Taxation

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Homeworking and heating?

7th January 2021
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...

Transferring your business tax efficiently

2nd December 2020
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...

Who pays the tax on staff discounts?

2nd December 2020
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...

A dozen new tax updates

30th November 2020
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...

Home offices and tax

9th November 2020
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...

Protecting the value of your home from IHT

4th November 2020
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...

Planning a Trust for your kids?

3rd November 2020
You may think that having a Trust for your adult kids is a very sensible thing to do, indeed what could possibly go wrong? But the truth is that there are a number of potential tax pitfalls when parents transfer investment property into a discretionary trust for their adult children. Tax Expert Brona MacDougall takes...
Double cab pick-ups a ‘car’ not a van

Double cab pick-ups a ‘car’ not a van

29th October 2020
HMRC v Coca-Cola (GB) Ltd is a long running case centred on the definition of a company van. This decision matters because company cars are taxed more heavily than company vans that can be used privately. The case concerns double cab pick-ups that have a second row of seats behind the driver. The Court of...
tax

Deferred your tax

5th October 2020
You took advantage of HMRC’s tax deferral schemes for VAT and income tax self-assessment because of coronavirus. But what options are there to pay and when is the best time to do it? Brona MacDougall takes a closer look Naturally, before you pay tax you want to look at your cashflow over the coming months...

Tax relief for farmers

2nd October 2020
You own and operate a farm, you are many years away from retirement but you would like to know about possible relief from inheritance tax, particularly in relation to your farmhouse. IHT expert Brona MacDougall discusses the key issues. Generally speaking, agricultural property relief (APR) works in a similar way to business property relief (BPR),...