Generally speaking, if you are a director shareholder, dividends are the most tax-efficient way to extract profit from your company. However, company and personal circumstances can change that, so are pension contributions worth considering too? Partner and Tax expert Brona MacDougall takes a closer look. Since 2016, the government has introduced a number of measures...

You sold your house and moved to a new one a few weeks ago, you thought all of the paperwork was complete, but someone tells you that you now need to tell HMRC about the sale or face a fine. Are they right? Property expert Wendy Noble provides the answer. The rules for reporting the...

The United Kingdom officially left the European Union (EU) on 31 January 2020 and the 11-month transitional period ended on 1 January 2021. There are important changes businesses must now make in order to continue trading with the EU. VAT changes The UK left the EU VAT Territory on 31 December 2020. Following this date,...

An employee working from home has asked for a financial contribution towards their winter heating bills because they will be higher this year. Are you obliged to contribute towards a homeworker’s household running costs? Lauren Herbert discusses this in detail. Many businesses have closed their premises and the government has directed that employees should work...

The business you started a couple of years ago has grown, so you’ve formed a company to take over the trade. What steps can you take to make the transition smooth and tax efficient? For small businesses tax savings can be made by operating through a company rather being unincorporated, i.e. a sole trader or...

Some firms are offering staff discounts to help keep the business ticking over and the cash flowing. If you decide to do the same, what are the tax implications? Money off Perks are often used as a way to keep staff happy when you are struggling to offer a pay rise. However, offering them a...

Is there VAT on renting out farmland? Q. I have agreed to rent a field from a farmer who is unsure whether he must charge VAT. As far as I am aware, as long as he has not opted to tax the land he does not charge VAT. Is this correct? A. The answer here...

Not the Autumn Budget but more tax updates have been released which you should know about. Annual Investment Allowance £1 million temporary cap will be extended until 1 January 2022.  New measures to tackle promoters of tax avoidance, including tougher sanctions and additional HMRC powers. The government publishes draft tax legislation on a range of...

Whilst workplaces continue to be closed for an extended period, more and more people decided to create a dedicated workspace at home. HMRC is now targeting these spaces – how can you avoid a tax bill?  Tax Expert Brona MacDougall advises. As offices closed across the country back in March, working from home has became...

The residence nil rate band (RNRB) can increase the amount of your estate that will escape inheritance tax. But when can the RNRB apply and what steps can you take to ensure that your beneficiaries benefit from the tax savings?  Lauren Herbert discusses. Naturally, you want your beneficiaries to receive as much of your estate...