Misc

Employer-funded scholarships Special tax rules apply to scholarships, which include exhibitions, bursaries or other similar education endowments. Provided certain conditions are met, there will be no tax or reporting implications where an employer funds a ‘fortuitous’ scholarship for an employee’s family member. Broadly, this means that there...

  Tax relief on business-related loans - Is interest allowable expense?   Subject to certain conditions and restrictions, tax relief will generally be available for interest paid on loans to, or overdrafts of, a business in the form of a deductible expense. Different rules for loan interest relief...

  Family member pension contributions   Although there continues to be plenty of speculation over possible pension tax relief cuts, as things currently stand, paying into a pension generally remains a tax-efficient way of saving for old-age. Given that there may well be future changes in this...

Be aware of 60% tax rate risk on bonuses   In the lead up to Christmas and the end of the financial year for many businesses, some directors and employees may be fortunate enough to be thinking of a bonus. If this is the case, it might...

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