Gary Lineker in status row with HMRC
The mainstream media has been awash with reports that former England international and current BBC favourite Gary Lineker is being pursued by HMRC for almost £5 million in unpaid tax. What’s the truth behind the headlines?
Can employers insist on on hybrid working?
A BBC survey of 50 large employers has revealed that 86% aren’t planning a full-time return to the office once lockdown measures are relaxed, but are instead looking to encourage a hybrid model of office and homeworking. How do employers implement hybrid working and can they force staff to permanently work from home for part of the week?
EU Settlement Scheme deadline looms
The deadline for EEA/Swiss nationals (and their dependent family members) who were resident in the UK by 31 December 2020 to apply for settled or pre-settled status under the EU Settlement Scheme is fast approaching. What’s the position if an employee fails to apply?
Inheritance tax: does the recipient need to pay?
A few years ago father made a gift of assets to his son to reduce his estate for inheritance tax (IHT) purposes. He recently died and his solicitor says that the son might have to pay tax on the gift. If there’s any IHT shouldn’t the estate pay it?
Buying a commercial building: VAT savings
A company is about to buy the freehold of a new office for £250,000 plus VAT. They will trade from the commercial property and not rent it out or sublet it to tenants. What deceptively simple tips can save them money?
Digital tax for companies - what’s on the horizon?
Making Tax Digital will be mandatory for corporation tax in a few years time. If a company is already following the MTD rules for VAT (MTDfV) purposes, isn’t that job done?
Receive newsletters by email
If you wish to be kept up to date with tax news for free, register here.
MONTHLY FOCUS: VAT AND THE FLAT RATE SCHEME
If a business wants to simplify its VAT reporting, why might the flat rate scheme be worth considering?
MONTHLY FOCUS: IHT PLANNING WITH BUSINESS PROPERTY RELIEF
How can business property relief be used in IHT planning?
SPECIAL FOCUS – SPRING BUDGET 2021
What were the key announcements from the 2021 Budget?
Practical guide: Incorporating a property business
An individual with a significant property portfolio is considering incorporating their business. What are the key considerations and are there any traps to avoid or tax planning opportunities?
PRACTICAL GUIDE: WHAT HAPPENS TO COMPANY LOSSES UPON A SUCCESSION BY A NEW COMPANY?
A loss-making company is in the process of introducing new shareholders as part of a turnaround plan. The shareholders wish to start afresh and transfer the trade to a new company. Can the historic trading losses be transferred along with the trade?
Practical guide: Using a growth share plan as an alternative to EMI options
A company wants to retain and incentivise a key member of staff. The owners have discussed the enterprise management incentive, but the company is excluded under the legislation. What alternative can offer the same benefits?
Tools and Calculators
Business incorporation calculator
Where you run a business as a sole trader it might save tax and NI if you transfer it to a company. However, doing so has immediate and long term tax consequences.
Company car capital contribution calculator
A company car is taxed according to its list price. This can be reduced if you make a capital contribution towards the purchase of the car. This calculator shows you how much tax could be saved.
Directors' NI calculator
A special method applies to the calculation of directors' and their companies' NI on salary, bonuses, etc. HMRC also allows an alternative method, but where this is used a calculation should be made at the end of each tax year using the special method to ensure that the correct amount of NI has been paid.
Amending a personal tax return letter
You are entitled to amend entries on your personal self-assessment tax return within the “amendment window”. Where you completed and submitted your return electronically either using HMRC’s or commercial software, you can use it to make amendments. However, where you submitted a return in paper format you will need to write to HMRC with details of the corrections.
A business plan can play a vital role in the success of any business - but what are its key constituents?
Cars and car allowances policy
If you provide your employees with a car you can use a policy to set the detailed terms and conditions of its use. However, you must now provide the key information relating to benefits, including company cars, in the written statement of employment particulars, or employment contract, itself.
Everything from benchmark subsistence rates to VAT flat rate scheme percentages
Capital Taxes - CGT and IHT
ATED, CGT, IHT, HMRC interest rates, indexation allowance
Pensions, social security, tax credits, National Insurance, Child Benefit