TAX
Personal tax accounts
These are accessed using a Government Gateway ID. Once set up future access is by way of a two step verification – the Government Gateway ID and a code sent to the registered...
Scottish Tax rates
If you run a payroll and you have an employee who is Scottish watch out! A Scottish taxpayer is defined by where their main residence is, but at present HMRC is taking this to...
Tax free childcare payments
We may have mentioned this before – that is because it is has been a long time in actually being put into action. The new scheme comes in from Spring 2017 but is being rolled...
Entrepreneur’s relief – associated disposals
For entrepreneur’s relief, provided trading conditions are satisfied, in order for an associated disposal to qualify e.g. trading premises held outside the company, the...
No residence held at death – Main residence nil rate band
Even if no residence is owned at death, or a smaller residence owned due to downsizing, the additional residence nil band may be available if the lower value residence and...
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 connection with 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
If you carry on having the benefit of an asset, even though you have given it away there can be trouble ahead for inheritance tax purposes. Ways around this are:- To pay...
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...