HMRC’s basic premise is that where a company pays a personal bill, there will be tax and National Insurance implications unless the expense is work related, incurred ‘wholly, exclusively and necessarily’ for the job. How the tax is accounted for and whether it is solely the employee who is liable to NI or both the …

𝐏𝐞𝐫𝐬𝐨𝐧𝐚𝐥 𝐁𝐢𝐥𝐥𝐬 𝐏𝐚𝐢𝐝 𝐅𝐨𝐫 𝐁𝐲 𝐓𝐡𝐞 𝐂𝐨𝐦𝐩𝐚𝐧𝐲 – 𝐖𝐡𝐚𝐭’𝐬 𝐓𝐡𝐞 𝐓𝐚𝐱 𝐀𝐧𝐝 𝐍𝐈𝐂 𝐏𝐨𝐬𝐢𝐭𝐢𝐨𝐧? Read More »

Business Property Relief (BPR) is an attractive inheritance tax (IHT) relief potentially providing 100% tax relief in respect of qualifying assets (termed ‘relevant business property‘) relating to both lifetime transfers of business assets or in the death estate, providing, of course, certain provisions apply. Different conditions apply depending on whether the assets are transferred during …

𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐏𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐑𝐞𝐥𝐢𝐞𝐟 — 𝐞𝐧𝐬𝐮𝐫𝐢𝐧𝐠 𝐭𝐡𝐚𝐭 𝐲𝐨𝐮𝐫 𝐜𝐨𝐦𝐩𝐚𝐧𝐲 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐚𝐬𝐬𝐞𝐭𝐬 𝐚𝐫𝐞 100% 𝐢𝐧𝐡𝐞𝐫𝐢𝐭𝐚𝐧𝐜𝐞 𝐭𝐚𝐱 𝐟𝐫𝐞𝐞. Read More »

Sometimes it is evident that a trade is being undertaken — a plumbing business, a manufacturing business, an accountant or solicitor are all ‘trades’. However, not all trading activities are easily identifiable. If you buy and sell a property in relatively quick succession for example, is that a trade in HMRC’s eyes or investment? Each …

𝐈𝐬 𝐲𝐨𝐮𝐫 𝐛𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐚𝐧 ‘𝒂𝒅𝒗𝒆𝒏𝒕𝒖𝒓𝒆 𝒊𝒏 𝒕𝒉𝒆 𝒏𝒂𝒕𝒖𝒓𝒆 𝒐𝒇 𝒕𝒓𝒂𝒅𝒆’ ? Read More »