Accounting News

Using A SIPP To Save For Retirement

Using A SIPP To Save For Retirement

A SIPP is a self-invested personal pension which is set up by an insurance company or specialist SIPP provider. It is attractive to those who wish to manage their own investments. Contribution to a SIPP may be made by both...

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Inheritance Tax And Spouses And Civil Partners

Inheritance Tax And Spouses And Civil Partners

Special rules apply for inheritance tax purposes to married couples and civil partners. To ensure valuable tax reliefs are not lost, it is beneficial to consider the combined position, rather than dealing with each individual separately. Married couples and civil...

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Government Childcare Scheme – Tax-Free Top-Up

Government Childcare Scheme – Tax-Free Top-Up

Working parents can receive a tax-free top up from the Government to help with their childcare costs. The top up is worth £500 every three months (£2,000 a year). A higher top-up of £4,000 a year (£1,000 every three months)...

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Optimising Tax-Free Benefits In Family Companies

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...

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Are Low Emission Cars Tax Efficient?

Are Low Emission 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...

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Managing Employees Who Have A Side Hustle

Managing Employees Who Have A Side Hustle

A recent study suggests that 25% of employees in the UK are running at least one business project alongside their day job. A side hustle is defined as a secondary business or job that brings in, or has potential to bring...

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Electricity For Electric Cars – A Tax-Free Benefit

Electricity For Electric Cars – A Tax-Free Benefit

The Government is keen to encourage drivers to make environmentally friendly choices when it comes to choosing a car. As far as the company car tax market is concerned, tax policy is used to drive behaviour, rewarding drivers choosing lower...

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Just Starting Out – New Businesses

Just Starting Out – New Businesses

As long as HMRC can be satisfied that a business is being run on a commercial basis with a view to making a profit, they will usually allow taxpayers to claim tax relief for a trading loss in one tax...

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Penalties For Late Self-Assessment Returns

Penalties For Late Self-Assessment Returns

The normal due date for a self-assessment return where filed online is 31 January after the end of the tax year to which it relates. This means that self-assessment tax returns for 2017/18 should have been filed online by midnight...

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