Month: June 2019

HomeJune 2019

CGT giveaway?

The awkwardly named “Gift Hold-Over Relief” (GHOR) allows you to give away business assets – including certain shares – or sell them for less than they are worth, and not pay (or pay reduced) capital gains tax (CGT). The person...

Continue Reading  

Have you heard of the Prompt Payment Code?

The Prompt Payment Code (Code) is not a fanciful device to access cash from bank machines or a way to secure automatic “prompt” payment from your customers. The Code was actually set up by the Chartered Institute of Credit Management...

Continue Reading  

What exactly is insolvency?

The dictionary definition of insolvency is less than illuminating, it is: The state of being insolvent… Listed synonyms provide more detail: bankruptcy · liquidation · failure · collapse · ruin · financial ruin · ruination · pennilessness · penury ·...

Continue Reading  

Complaining to HMRC

Although many of the tax office processes are automated, dealt with by computerised systems, the rest is managed by human beings each subject to the same range of foibles as the rest of us. And we all know how reliable...

Continue Reading  

The real tax cost of benefits in kind

There is a sting in the tail for companies that provide their directors or employees with taxable benefits as part of their remuneration package. Obviously, the directors or employees that receive the benefits will pay additional income tax if the...

Continue Reading  

E-bike cycle to work scheme announced

Readers who have been tempted to cycle to work but are challenged by fitness issues or really can’t afford the bike they would like, might be interested in the recent announcement that has extended the existing Cycle to work scheme...

Continue Reading  

Did you know income rates can be as high as 60 percent?

Most of us know that income tax is charged at three main rates: 20%, 40% and 45%. Unfortunately, there are certain levels of income that trigger a loss of benefits or allowances as well as a charge to income tax....

Continue Reading  

Do you own a holiday let property?

There are a number of tax incentives that you can take advantage of if you own and let a Furnished Holiday Lets property (FHL). They include: you can claim Capital Gains Tax reliefs for traders (Business Asset Rollover Relief, Entrepreneurs’...

Continue Reading  

Holiday entitlements

As we are approaching the annual holiday season it would seem to be a suitable time to set out employees’ rights to receive holiday pay. Almost all workers are legally entitled to 5.6 weeks’ paid holiday per year (known as...

Continue Reading  

Tax free perk before annual leave

It is possible to make small tax-free payments to employees, including directors, and this might be an appropriate time to make a small tax-free bonus in advance of the annual holidays. Employers and employees don’t have to pay tax on...

Continue Reading