Pro-Taxman

Tax Benefit

Paying family members

Regardless of the business structure (for example limited company or sole trader) it is possible to employ family members. This has some obvious advantages including matters of trust, reliance and such like, but providing employment and tax laws are adhered to, there may also be financial benefits. Firstly, it is generally permissible for a business …

Paying family members Read More »

Preparing for 2021 changes: Customs grants available

In June 2020, the Government announced that it was making funding available to customs intermediaries and businesses to help increase their capacity to make customs declarations. Broadly, businesses need to prepare ahead of new procedures coming into play in 2021 following the end of the UK’s EU withdrawal transition period. As well as injecting a …

Preparing for 2021 changes: Customs grants available Read More »

Generally, tax relief is available, but the rules are different if you’re a small business using the cash basis…

Tax relief on business-related loans Subject to certain conditions and restrictions, tax relief will generally be available for interest paid on loans to, or overdrafts of, a business in the form of a deductible expense. Different rules for loan interest relief apply to smaller businesses using HMRC’s cash basis for income tax purposes (see below). …

Generally, tax relief is available, but the rules are different if you’re a small business using the cash basis… Read More »

With holiday season in full swing, we explain the strict scenarios where you can deduct for business entertaining and gifts in calculating taxable profits.

Can we deduct entertaining expenses? The tax rules on the deductibility of entertaining expenses are harsh and often misunderstood – the fact that the expenditure is incurred for businesses purposes does not make it deductible. Subject to certain limited exceptions, no deduction is allowed for business entertaining and gifts in calculating taxable profits. What counts …

With holiday season in full swing, we explain the strict scenarios where you can deduct for business entertaining and gifts in calculating taxable profits. Read More »

The last thing you want for Christmas is an inheritance tax liability! Read this blog to make sure you don’t get caught.

Beware of triggering an IHT bill on Christmas gifts When deciding what to give as Christmas gifts, the possibility of triggering an unintended inheritance tax liability is not one that immediately springs to mind. However, there are traps that may catch the unwary. Income or capital When making a gift, it is important to ascertain …

The last thing you want for Christmas is an inheritance tax liability! Read this blog to make sure you don’t get caught. Read More »

It can pay off to keep track of your business mileage you incur for your rental properties – here’s why.

Using your car in your property rental business Landlords will often use their car for the purposes of their property rental business. Where they do so, they are able to claim a deduction for the costs that they incur. Using mileage rates Where a landlord uses their car for business purposes, the easiest way to …

It can pay off to keep track of your business mileage you incur for your rental properties – here’s why. Read More »

There are five conditions that need to be met to get the tax benefits of a pool car.

When is a car a pool car? Rather than allocating specific cars to particular employees, some employers find it preferable to operate a carpool and have a number of cars available for use by employees when they need to undertake a business journey. From a tax perspective, provided that certain conditions are met, no benefit …

There are five conditions that need to be met to get the tax benefits of a pool car. Read More »

Inspired by Grand Designs? You are entitled for a VAT refund if you build your own home.

VAT refunds for DIY builders If you build your own house or convert an existing property into a home, you may be eligible to apply for a VAT refund on building materials and services. You do not need to be VAT registered to claim a refund. What qualifies? Refunds can be claimed in respect of …

Inspired by Grand Designs? You are entitled for a VAT refund if you build your own home. Read More »

Make sure to share this article with anyone you know who runs a family business – so they can take advantage of the many ways to lower their tax bill!

Optimising tax-free benefits in family companies Making use of statutory exemptions for certain benefits-in-kind offers an opportunity to extract funds from a family company without triggering a tax charge. The essential point to note is that to make the tax saving, the benefit itself, rather than the funds with which to buy the benefit, must …

Make sure to share this article with anyone you know who runs a family business – so they can take advantage of the many ways to lower their tax bill! Read More »

A quick summary of the new tax bands for CO2 car emissions which will be introduced from April next year:

Are low emissions cars tax efficient? Significant changes are being made from 2020-21 to the company car tax benefits-in-kind bands affecting ultra-low emission vehicles (ULEVs). The taxable benefit arising on a car is calculated using the car’s full manufacturer’s published UK list price, including the full value of any accessories. This figure is then multiplied …

A quick summary of the new tax bands for CO2 car emissions which will be introduced from April next year: Read More »