Article Database - Tips & Advice Tax: Year 20, issue 09

A working holiday - is it tax deductible? Publication date: 04.02.2020
Article database » Expenses » Benefits-in-kind
One of our subscribers has arranged to tack on a few days to his family holiday so he can visit a few prospective clients. His accountant has told him that he can’t claim any of the costs relating to the trip. Is this correct?
Pension contributions - have you fallen into the trap? Publication date: 04.02.2020
Article database » Pensions » Relief
HMRC recently stated that many people are failing to declare their liability to pay the pensions annual allowance charge. When does the charge apply and what should you do if you’ve missed it off your tax return?
Cashing in capital gains Publication date: 04.02.2020
Article database » Capital gains tax » Year-end planning
The effect of the so-called “Boris bounce” on the stock market has faded but values of some shares have held up. If you want to cash in how do you work out the optimum number of shares to sell to ensure your gains are exempt?
Benefits in kind for shareholders - are they tax efficient? Publication date: 04.02.2020
Article database » Benefits » For shareholders
Your spouse owns shares in your company. As well as paying dividends it provides her with a car. She has declared it as a shareholder’s benefit but HMRC has challenged this and says that the car is taxable on you. How should you respond?
Child trust funds - new regulations Publication date: 04.02.2020
Article database » Investments and savings » ISAs
Child trust funds - new regulations..Maturing trust funds. Following the results of a consultation, the government has set out new rules for when child trust funds (CTFs) mature. CTFs were introduced nearly 18 years ago to hold tax-free savings and investments, boosted by a government subsidy for children. A change in policy meant accounts couldn’t...
New minimum wage rates for 2020/21 Publication date: 04.02.2020
Article database » Employees » Minimum wage rates
New minimum wage rates for 2020/21..Significant rise. The government has announced a 6.2% rise in the national living (NLW) and national minimum wage (NMW) rates to take effect on 1 April 2020. Make sure that your payroll manager takes account of the increases by adjusting the rates in your payroll software, where applicable. Rates. From 1 April...
HMRC’s guide to the loan charge Publication date: 04.02.2020
Article database » Loans » Loan charge
Following the government’s report on the review of the loan charge HMRC has weighed in with new guidance. What steps should you and your business take if the charge applies?
Is advice about personal tax a business expense? Publication date: 04.02.2020
Article database » VAT » Input tax
The First-tier Tribunal recently ruled on whether a company was entitled to reclaim VAT on fees it paid for advice about a scheme to reduce income tax bills for its directors. What was the outcome and how might it be relevant to your business?
Missed the filing deadline - is a penalty avoidable? Publication date: 04.02.2020
Article database » Returns » Penalties
If you missed the 31 January deadline for self-assessment HMRC will fine you £100 and more if you continue to delay. It will cancel the penalty if you have a reasonable excuse but if you don’t have one is there another way to dodge a fine?

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Last updated: 20.02.2020

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