Inheritance Tax (IHT) is commonly collected on a person’s estate when they die but can also be payable during a person’s lifetime on certain trusts and gifts. The rate of IHT currently payable is 40%
Who pays Inheritance Tax?
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Turnover defined for 5th SEISS grant
HMRC has published new guidance to help the self-employed calculate their turnover for making a claim under the 5th Self-Employment Income Support Scheme (SEISS) grant. The final date for making a
Who counts as CIS contractor or sub-contractor?
The Construction Industry Scheme (CIS) is a set of special rules that affect tax and National Insurance for those working in the construction industry. Businesses in the construction industry are
Continuous employment defined
When a new employee is added to the payroll it is the employers’ responsibility to ensure they meet the employees’ rights. One of the issues that must be considered is the employees’ length of
National Minimum Wage reminder for summer staff
We would like to remind any students and seasonal staff that work part time, for example in a summer job, to ensure they are being paid the National Minimum Wage (NMW). All workers are legally
Inheritance Tax Business Relief
There are a number of reliefs available that can reduce liability to IHT if you inherit the estate of someone who has died. One of these reliefs is known as Business Relief and is a valuable tax
Tax if you divorce or separate
If you are a couple that is getting separated or divorced, apart from the emotional stress, there are also tax issues that can have significant implications. Whilst this is unlikely to be uppermost in
Income excluded from a property business
HMRC publishes a list of income streams that are excluded from a UK property business. The list includes fishing concerns, hotels and guest houses, tied premises, caravan sites, lodgers and tenants in
Rent-a-room: letting as office accommodation
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. The current tax-free threshold of £7,500 per year has been in place since 6 April 2016.
Taxis: what is liable to VAT
HMRC sets out specific guidance regarding the application of VAT if you are in the taxi and private hire car trade. VAT Notice 700/25 – How VAT applies to taxis and private hire cars –
Card security update
VISA have issued information regarding changes to card processing security from September 2021. The idea is to reduce online fraud.
The changes will apply across Europe. A key part of the new
Private residence relief
There is usually no Capital Gains Tax (CGT) to be paid when you sell your main family residence (referred to by HMRC as private residence relief) that has been used as your only or main residence.
Changing a company accounting date
Source: Companies House Wed, 09 Jun 2021 00:00:00 +0100
Bed and breakfast – the same day rule
Historically, the term bed and breakfasting (sale and repurchase) of shares referred to transactions where shares were sold and then bought back the next morning. This used to have Capital Gains Tax
Apportionment and duality
When deciding whether an expense is allowed or disallowed it is important to consider that the expenditure must be incurred wholly and exclusively for the purposes of your trade or employment.
Under
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