Gifts to spouse or charity
In most cases, there is no capital gains tax (CGT) to be paid on the transfer of assets to a spouse or civil partner. There is, however, still a disposal that has taken place for CGT purposes effectively at no gain or loss on the date of the transfer. When the asset ultimately comes to be sold, the
IHT claiming business relief
There are a number of reliefs available that can reduce liability to Inheritance Tax (IHT) if you inherit the estate of someone who had died.
One of these reliefs is known as IHT Business Relief and is a valuable tax relief for taxpayers with business interests, offering either 50% or 100% relief
Paying stamp duty on share transfers
Stamp Duty is paid on shares bought on a stock transfer form. A stock transfer form is the standard form used for transfers of shares from one person to another. If you use a stock transfer to buy stocks and shares for £1,000 or less, you do not normally have to pay any Stamp Duty.
The 300-year-old
Directors and National Minimum Wage
Company directors or any other person who has been appointed to a position by a company or organisation but doesn’t have a contract or receive regular payment as office holders are neither employees nor workers.
Company directors who also have an employment or worker’s contract can be both an
What qualifies for First Year Allowances
Businesses can claim a 100% first-year allowance (FYA) on the purchase of certain qualifying Plant and Machinery (P&M). The cash-flow benefit of accelerated tax relief is designed to encourage businesses to invest in capital items which help reduce their carbon footprint by being energy and
Tax Diary November/December 2022
1 November 2022 – Due date for Corporation Tax due for the year ended 31 January 2022.
19 November 2022 – PAYE and NIC deductions due for month ended 5 November 2022. (If you pay your tax electronically the due date is 22 November 2022.)
19 November 2022 – Filing deadline for the CIS300 monthly
SA taxpayers target for fraudsters
Fraudsters are continuing to target taxpayers with scam emails in advance of the deadline for submission of Self-Assessment returns for the 2021-22 tax year. In fact, in the 12 months to August 2022, HMRC received more than 180,000 reports of suspicious contact from the public, of which almost
Flexible subsidies for businesses from 2023
The Department for Business, Energy and Industrial Strategy has announced that the new UK subsidy regime will come fully into force from 4 January 2023 when the Subsidy Control Act 2022 takes effect.
The new subsidy regime enables public authorities to deliver subsidies that are tailored to local
Half-term help with childcare costs
HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for October half-term holiday clubs and wraparound care during the school terms.
The TFC scheme can help parents of children aged up to 11 years old (17 for those with certain disabilities). The TFC scheme
New VAT Registration process for agents
A new VAT registration process known as the VAT Registration Service or VRS was made available to agents from 1 August 2022. The VRS had been in testing mode for the previous 18 months and was used by over 37,000 businesses to successfully register for VAT.
One of the key changes with using the VRS