From 6th April 2020 there are three changes that will affect Capital Gains Tax. Currently you file your Capital Gains Tax in your Tax Return. This means you have until the 31st January to declare it. However, from the 6th April 2020 you will have 30 days following the sale to submit your provisional… Read more »
Posts Tagged: Tax
Stripping away what a dancer can and can’t claim
When in dispute with HMRC case law can be helpful. Daniels v HMRC is one such case where HMRC took on an exotic dancer. Ms Daniels, the dancer in question, had been claiming all the expense incurred when travelling from her home to Stringfellows and back again. Travelling costs are only allowed between… Read more »
VAT credit note
New rules for credit notes came into effect in September 2019. Find out more about VAT credit notes and how they affect you. You are more likely to reduce the price of goods than increase them, for example if the goods are faulty. Credit notes can reduce the VAT accounted for on the original invoice…. Read more »
A Christmas gift from the VAT man
The corporation tax rules for clients gifts are well known, but what about the VAT rules? The corporation tax rules for entertaining clients or giving them gifts say that the gifts have to: Advertise to the public (i.e. a free sample) or Cost under £50 and include an advert for the company. … Read more »
Long-term tax planning for children and shares
Your children might be too young to take over the family company, but can you reduce tax by giving your children shares now? Parents try to mitigate their tax bills by diverting income to their children that are under 18. These schemes fail because of HMRC’s anti-avoidance rules called settlements legislation. These make… Read more »
Don’t forget about Investors’ Relief
Investors should always remember Investors’ Relief. It may have some restrictions, but it can be helpful when things like Entrepreneurs Relief doesn’t apply. The Investors’ Relief is similar to Entrepreneurs’ Relief, however, there are some important differences, they are: Unlike Entrepreneurs’ Relief, the investor can’t be an officer or employee of the company, There… Read more »
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 »
Directors’s Loans and the importance of proper paper work !
As a director who is borrowing money from your company, it is imperative that you fully understanding how to treat the interest charged on the loans. Loaning money from the company can be a useful bonus, but there are two tax charges which can apply when you lend money to a director (if they… 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 »
Can you claim VAT on staff entertainment?
Find out if you can claim VAT on staff entertainment. Entertaining is categorised 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… Read more »