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Invest with HMRC?!
Following the reduction in base rate in August from 0.5% to 0.25%, HMRC have amended the interest rate due on late paid tax. HMRC have reduced all interest charge rates from...
EIS, SEIS and now investors’ relief!
The aim of investors’ relief is to attract new investment into unlisted companies. The legislation is still not final but amendments have been made to extend the relief to...
Payments from overseas to HMRC
If you need to make a payment from overseas to HMRC the bank account details have changed. Account number (IBAN) B62BARC20114770297690 Bank identifier code (BIC): BARCGB22...
Trusts and the dividend tax rate
For interest in possession trusts, unless the dividends are mandated directly to the beneficiaries, they will have to start completing tax returns again from 6 April 2017....
Failed PETS
Not dogs or cats but gifts between individuals which in lifetime are potentially exempt transfers (PETS). Should the donor survive more than seven years from the date of the...
Enterprise Investment Scheme and Seed Enterprise Investment Scheme
A salutary tale! Shares issued could possibly qualify under either of these schemes but once a request to HMRC has been made for a compliance certificate under EIS and...
Paying HMRC by credit card
Not free but it has become cheaper using personal cards... The current 1.5% fee for paying HMRC this way has been replaced by a rate that depends on the type of card used and...
Free fuel for a company car
Just a reminder that you should really do the calculations to see if the provision of free fuel for private motoring is worthwhile. In virtually all cases unless there is high...
Losses from share dealing
Ordinarily one would expect HMRC to not allow such losses as trading losses, only as capital losses. However a recent first tier tribunal has ruled that in the case of A Ali...
Pitfall with cars – No 2 – to lease or not to lease
If a company takes out a lease and recharges the expenditure to an employee or director this does not prevent the scale charge for a car to apply. At best the taxable benefit...
Pitfall with cars – No 1 – pooled cars (not pedalos!)
It is very difficult to make a company car a pool car and thereby avoid the benefit in kind provisions. To be exempt from such charges the car; Must actually be used by more...
Charging your children rent?
With effect from 6 April 2016 the tax free amount of rental income you can receive from renting out a room or rooms in your home increases from £4,250 to £7,500 per annum. If...
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