongfully claimed Substantial Shareholdings… Read more »