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Tax and NI issues when waiving an employee's loan
A long-standing employee is leaving and, as a reward for their past loyalty, you want to waive the balance on their staff loan. How should you treat this for tax and NI purposes?
How to tax efficiently sell your business not your company
You're negotiating the sale of your business. The buyer doesn't want your company, which runs it, just its trade and assets. How can you reduce the tax when you extract the sale proceeds from the company?
Preserving the tax breaks for holiday homes
Because of a lack of bookings there's a risk that your holiday rental property might not qualify for the special tax breaks this year. Is there a legitimate way to prevent this?
Tax credits deadline and scam warning
The tax credits deadline is 31 July. If you haven't renewed your claim you need to act quickly but carefully. What steps should you be taking?
Tax-efficient pension contributions for your partner
A business associate says he gets a tax break by getting his company to pay a pension contribution for his spouse who's currently not working. Is this something
What's the tax treatment of inherited pensions?
A pension plan is a very tax-efficient way of saving money for later in life. However, some of you may die before you can fully utilise your accumulated benefit
Tribunal issues warning to deter doubtful SDLT claims
The First-tier Tribunal (FTT) recently rejected an appeal from a company that a building was "non-residential" due to it being in a state of disrepair. However,
Is your side-hustle taxable?
If you start a small side venture to make some extra cash, is it always necessary to declare it to HMRC?
How to avoid VAT on management charges
VAT charges arise when a company covers expenses for another. When is VAT due, and can it be legitimately avoided?
Extra IHT relief for business owners
Claiming IHT Business Property Relief (BPR) for business assets--don't miss extra relief on related assets. When and how much can you save?
HMRC reminds cryptoasset holders of tax obligations
Ahead of this month's filing deadline for 2022/23 tax returns, HMRC is urging cryptoasset holders to check if they need to report transactions.
Pressure builds on cryptoasset owners
HMRC is stepping up investigations relating to cryptoassets. If you own Bitcoin assets, should you be worried?
CGT allowance cut: options
On 6 April 2024, the capital gains tax (CGT) annual exempt amount will be halved to just £3,000. What can clients do ahead of this to save tax?
Company closure - what happens to shareholder loans?
You've closed a subsidiary of your main company but your loan account with the subsidiary company is in the red by nearly £20,000. What are the implications?
IHT exemptions - when and how to use them
Naturally, you want to keep as much of your estate as possible from HMRC's coffers. What simple steps can you take to achieve this?
The IHT exemption that HMRC hides
How might the IHT form's wording cause you to miss an exemption for gifts?
Business gifts with a price tag
Your company received several cases of champagne from a grateful customer. An accompanying note said the company should share it among staff and directors. Is there tax to pay here and, if so, who is responsible for paying it?
Simplified motor deductions - use with caution
Unincorporated businesses are allowed to use simplified tax deductions for motor expenses. As you would expect they come with conditions and drawbacks. When and how can you use them?
HMRC issues reminder about new R&D tax relief rules
Despite new requirements for research and development (R&D) claims being in force for a month, almost half of claims made since then have omitted the necess
HMRC reopens self-assessment helpline
HMRC's self-assessment helpline was closed in June. It's now reopened for calls ready for the tax return filing season. What do you need to know?
Full expensing - is your cup overflowing with tax relief?
You've heard from a colleague that all equipment bought for your business now qualifies for 100% relief as a deductible expense. Is this correct?
Setting tax-efficient salary - don't be too quick on the draw
If you have complete autonomy over when and how you are paid. What do you need to consider before committing your company to a salary if cash is tight.
Autumn Statement tax cuts focus on National Insurance
With inflation decreasing faster than expected the Chancellor was able to make some cuts after all. What do you need to know?
Criteria for self-assessment are changing
You may have had to file a tax return if your income exceeded the point where the personal allowance starts to be tapered away. This has changed for 2023/24.
P11D filing to end
HMRC is scrapping the use of Form P11D to report benefits in kind from 2026. How will you need to account for tax and NI due after this?
HMRC U-turn on helpline closures
HMRC announced that it would be scaling back its tax helplines. It has now seemingly reversed the decision. What's going on?
New guidance on commuting expenses for hybrid workers
You can't claim tax relief for the expenses associated with travelling to your usual place of work. However, what is the position if you're a hybrid worker?
Investing in woodlands - what are your options?
Investing in woodlands comes with several tax breaks. To make the most of these should you invest personally or through a company?
The trading allowance - something for nothing?
If you earn a little income on the side, the trading allowance can exempt it from tax or reduce the amount payable. How does it work?
Self-assessment 2023/24 - what's new?
If you're a sole trader or in partnership you may need to show extra information when completing your 2023/24 tax return.
Second payment on account deadline approaching
The second payment on account for tax year 2023/24 is due by 31 July 2024. But what do you need to beware of?
Form P1000 now available digitally
Dealing with a deceased client's tax affairs can be drawn out, partly due to the authorisation process. However, a recent change should help simplify things.
When can ADR be used to resolve a tax dispute?
Changes to HMRC's alternative dispute resolution (ADR) procedure in recent years have made it more accessible.
Limited cost trader - managing purchases tax efficiently
The VAT flat rate scheme can simplify your VAT returns and even save you cash. Is this still true if your business falls into the limited cost trader category?
Improvement and finance losses and how to claim them
You're making substantial repairs and improvements to your buy-to-let property. What tax relief are you entitled to and how can you claim it?
Latest crackdown targets animal breeders
HMRC is contacting individuals who may need to pay tax on income from breeding animals. What should you do if you receive a letter?
When is an option to tax advantageous?
Tenant suggests VAT on mixed-use lease - could it benefit both?
How can you secure gross payment status?
You are a subcontractor in the building trade. What do you need to do to have your invoices paid with no tax deducted and is it worthwhile?
Relaxation of self-assessment threshold
HMRC has promised a change to the threshold at which self-employed taxpayers need to complete a tax return. What do we know so far?
Permanent increase to penalty interest rates
The new tax year saw a change to the way interest on late paid taxes is calculated. What's changed and what are the new charges?
Income splitting - tackling the practical issue
You recently started a new business which you run through a company. Can reduce your tax and NI bill if you issue your spouse with shares?
Director shareholders must disclose dividends
new rules will require you to report more information about your company and the income you derive from it on your self-assessment tax return.
New PAYE procedure being overlooked
If you pay foreign employees or those who work abroad, you might need to take steps immediately because of new tax rules. What's the full story?
Class 2 NI demands being sent in error
Compulsory Class 2 NI has been abolished but that hasn't stopped HMRC sending out demands for it for the last tax year. What's happening?
Homeworking - is there a VAT problem?
Your business is about to update its IT equipment for employees who work from home. Is it more tax efficient if the employees owned the equipment?
Unmarried couples' guide to tax-efficient profit extraction
Special rules apply to married couples and civil partners on income they extract from companies.
Advice for a first VAT return
You are about to submit your first VAT return. How do you ensure it is correct and how much input tax can you claim on pre-registration expenses?
Autumn Budget 2025: losers and losers?
The Chancellor announced many changes to the tax system, with some coming into effect immediately and others in several years. What are the headline changes?