Back to top

Legal and professional fees and property transactions

We are often asked to explain if the professional fees you pay, associated with a property transaction, are a tax allowable deduction. The straight-forward answer is yes, they are, but it is necessary to consider the reason for which a property is purchased to determine which taxes...
1 month 2 weeks ago

CGT giveaway?

The awkwardly named “Gift Hold-Over Relief” (GHOR) allows you to give away business assets – including certain shares – or sell them for less than they are worth, and not pay (or pay reduced) capital gains tax (CGT). The person receiving the gift will potentially pay CGT when and if...
1 month 3 weeks ago

Have you heard of the Prompt Payment Code?

The Prompt Payment Code (Code) is not a fanciful device to access cash from bank machines or a way to secure automatic “prompt” payment from your customers. The Code was actually set up by the Chartered Institute of Credit Management (CICM) on behalf of government in order to...
1 month 3 weeks ago

What exactly is insolvency?

The dictionary definition of insolvency is less than illuminating, it is: The state of being insolvent… Listed synonyms provide more detail: bankruptcy · liquidation · failure · collapse · ruin · financial ruin · ruination · pennilessness · penury · impecuniousness · beggary ·...
1 month 4 weeks ago

Complaining to HMRC

Although many of the tax office processes are automated, dealt with by computerised systems, the rest is managed by human beings each subject to the same range of foibles as the rest of us. And we all know how reliable computerised systems have proven to be. If you are certain, or...
2 months 18 hours ago

The real tax cost of benefits in kind

There is a sting in the tail for companies that provide their directors or employees with taxable benefits as part of their remuneration package. Obviously, the directors or employees that receive the benefits will pay additional income tax if the benefits provided are chargeable to...
2 months 5 days ago

E-bike cycle to work scheme announced

Readers who have been tempted to cycle to work but are challenged by fitness issues or really can’t afford the bike they would like, might be interested in the recent announcement that has extended the existing Cycle to work scheme to include the use of so-called e-bikes. These are...
2 months 1 week ago

Did you know income rates can be as high as 60 percent?

Most of us know that income tax is charged at three main rates: 20%, 40% and 45%. Unfortunately, there are certain levels of income that trigger a loss of benefits or allowances as well as a charge to income tax. Because of this, the percentage rate of tax charged can be higher than...
2 months 1 week ago

Employing students in the summer break

If you employ students to manage your staff needs over the summer break period, you will need to add them to your payroll and apply PAYE and NIC rules. Students should be advised that they will pay tax and NIC if: they earn more than £1,042 a month on average, and pay NIC if they...
2 months 1 week ago

Tax Diary June/July 2019

1 June 2019 - Due date for Corporation Tax due for the year ended 31 August 2018. 19 June 2019 - PAYE and NIC deductions due for month ended 5 June 2019. (If you pay your tax electronically the due date is 22 June 2019) 19 June 2019 - Filing deadline for the CIS300 monthly return...
2 months 1 week ago

Pages

Twitter

Back to top