TAX
Employing your children?
Employing your children can provide tax benefits while giving them valuable work experience. If structured correctly, it is a legitimate and tax-efficient business expense. To...
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...
Stamp duty and second homes – relief extended
Understanding Stamp Duty on Second Homes Since 1 April 2016, buyers of second homes must pay an extra 3% Stamp Duty Land Tax (SDLT) surcharge. This applies even if the second...
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 on annexes
When purchasing an additional property, buyers must pay a 3% Stamp Duty Land Tax (SDLT) surcharge. This applies to second homes and buy-to-let properties. However, concerns...
Inheritance tax – nil band
The inheritance tax nil band is the threshold up to which an estate pays no inheritance tax (IHT). Currently, this stands at £325,000 per individual, regardless of domicile or...
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)
HMRC introduced personal tax accounts (PTAs) to give individuals online access to their tax information. These accounts allow taxpayers to view key details about their tax...
R&D tax relief for directors – pension contributions considered
Companies investing in innovation can claim R&D tax relief to reduce their tax liability. This relief applies to eligible staff costs, which include salaries, employer...
Income tax and national insurance on overvalued shares
When a company buys back shares, particularly minority holdings, the valuation process is crucial. These shares are often subject to a discount due to their lack of control or...
Inheritance tax (IHT) numbers
If you need to pay Inheritance Tax (IHT) on a deceased’s estate or a large gift into a trust, you may need an Inheritance Tax number before making the payment. HMRC uses this...