Most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime transfers are known as ‘potentially exempt transfers’ or ‘PETs’. These gifts or transfers achieve
IHT gifts – 7 year limit
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Full expensing of capital purchases
A reminder to readers that the full expensing 100% first-year capital allowance for qualifying plant and machinery assets came into effect last April. To qualify for full expensing, expenditure must
Bed and breakfast share sales
The term bed and breakfasting (sale and repurchase) of shares refers to transactions where shares are sold and bought back the next morning. This used to have Capital Gains Tax (CGT) benefits by
Year end payroll reporting
It is not that long until the current 2023-24 tax year comes to an end and there are a number of year end payroll chores that must be completed. This includes sending a final PAYE submission for the
Reminder to claim the Marriage Allowance
The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or does not pay tax above the basic rate threshold for Income Tax
A reminder to protect your business capital
The beginning of a new year is an opportune time to undertake basic business planning. One aspect that needs continuous management is to protect your business capital.
The downturn in global trade
Business Asset Disposal Relief
Business Asset Disposal Relief (BADR) is available on the sale of a business, disposal of shares in a trading company or an individual’s interest in a trading partnership. Where this relief is
New tax credits for film, TV and game makers
A number of reforms to tax reliefs for the creative sectors came into effect from 1 January 2024. Under the reformed system, a children’s TV production, animated TV production or film with £1 million
Beware higher rate tax on dividends
Readers are reminded that if the dividends they draw from their company, when added to their other income, exceeds the basic rate Income Tax Band, then much higher rates of dividend tax will
National Insurance and tax after State Pension Age
If you have reached the State Pension age and continue to work, in most cases, you no longer need to pay National Insurance Contributions (NICs).
At State Pension age, the requirement to pay Class 1
VAT on period products scrapped
Before Brexit, the UK was unable to zero rate VAT on women’s sanitary products under EU rules and the items were subject to 5% VAT. Following the end of the transition period the UK was no longer
Less than one month to tax return filing deadline
A new press release from HMRC has highlighted that 49,317 taxpayers took the time to file their tax returns online over the New Year holiday. It is estimated that over 6.5 million taxpayers have
Tax Diary February/March 2024
1 February 2024 – Due date for Corporation Tax payable for the year ended 30 April 2023.
19 February 2024 – PAYE and NIC deductions due for month ended 5 February 2024. (If you pay your tax
Setting up a payment plan with HMRC
The 31st of January is a key date for those of us who are registered for self-assessment. There are three deadlines:
The closing date to file your 2022-23 tax return without incurring an initial
Using your vehicle for work related journeys
If you use your car or other vehicle to undertake business journeys on behalf of your employer, and your employer does not:
Fully reimburse you for the business use, or
Reimburses you but at a
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