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Tax

Inheritance Tax To Be Simplified

The Office of Tax Simplification (OTS) have undertaken a detailed review of Inheritance Tax (IHT), which is perceived by many as a complicated tax. The government normally takes account of OTS recommendations and their report is likely to lead to future changes to the rules. We will keep you posted as the changes may mean […]

Read more August 12th, 2019

Inheritance Tax Relief For Businesses And Farms

There is currently a very generous 100% relief from inheritance tax for passing on businesses and farmland during lifetime and on death. The rationale for Business Property Relief (BPR) and Agricultural Property Relief (APR) is to enable businesses to be passed on without the need to sell off assets to pay the IHT due on […]

Read more August 12th, 2019

CGT Property Relief Changes

CGT Private Residence Relief Draft legislation to be included in the next Finance Bill will make important changes to the calculation of Capital Gains Tax (CGT) private residence relief. As announced in the Autumn 2018 Budget, there will be a reduction in the final period exemption to 9 months, with stricter conditions for letting relief […]

Read more August 9th, 2019

Advisory Fuel Rates for Company Cars June 2019

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 June 2019. Where there has been a change the previous rate is shown in brackets. Note that for hybrid cars you must use the petrol or diesel rate. You can continue to use the previous rates for up to […]

Read more July 15th, 2019

Using a PAYE Settlement Agreement To Pay Some Of Your Employee’s Tax

PAYE settlement agreements (PSAs) are arrangements under which an employer can settle the income tax and National Insurance liabilities on benefits in kind and expenses payments provided to employees and officeholders. Setting up a PSA avoids passing on an unexpected, and potentially demotivating, tax charge to employees. Where a PSA has been agreed with HMRC, […]

Read more July 12th, 2019

Make School Holidays Easier With Tax-Free Childcare

Did you know there is a government scheme available that can help contribute towards childcare costs which may mean fewer of your employees will need time off at the same time this summer. Tax-Free Childcare is a scheme available to working parents with children from 0-11 years and many parents are not taking advantage of […]

Read more July 9th, 2019

Staff Summer Party Can Be A Tax-Free Benefit

Your organisation may have an annual Christmas party for staff, but the tax rules also allow staff parties at other times of the year which are a tax-free benefit as long as certain conditions are satisfied. The exemption applies to an annual party (e.g. a Christmas party), or similar annual function (e.g. a summer barbecue), […]

Read more July 9th, 2019

Stamp Duty Land Tax – Recent Rulings

In a recent ruling, HMRC has lost a case at the tax tribunal where the higher stamp duty rate was not payable. So what happened? A couple purchased an uninhabitable property so completed the Stamp Duty return on the basis that they would only pay a stamp duty bill of £1,500. However, when HMRC received […]

Read more July 4th, 2019

Some Cars Only Qualify For 6% Tax Relief Now

The latest Finance Act has reduced the tax writing down allowance for motor cars that emit more than 110 grams of CO2 to just 6% on a reducing balance basis from April 2019. In the case of company cars, the vehicle is included in the “special rate” pool which means that even when the car […]

Read more June 10th, 2019

Doctors Lobbying For Pension Tax Changes

Hospital doctors and GPs are lobbying the government to amend the pension tax rules as the current system of restricting tax relief on pension contributions means many doctors paying almost all of the extra salary back in tax if they take on additional responsibilities or work additional shifts. This is an issue that doesn’t just […]

Read more June 10th, 2019