Spring Statement: hard choices for challenging times
Intended as more of an update, rather than a mini-Budget, the UK’s growing cost of living crisis, along with soaring global prices for fuel, energy and food and the added…
What is a ‘reasonable excuse’ for tax penalties?
Having a reasonable excuse can be a get-out-of-jail-free card if you are charged a tax penalty. However, there is no statutory definition of the term, and what might constitute a…
Keeping it in the family – tax-saving salary strategies
An easy way to reduce a business’s tax bill – and also increase the amount of funds withdrawn from the business – is to put a family member on the…
Electric Vehicles & Charging Points – Brief 2022/23 Tax Guide
Electric Cars (Zero Emission) There remains a significant advantage in buying an electric (zero emission) car through a limited company and providing this to a director/employee as a benefit-in-kind. Care…
Gifting company shares to family for tax efficiency
If you give shares in your company to your children, to gain extra profit, this can be a way to plan your tax affairs efficiently, without falling foul of any…
You’ve joined a club/association for local businesses – are your membership costs tax-deductible?
If you have joined a local business club/association, the line between ‘business’ and ‘pleasure’ is likely to get crossed regularly. Although your joining was motivated by work reasons, there tends…
Topping up a director’s personal pension with company profits: what’s the guidance?
If you’re a director and want to top up your personal pension funds with your company’s profits, what’s the deal with HMRC? Would a tax deduction be refused, or is…
HMRC to get new powers of investigation
On 11 January, the latest version of the Finance Bill was published, confirming that HMRC will soon be able look into an individual’s tax affairs retrospectively, and issue ‘discovery assessments’…
