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Gifts and Inheritance Tax

When you make a gift to third parties you are potentially transferring part of your estate and a life-time charge to IHT may be applied. However, in most cases you will not need to open your cheque book as there are a number of exemptions that may cover your intended gifts. The...
2 months 2 weeks ago

Negligible value claims

Occasionally, the tax system in the UK throws up an issue that does not make sense. For example, how can you create a tax loss for capital gains tax (CGT) purposes without disposing of the asset? After all, CGT applies when an asset subject to CGT is sold or otherwise disposed. If...
2 months 2 weeks ago

Tax Diary November/December 2019

1 November 2019 - Due date for Corporation Tax due for the year ended 31 January 2019. 19 November 2019 - PAYE and NIC deductions due for the month ended 5 November 2019. (If you pay your tax electronically the due date is 22 November 2019.) 19 November 2019 - Filing deadline for...
2 months 2 weeks ago

Working after State Pension age

It is fine to keep working past your State Retirement Age unless your employment is subject to retirement at a compulsory retirement age. If your employer does this, they must give a good reason, for example: the job requires certain physical abilities (e.g. in the construction...
2 months 2 weeks ago

Selling shares?

As a general rule, if you sell shares for more than you paid for them, any profit you make will be chargeable to Capital Gains Tax (CGT). Shares and investments you may need to pay tax on include: shares that are not in an ISA or PEP units in a unit trust certain bonds (not...
2 months 2 weeks ago

The uncertainty continues

The Brexit issue continues to drag its heels and it now looks as if we will have a general election until matters are resolved. Another crucial matter that will be delayed is the presentation of a Budget that will determine any changes to the tax code next year. However, while the...
2 months 3 weeks ago

Heads up for contractors

Contractors completing energy improvements on the homes of low-income families will need to be registered with a new government quality scheme – the Energy Company Obligation (ECO) - to give residents confidence that they will get a good service. Work undertaken through ECO offers...
2 months 3 weeks ago

Beefing-up UK exports

UK farmers looking for opportunities to export beef products to China will be encouraged by the recent relaxation of export criteria. A recent UK government press release titled “China opens doors to British Beef” explains what is being offered. A summary of the press release is...
3 months 1 day ago

Win while you save

In a further attempt to incentivise savings our government has created a new saving vehicle called a PrizeSaver account. Here’s what the Treasury press release on the launch says: Treasury launches pilot of new PrizeSaver account on International Credit Union Day. Savers who put...
3 months 3 days ago

Cars and taxing issues

We have listed below a number of issues that you will need to consider if directors or employees use a car for business purposes. Essentially, if the car is owned by the business any private use of the vehicle will trigger a tax charge for the driver (car user) and a possible NIC...
3 months 1 week ago

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