Tax

  • Making Training Costs Tax Deductible

    Most business owners and managers think that training costs aimed at improving skills or business profits automatically qualify for tax relief, but that is not necessarily the case. The complexities of the UK tax system mean that the availability of tax...

  • IHT and Small Business

    Inheritance Tax (IHT) is payable on a deceased person’s estate at 40 per cent above £312,000 (2008/9) – the current nil rate band. However, business property is treated differently from personal property and may qualify for Business...

  • Making Waivers of Dividends Work

    When a company is set up, it is common to divide the shares in it in approximately equal proportions amongst the subscribers. Whether or not this proves to be the most...

  • HMRC Change Policy on Fraud

    HM Revenue and Customs (HMRC) have announced that they no longer intend to follow the procedure laid out in Code of Practice 9 for investigating cases of civil evasion of taxes (‘tax or VAT fraud’) where the sums of money involved are small. ...

  • VATand Electronic Goods - Take Care

    In order to combat ‘missing trader’ fraud, which is estimated to have cost the Exchequer hundreds of millions of pounds, HM Revenue and Customs (HMRC) have introduced measures which can, in some circumstances, make a supplier (or customer)...

  • Tax Disclosure Rules Tighten

    UK tax law is almost unique in that it contains regulations which  require professionals to advise HM Revenue and Customs (HMRC) of information regarding tax avoidance schemes (TAS). Failure to comply can lead to a penalty of up to £5,000 plus...

  • Administration of Troncs

    The long-running series of disputes between employers in the hospitality industry and HM Revenue and Customs (HMRC) concerning the taxation of employees’ tips and their National Insurance (NI) status seems to have been concluded...

  • Paying for Employee Training

    It is well known that the rules regarding expenses that are allowed as deductions from income for tax purposes are far stricter for employees than they are for the self-employed. The relevant legislation gives a self-employed person the right to make a tax...