Uber has lost a landmark case over worker rights, entitling UK drivers to minimum wage and sick leave. The Court of Appeal upheld a 2016 ruling, refuting the ride-hailing app’s claim that its drivers are self-employed. Earlier this week, the government said that it would look into workplace policies to help preserve gig economy jobs. […]
A savings scheme to help lceland staff save for Christmas could end up costing the supermarket at least £21m, after it was accused of breaching minimum wage rules.The scheme allows low-paid staff to have a sum deducted from their weekly paypacket and placed into a separate account, to be returned on demand, usually at Christmas. HM Revenue […]
Having a good memory or a strong command of maths may have once rated high on your list of professional skills. But now that devices handle those tasks, the World Economic Forum is urging workers to skill up for the future. Analytical thinking, initiative and ideation will overtake manual dexterity, time management and speaking abilities. Managers may […]
HMRC’s guidance now states that where all of a director’s income is taxed at source and there is no further tax to pay, they do not have to register for and file a self-assessment return. As many company directors are taxed under PAYE they will not need to give notice of liability to tax. If […]
In December 2018 HMRC published guidance on the taxation of cryptoassets. HMRC confirms that: Most investors will be subject to Capital Gains Tax on gains and losses.. It will be rare for investment in cryptoassets to be regarded as trading, although ‘mining’ is likely to indicate a trading activity. A capital loss may be claimed […]
A third of all energy generated in the UK last year was from renewable sources, according to climate research and news site Carbon Brief. Drawn from UK government data, the analysis found electricity generated from fossil fuels fell to a record low. The UK has cut its carbon emissions by more than 43% since 1990, but is still not […]
Claiming higher rate tax relief for charitable donations made. In your Self Assessment tax return, you normally only report things that occurred in the tax year in question. But for charitable donations, you can also claim tax relief on donations you make in the following tax year up to the date you send your return. […]
When you start in business as a sole trader or in partnership your first accounting period starts on the day that your business starts up and it ends on the date to which your accounts are drawn up. Which accounting period you chose may depend on whether you are making a profit or loss in […]
A staff party or an annual function qualifies as a tax-free benefit for your employees providing that you meet the following conditions: The total cost must not exceed £150 per head, per year. £150 includes VAT together with any extra costs such as transport and accommodation. The £150 is a limit and not an allowance: if the cost is £151, the whole […]
HMRC lists 6 things you need to do when employing staff for the first time. Decide how much to pay someone – you must pay your employee at least the National Minimum Wage. Check if someone has the legal right to work in the UK. You may have to do other employment checks as well. Apply for a DBS […]
Although not particularly generous at £3,000 per donor per annum, if this annual IHT exemption is not used by 5 April it is lost, although it is possible to carry the allowance forward one year if unused. This means that if the annual allowance for 2017/18 was not used an individual may make gifts of […]
From April 2016 rules were introduced to allow employers to provide their directors and employees with certain “trivial” benefits in kind tax free.The rules were brought in as a simplification measure so that certain benefits in kind do not now need to be reported to HMRC as well as being tax free for the employee. […]
An individual makes their pension contributions out of their taxed and NIC’d income. Most individual pension contributions are made “net of tax”. The pension scheme will then gross up the payment by claiming 20% tax relief from the government. So for £80 contributed by the individual, the scheme also gets £20 from government, giving a […]
The company faced backlash after it emerged that passengers wanting to fill their own reusable cups with hot drinks bought on board were being denied. A spokesperson for the rail operator has confirmed the change in policy, which they say reflects their “ongoing commitment to manage our environmental impact”. Around 2.5 billion disposable cups are […]
Business magnate Richard Branson, founder of the Virgin Group, believes that employers should put their employees before their clients. “Clients do not come first. Employees come first. If you take care of your employees, they will take care of the clients. Most businesses put customers first while employees are just secondary. Employees are the branches […]
Post-employment notice pay (PENP) is a concept that was introduced in legislation from 6 April 2018. This effects whether payments at the end of an employment fall within the £30,000 tax free amount. Prior to these new rule payments in lieu of notice (PILONs) could be tax free if non contractual. Now, any element that […]
Open plan offices and the use of messaging apps have encouraged always-on, constant collaboration at work. But research from Harvard’s Ethan Bernstein suggests that we develop more, and better, solutions to problems when we take occasional breaks from the group so we can ponder on our own. Such intermittent collaboration strikes an ideal balance between […]
Retailers could be forced to pay up to £1bn for recycling under the government’s new waste initiative. Supermarkets, retailers and major drinks brands currently pay just 10% of the cost of collecting and sorting the 11 million tonnes of packaging waste produced in the UK. The government strategy, expected to be published this month, will […]
The Charity Commission has published guidance on the circumstances and procedures for charities wishing to change their financial year, which vary according to whether or not the charity is incorporated as a company. In either case, it is not possible to change a charity’s financial year or period if the latest annual return and accounts […]
Good record keeping is vital, not just to ensure timely and accurate filing of tax returns but also in the event of any challenge by HMRC. Penalties can also be levied if your records are incomplete or inaccurate. Generally, you need to keep sufficient records to support any income or expenses included in a tax […]
When a company is dissolved by striking off, any assets that remain in the company at the date of dissolution (including share capital) become Bona Vacantia or ownerless goods. Ownerless goods become Crown property. It is very expensive to reinstate a company to the Register in order to recover your assets. How to avoid Bona […]
The new sugar tax on soft drinks has raised £153.8m since it was introduced. While initial forecasts estimated the sugar tax would raise around £520m a year, manufacturers have reduced the amount of sugar they use to avoid the levy – one of the government’s intended goals. The new tax is applied to soft drinks […]
The High Income Child Benefit Charge (HICBC) is a tax charge which claws back up to 100% of any child benefit received by a higher earner or their partner. Even though the charge is not assessed as income, it is reportable and collected under Self Assessment (SA). Taxpayers who must declare the HICBC are required […]
An employer can provide sporting or recreational benefits tax-free to: Its employees. Any member of their family and household. Main conditions: Benefit to be available to all staff. Benefit not generally available to the public. Benefit cannot include vehicles, holidays or take place in domestic premises. Unfortunately the exemption excludes membership to public gyms and sports […]
With August 1 marking Earth Overshoot Day, the point during the year that we will have consumed the ecological resources and services that Earth can regenerate in one year, it is clear that something has to change. The circular economy requires a significant shift in mindset, starting with the design process, which must ensure that […]
The cost of business travel is an allowable expense for tax. Home to work travel may qualify as a business journey (and so the cost will qualify for tax relief) where: Home is the main or only workplace or the operating base of the business. The trade or profession is a travelling occupation, or the […]
If you are self-employed and work from home you can claim: All the costs that are incurred for business purposes. A proportion of all the other costs of running your home, such as light and heat, insurance, council tax, repairs, cleaning and mortgage interest. When you are claiming expenses then ensure that you pay them (e.g. they are not […]
In order to maximise entitlement to full State Benefits, a full contribution record Is required. It is possible to check your National Insurance record online to see: what you’ve paid, up to the start of the current tax year (6 April 2018) any National Insurance credits you’ve received if gaps in contributions or credits mean […]
In 2016 the government consulted on a proposed abolition of Class 2 National Insurance contributions (NICs) for the self-employed. This flat rate contribution, currently £2.95 a week is payable by the self-employed in addition to Class 4 contributions based on the level of profits. The flat rate contributions were due to cease on 5 April […]
The rules for taxing dividends changed radically from 6 April 2016 with the removal of the 10% notional tax credit and the introduction of new rates of tax on dividends. For many taxpayers that meant more tax to pay on those dividends on 31 January 2018. The same will also apply on 31 January 2019. […]
Budget 2018 changes to capital gains tax could trigger a higher capital gains tax bill for properties sold on or after 1 April 2020. From 1 April 2020, the final 18 months deemed occupation period reduces to nine months. Some details are yet to be published by government but generally speaking if you are selling […]
For some years the corporation tax rate for small companies was 20%. The corporation tax rate was reduced to 19% from 1 April 2017. The corporation tax rate is set to reduce to 17% from 1 April 2020.
ISAs The 2018/19 overall limit for ISAs is £20,000. This can be invested in cash or stocks and shares. Any income or gains arising on the investments will be tax free. As with all of our tax tips and web pages this information is necessarily summarised and of a general nature. If you would like […]
Personal allowance This is the amount of income you can receive that you don’t have to pay tax on. In 2017/18 this is £11,500. The allowance is lost at a rate of £1 for every £2 of income where your adjusted net income is over £100,000, until the allowance is totally extinguished. This creates an […]
Charitable donations Gift aid donations to charity also give tax relief at your highest marginal tax rate. Any donations made before 31 January of the following tax year, or the date of the submission of your tax return if earlier, can be carried back to the previous tax year. Cash donations made before both 31 […]
Transfer income-producing assets to your spouse or civil partner Transferring assets such as property or quoted investments to a spouse or civil partner is accepted by HMRC provided there is an outright gift with no conditions attached to it. Save income tax on share dividends: Following the change in how dividends are taxed, it can […]
We’ve long argued that better public services require better funding, which in turn requires more income for public bodies to spend….i.e. more tax of some description. Good to see mainstream media raising this issue: https://www.theguardian.com/commentisfree/2018/nov/06/raise-tax-british-political-disease-public-services One way to address this would be to allow Government to continue to set all tax laws, reliefs, calculations, but […]
Use your annual pension allowance Pension contributions are still a tax-efficient way of saving for retirement, with tax relief given at your highest marginal rate of income tax. Tax relief is restricted to the lower of the annual allowance, which is £40,000 for most people, or your net relevant earnings. It may also be possible […]
To try and ensure that digital businesses pay tax that reflects the value they derive from UK users, the government has announced that it will introduce a Digital Services Tax (DST) which will raise £1.5bn over four years from April 2020. The DST applies a 2% tax on the revenues of specific digital business models […]
Use the Budget calculator developed by Deloitte, to find out how your pocket may be affected by the Chancellor’s latest measures. Bear in mind, some changes will not be seen until future financial years, and are not included in this calculator.
The Help to Buy equity loan scheme, which offers a 20 per cent government loan (40 per cent in London) to buyers of new-build properties, has been extended a further two years, from April 2021 to 2023. The upper price cap for a property to be eligible for the scheme will also increase. They will […]
Up the workers. Minimum wage levels from 1 April 2019 will be increased: Current rate Future rate (from April 2019) Increase NLW £7.83 £8.21 4.9% 21-24 rate £7.38 £7.70 4.3% 18-20 rate £5.90 £6.15 4.2% 16-17 rate £4.20 £4.35 3.6% Apprentice rate £3.70 £3.90 5.4% Accommodation offset £7.00 £7.55 7.9%
Chancellor Philip Hammond has announced plans to abolished Stamp Duty for all first-time buyers of shared ownership properties up to £500,000. This will also be implemented retrospectively for any shared-ownership buyers since the first-time buyer exemption was introduced in November 2017. As with all of our tax tips and web pages this information is necessarily […]
With immediate effect (29 October 2018) entrepreneurs selling their shares or business will have had to have been a qualifying owner for two years (was one year) to qualify for Entrepreneurs Relief (ER). ER reduces the capital gains tax rate for higher rate taxpayers from 20% to 10%. Furthermore, from 1 April 2019, the qualifying […]
I’m not the first to notice, but had to comment, £60m on trees and £30,000m on roads. On the same day WFF report is published showing scientific consensus that humanity has wiped out 60% of mammals, birds, fish and reptiles since 1970…the annihilation of wildlife is now an emergency that threatens civilisation. Modern society rejects […]
Government finances are getting worse. Despite the skewed headlines, the budget figures tell us the deficit is set to continue to INCREASE. Somehow the media are headlining “deficit cuts” despite the Budget 2018 predicting increases in UK debt (i.e. further deficits) of £20 billion to £25 billion per year for the foreseeable future with no […]
The Office of Tax Simplification is asking owners of small businesses to complete a ten minute survey: https://www.gov.uk/government/consultations/ots-business-lifecycle-review-call-for-evidence-and-survey If you complete this, please let us know your feedback.
The cut-off date for submitting the 2017 annual return is 31 October 2018, if a charity has a 12-month accounting period (ends in December). While thousands of charities have already filed, the regulator cautions that those who have left it late risk trying to file nearer to the deadline, potentially without the correct information or […]
The government has increased the loan repayment thresholds (the amount graduates can earn before making repayments) for student loans by 2.9% and confirmed the introduction of a postgraduate loan system deductible from PAYE effective 6 April 2019. The Department for Education (DfE) has confirmed that from 6 April 2019 the thresholds will increase for tax […]
As much as £20bn of savings could be sitting in over a million so-called ‘lost pension pots’ where savers have lost touch with their providers according to analysis from the Association of British Insurers (ABI), which says this underlines the need for the government’s proposed pensions dashboard. Most people have moved jobs or houses at […]
In a recent report Norway ranked as the most secure nation with a war chest built on its publicly held oil wealth. This is in contrast to the UK which is one of the least financially secure, which allowed private sector companies to extract North Sea oil reserves and has spent the tax revenues.
The Professional Publishers Association (PPA) has welcomed an EU decision to reduce VAT on online publications, including electronic books, newspapers and periodicals. At present, electronically supplied services such as digital publications are taxed at the standard VAT rate, which in the UK is 20%. This contrasts with traditional media, which is zero-rated. The directive, which […]
HMRC’s salary sacrifice guidance has been updated to provide information about the effect of employees changing from childcare vouchers to the new tax-free childcare scheme. Salary sacrifice for employers explains how to set up a salary sacrifice arrangement and calculate tax and National Insurance contributions. The guidance has been updated to add more information about […]
With less than six months until the exit, the main risks areas businesses may face are as follows: 1. Cyber-attacks: future cooperation between the UK and EU on this issue remains uncertain. No deal will have a knock-on effect on security. Businesses are concerned that the future involvement of the UK in organisations such as the […]
If the IPCC is even close to being right about its timeline, speeding up the transition from fossil fuels to renewables is vital if we are to prevent passing the “tipping point” unleashing climate chaos. Can that be done? One of the winners of this year’s Nobel prize for economics – William Nordhaus – says […]
An erupting volcano and a paper-eating goat are just two of the unusual explanations provided by directors for their inability to file their company accounts on time, according to this year’s analysis by Companies House of the most unusual excuses it received. Other reasons given for not meeting the deadline included the filer finding his […]
VAT Returns and EC Sales List: commercial software suppliers is published by HMRC to assist businesses find recognised suppliers and software for filing VAT Returns online. The main VAT return can also be submitted using the HMRC free online product: Online tax return – Value Added Tax. HMRC has tested all the features of that […]
The Chancellor has announced that the 2018 Budget will be held on Monday 29 October 2018.
European Commission analysis shows EU countries lost almost €150bn (£134bn) in VAT revenues in 2016, with the UK and Ireland among six member states reporting an increase in the ‘VAT gap’ between expected revenue and the amount actually collected. Pierre Moscovici, commissioner for economic and financial affairs, taxation and customs said: ‘Member states have been […]
According to a Charity Commission survey, not enough small charities are providing correct information in their annual returns because too many are relying on someone with insufficient knowledge of their organisation’s accounts, leading to errors. In a review of a sample of charities, 38% of charities with incomes below £25,000 per annum were found to […]
Data provided by Companies House shows that the number of private and public limited companies receiving penalties for late filing has increased significantly in four years. In 2014/15, the number of penalties issued in England and Wales stood at 165,000 with a total value of around £78m. However, in 2017/18 the number had reached 204,000 […]
The deadline for registering for self assessment is 5 October 2018 for the 2017-18 tax year. If you have registered in the past then no action is needed, the deadline is for new self assessment cases. Anyone submitting a self assessment return for the first time – including higher income child benefit charge (HICBC) taxpayers […]
The Government will withdraw the tax and National Insurance relief associated with childcare vouchers for brand new applicants from 4 October 2018, with Tax-Free Childcare (TFC) providing help with childcare costs instead. For anyone who has not claimed childcare vouchers yet, it means they need to join in time for their employer to action their […]
The Government has announced that it will not proceed with the abolition of Class 2 National Insurance contributions (NICs) during this Parliament. The announcement was made on 6 September 2018. The abolition of Class 2 NIC was originally intended to simplify the tax system for the self-employed, however, implementation of the policy was delayed in […]
HMRC is urging millions of employees such as nurses, hairdressers and construction workers to go online and directly check if they can claim extra cash back for work-related expenses, amid concerns they could be missing out on their full tax relief entitlement by using agencies instead. The tax authority says some 85% of eligible taxpayers […]
Lack of clarity around the Brexit process is hitting preparations for business after the UK leaves the EU, with only a third of finance professionals in large businesses reporting their organisation has started scenario planning and just 20% of those in small organisations, according to a poll. Around eight out of 10 of the respondents […]
You only have until the 3 October 2018 to join the Childcare Voucher Scheme. Assuming you are in this scheme prior to this date you can keep getting vouchers as long as: you stay with the same employer and they continue to run the scheme you do not take an unpaid career break of longer […]
The deadline for registering for Self Assessment is 5 October following the end of the tax year, You must tell HMRC that you need to prepare a tax return if you have any of the following: Self employed income (sole trader, freelancer, partner etc) Made a capital gain. Have employment income not taxed under PAYE. […]
Rising house prices and increases in other assets have seen HMRC launch more investigations to ensure individuals are paying the correct amount of inheritance tax (IHT), with the number of tax probes up by 5% this year. If an investigation finds that IHT has been underpaid, the estate may have to pay all of the […]
HMRC has written to 145,000 VAT-registered businesses across the UK, including Northern Ireland, which only trade with the EU, explaining changes to customs, excise and VAT in the event of a ‘no deal’ Brexit, which would require them to complete customs declarations for the first time. While HMRC stresses that it is ‘unlikely’ the UK […]
UK employees seem to take a more lenient approach than the average European employee to questionable workplace practices, according to a survey by the Institute of Business Ethics which found that 38% believe petty fiddling is inevitable in a modern organisation compared to 30% of their European counterparts. The survey sought to establish whether employees […]
Many people will have heard of Bitcoin, Ethereum, Ripple, Bitcoin Cash, Litecoin, perhaps Stellar, Tether or Eos and there are thousands of new forms of cryptoasset which are less currency like and can have other attributes which can make them essentially a form of tokens tradable on different platforms worldwide. How do you tax Bitcoin? […]
Under Making Tax Digital (MTD) for VAT, most VAT registered businesses will have to report VAT in new way. If your turnover is above the registration threshold in the year to 31 March 2019 then from 1 April 2019 you must: Keep your bookkeeping records for VAT digitally Stop using HMRC’s portal to submit your […]
The Low Incomes Tax Reform Group (LITRG) is reminding students who have been working over the summer to make sure they have not overpaid tax and, if they have, to claim a refund from HMRC. Students are more likely to overpay tax as they usually only work – or earn more – at certain times […]
HMRC is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties. New legislation called ‘Requirement to Correct’ requires UK taxpayers to notify HMRC about any offshore tax liabilities relating to UK income tax, capital gains tax, or inheritance tax. Some […]
HMRC have updated their guidance on the rules for carrying forward the unused pension savings annual allowance, together with a calculator on their website. For most taxpayers the maximum amount of pension savings that qualifies for tax relief each tax year is £40,000. It is possible to increase this amount by utilising unused relief brought […]
Certain traders can be made liable for the unpaid VAT of another VAT-registered business when you buy or sell specified goods. HMRC have recently updated VAT notice 726 which advises traders to carry out due diligence into their supply chain. The specified goods are any equipment made or adapted for use as a telephone and […]
HMRC have updated guidance on how to allocate the apprenticeship levy allowance across multiple PAYE schemes and/or connected companies and charities. Pay Apprenticeship Levy explains when the apprenticeship levy needs to be paid and how to report payments. The guidance has been updated at the section about ‘how to allocate your allowance’. The apprenticeship levy […]
The United Nations Global Compact and the Global Reporting Initiative (GRI) have released a practical guide for companies to use when measuring their environmental impact. Integrating the SDGs into Corporate Reporting: A Practical Guide, developed with support from PwC and Shift, makes plain the steps needed to set business objectives and both measure and report […]
The Government has set out the VAT implications for businesses in the event of a “no-deal” Brexit. For most UK businesses there will be no change to the VAT rules.There will, however, need to be some specific changes to VAT rules and procedures applying to transactions between the UK and EU member states. The key […]
The Low Incomes Tax Reform Group (LITRG) has published a technical news article about opting out of a workplace pension. Low income workers who have been put into a workplace pension under the auto-enrolment programme resulting in less take-home pay may be considering opting out. The LITRG explains the longer-term consequences of opting out so […]
On 2 August 2018, the Bank of England Monetary Policy Committee voted unanimously to increase the Bank of England base rate to 0.75%. HMRC interest rates are linked to the Bank of England base rate and, as a consequence of the change, HMRC interest rates for late payment have also increased. These changes came into […]
Suggestions that the government is planning a new ‘sin tax’ on vaping, in order to raise an additional £40m in tax revenue to help fund its commitment to a £20bn boost in NHS funding, have been strongly opposed by the UK Vaping Industry Association (UKVIA) on the grounds the move risks damaging public health. A […]
The Office of Tax Simplification (OTS) is calling for further work on the potential for a new form of trading vehicle, the sole enterprise with protected asset (SEPA), which would be simpler to administer. Research has found that one of the main reasons for forming a limited company is to obtain limited liability protection, but […]
If pension savings are more than the annual allowance, unused annual allowances from previous years can be brought forward. The annual allowance is the limit on the amount of pension savings that can be made to all pension schemes in a tax year before tax has to be paid on them. Pension savings over the […]
Currently rent-a-room relief gives relief from income tax for up to £7,500 of gross rental income to individuals who let furnished accommodation in their only or main residence. HMRC propose to restrict the availability of “rent a room” relief to situations where the taxpayer is living in the let property for at least some of […]
HMRC has launched new and innovative technology to help more than 3 million customers renew their tax credits. HMRC has developed a customer-focused service through Amazon Alexa specifically for those seeking help with their tax credits renewals. Customers with Amazon Alexa-enabled devices can ask Alexa to ‘open HMRC’ and ask for help and information with […]
From April 2019, any VAT registered business with taxable turnover above the registration threshold will be required to submit digital VAT records and make digital returns as part of HMRC’s Making Tax Digital format. Voluntary VAT registered businesses with turnover below the VAT registration threshold will not be required to take this new approach until […]
If you are looking to sell your business, you will need to know what it is worth. There are various valuation methods however when valuing a business for sale to continue trading, typically a value model is something like this: Expected future annual profit before tax (HMRC require this to be provable by reference to […]
The government’s announcement that the NHS is to receive increased funding of £20.5bn per year by the end of five years, has signaled future tax increases. The funding will be front-loaded with increases of 3.6% in the first two years, which means £4.1bn extra next year. May said this long-term funding commitment means the NHS […]
Owners of second homes and buy-to-let (BTL) landlords face a much shorter period in which to pay any capital gains tax (CGT) due on property sales from April 2020. Where Capital Gains CGT is due, a disposal is normally reported to HMRC in a self-assessment tax return. Under self-assessment, any CGT must be paid by […]
The World Cup, which starts today, is a great opportunity for businesses around the world to capitalise from employees’ national pride. However, the tournament features many games during work hours, causing workers to have to potentially miss games, which can cause staff to feel unmotivated. It is therefore important to set clear rules for you […]
The growth in online e-commerce is an important part of the UK economy but has also created opportunities for abuse of the VAT system. HMRC have asked for the assistance of online market place companies to help them identify online trader who may not be complying with the requirement to register for VAT. Ebay and […]
HMRC have confirmed that no further Make Tax Digital (MTD) for business changes will be brought in before 2020 at the earliest. The Treasury set out its revised priorities for current digital transformation projects, to make room for the additional demands on its resources of work to upgrade customs systems in preparation for Brexit. For […]
The Office of Tax Simplification (OTS) have been tasked with carrying out a review of Inheritance Tax (IHT) with a view to simplifying how the tax operates. IHT is perceived to be complicated and currently yields a relatively small amount of tax compared to income tax and national insurance. There are a number of reliefs […]
In Palmer [2018] TC 06411, the First Tier Tribunal has decided that although there was no reasonable excuse for the late filing of a return, the penalties charged should be reduced by 70% because the taxpayer was a first time filer. This case is another reminder of how penalties can be mitigated even if there […]
We have recently advised on a case where a furnished holiday let cottage is being sold, from a small portfolio of such properties. A key question on such an arrangement is whether Entrepreneurs Relief (ER) applies on the sale of a single property from such a business. For ER to apply there must be an […]
In April 2016, new rules were brought in requiring companies to disclose Persons with Significant Control (PSC). PSCs are those who own at least 25% of a company’s shares, hold at least 25% of the company’s voting rights or have control over appointments to the board of directors. The PSC register is designed to reduce […]
A recent case reminds us that personal representatives must pay HMRC Inheritance Tax. In the case “G Harris as personal representative of HM (deceased)” the personal representative had distributed all funds to a beneficiary who promised to pay the inheritance tax. The beneficiary (a brother of the deceased) moved abroad and cannot be located. HMRC […]
The subject of classifying food and drink expenditure is a tricky area, not helped by HMRC’s vague guidance on the matter. There are VAT and corporation tax consequences depending on what classification you use so it is important to get it right. Generally, food and drink expenses incurred by a business can be categorised into […]