Tax changes in recent years to the way that unincorporated landlords are treated for tax purposes, particular in respect to relief for interest, have resulted in an increase in the number of landlords operating their property rental business through a company. Is this a good idea? Separate legal identity A company has a separate legal […]
Year: 2022
Tax free travel to work is possible
As the cost-of-living crisis deepens, many employees are looking to save money. One option is to cut the cost of the commute by cycling to work, which can provide a tax saving. Exemption for employer-provided cycles Employees can enjoy the use of employer-provided cycles and cyclists’ safety equipment without having to pay tax on the […]
HMRC determinations – what are they and how can they be cancelled?
HMRC can issue a determination when a taxpayer has failed to submit a tax return. The determination is HMRC’s formal calculation of tax that it calculates as being due. In arriving at the amount HMRC should consider any information it has available (e.g. on a P60 submitted by an employer). Right of appeal? There is […]
Undeclared income or gains – it’s time to come forward.
We are noticing a lot more in the professional press about HMRC issuing nudge letters to taxpayers in respect of potential errors on their tax returns. HMRC have previously written to director-shareholders to ask about whether all dividend income is being reported and to individuals with overseas investments, asking if they declared all the UK […]
Breakfast Club – FRP Attendees
Breakfast Club – FRP Attendees
Remuneration Planning – is it time to take a salary?
Many owner managed businesses will have a simple approach to remuneration planning – a small salary with dividends meeting income requirements. In a lot of cases this can be tax efficient, but that is not always the case, especially with reliefs such as R&D etc. We have seen rises in dividend tax rates in recent […]
Autumn Statement Update
Autumn Statement 17th November 2022 The Chancellor Jeremy Hunt’s Autumn Statement came against the background of a Spring Statement and a September ‘mini-Budget’ (which has now been substantially reversed). The overall context is a European recession and high inflation in the wake of the pandemic and the war in Ukraine. HIGHLIGHTS The main income tax […]
Trustees’ Week 2022
Now in its 12th year, Trustees’ week aims to thank those who volunteer their time at trusts across the country. We are proud that members of our team, are trustees for a range of different not-for-profit organisations across a broad field of sectors. You can read more about Trustee’s week here. We specialise in working […]
Giving away the buy-to-let to save inheritance tax?
Where a person has a property portfolio, they may consider giving away one or more of their investment properties during their lifetime to reduce the inheritance tax payable on their estate. However, inheritance tax cannot be considered in isolation, as there may also be capital gains tax consequences which need to be taken into account. […]
Reclaiming VAT on a car
The VAT rules are clear – input tax cannot be claimed on the purchase of a new or used car that is made available for any private use. However, input tax can usually be claimed on cars used as a tool of a trade such as by a driving school or taxi firm. This strict […]