TAX
Tax credits – renewal deadline looming!
This must be done by 31 July 2016 or you might permanently lose the right to some credits. If you have not received a renewal pack by 27 June 2016 contact HMRC on 0345 300...
Employing your children?
Provided your child works for you or your company and they are paid at a commercial rate, this is a tax deductible expense for the business but is likely to be tax free for...
Buy to let – personal or company ownership
There is no simple answer to which is the best option, following the significant changes made to how the income is taxed when property is not held through a company. Three...
Personal tax accounts
Instead of writing (if you can find an address!) or phoning HMRC (if you have a lot of patience) employees can access their Personal Tax Account to view information about...
Stamp duty and second homes – relief extended
Since 1 April 2016 anyone buying a second home is liable to pay an extra 3% stamp duty land tax (SDLT) surcharge. This applies even where the situation is only temporary....
Changing lanes to get the answer they want
The Court of Appeal decided that cars leased by an employer to its employees on arm’s length terms did not constitute a taxable benefit in kind. HMRC had argued that the...
Stamp duty land tax – second home supplement and granny annexes
The extra 3% charge will not be levied on houses with annexes where the annexe cannot be sold separately and it is not worth more than one-third of the main property.
Inheritance tax – nil band
Everyone has a standard inheritance tax nil-band (currently £325,000) regardless of their domicile or residence for tax purposes. So if a spouse dies domiciled abroad having...
Section 336 expense claims
One of the section numbers in the Taxes Acts that gets quoted more often than most! These are the responsibility of the employee, but those that are attached to the original...
Transferable personal allowance (marriage allowance)
HMRC are running a radio campaign to encourage individuals to take this up! With effect from 6 April 2015 if one of a married couple or civil partnership is a non-taxpayer and...
Personal tax accounts (PTA)
Unfortunately access to personal tax accounts, which will include details of things such as PAYE coding notices, will not be available to agents at present.
R and D and pension contributions
If a company qualifies for R & D (research and development) relief remember that it might be more tax efficient to pay a director engaged in such activities contributions...