Most people do not want to give money to the taxman when they die. However, while it is said that inheritance tax (IHT) is a voluntary tax that can be avoided by giving away money during your lifetime, there is the practical issue that people need money to live on while they are alive. This […]
A new penalty regime was introduced for VAT from 1 January 2023. The new regime comprises late submission penalties and late payment penalties. Here we look at the penalty regime for late returns. Late VAT returns The late submission penalty regime kicks in whenever a VAT return is filed late. It applies regardless of whether
Dividends are a popular and tax-efficient way to extract profits from a personal or family company once a small salary has been paid. However, the rules surrounding dividends are strict and failure to comply may mean that HMRC will tax payments purporting to be dividends as employment income rather than as dividends. This will mean
Employees often need to incur expenses when undertaking their jobs. The nature of the expense may vary depending on the job, but typical expenses include travel and subsistence expenses and fees and subscriptions. It will often be the case that the employee initially incurs the expense and then reclaims the cost from their employer via
The difficulty in dealing with partnership taxation is that there are no separate rules and those present are not located in one place. What rules there are have not been updated for over 40 years, making it difficult to get an overview of the tax position. Partnerships are governed by the Partnership Act 1890, which
