TAX
tanding the Residence Nil Rate Band for Downsizers
Understanding the Residence Nil Rate Band for Downsizers The Residence Nil Rate Band (RNRB) allows individuals to pass on an additional amount of their estate tax-free when...
Residence nil band for inheritance tax purposes
If an estate is valued at more than £2,000,000 the additional residence nil band which comes in for deaths after 5 April 2017 is reduced by £1 for every £2 over. So...
Capital gains on assets bought and sold in a foreign currency
A reminder that while the pound trades at poor rates of exchange against both the dollar and the euro, it is possible to make a capital gain for UK tax purposes even if there...
Car and van fuel benefit rates
If fuel is provided for private use in a company van or company car and it is not reimbursed a fuel benefit charge arises. From 6 April 2017 the car fuel benefit increases to...
Tax relief for employees’ expenses incurred in employment
As an employee your may be able to claim tax relief if you have to use your own money to pay for travel or things you must use for your own job, if your employer will not or...
Making Tax Digital
making tax digital Here you can find all our content and resources around Making Tax DigitalguidesDo you keep spreadsheets for your accounting records? Not only could this be...
IHT and Reservation of Benefit: Avoiding the Unexpected
Inheritance Tax (IHT) can create unexpected complications when gifting assets while continuing to benefit from them. The IHT reservation of benefit rule applies when someone...
Negligible value claims
A special rule enables you to claim a capital gains tax loss where the value of the shares become negligible and you do not have to actually sell them. If you bought the...
Property – trading or capital gain
HMRC have introduced a new tax rule to take effect for property disposals made on and after 5 July 2016 by overseas investors to cause them to pay UK tax. But this might catch...
Research & Development (R & D) advance assurance scheme
This enables successful applicants with an assurance that their claims for R & D tax relief will not be subject to an HMRC enquiry and that HMRC will accept their first...
Corporation tax – reducing paperwork further
Acknowledgements to corporation tax returns filed will no longer be issued in paper form either to the company’s registered office or the agent acting. The acceptance of the...
Parking fines – Allowable against taxable profits?
Are Parking Fines Allowable Against Taxable Profits? Keyword phrase: "are parking fines tax deductible" Many businesses face the challenge of parking fines. Whether during...