IHT is a tax on the value of the estate at death but also on chargeable transfers made with various reliefs available. When discussing matters with clients, care is required both during the lifetime and after death. Consider using these six tips. Be clear on the...
Getting your firm’s website to rank consistently high for key search terms takes hard work, patience and care, whatever you might hear from quick-fix SEO merchants. But there are some tweaks you can make without huge amounts of effort that, if not decisive in their own...
We revisit the court case that revealed what can – and cannot – be deducted as expenses. Always look at the facts of any deductibility of expenditure and fully explore the reasons for any claim as in Daniels v HMRC where deductibility of an exotic dancer's clothing and...
The reliefs employees and those who are self-employed can claim when they work from home will depend on a number of conditions. Employees working from home It is a condition for tax relief under section 336 ITEPA 2003 that the expenses must be incurred ‘wholly and exclusively’...
Subject to some exemptions, a child may have taxable income which is chargeable; however, the child will have full entitlement to personal allowances and reliefs. The rights and obligations of a child with taxable income rest with the child, although his/her representatives are able to act...
Buying a house, Remortgaging, or applying for a UK visa for your loved one can be stressful process. In order to achieve your goal, whether its Visa, Mortgage or loan, you will need SA302 from HM Revenue & Customs. Back in the days, would need...
Beware of triggering an IHT bill on Christmas gifts When deciding what to give as Christmas gifts, the possibility of triggering an unintended inheritance tax liability is not one that immediately springs to mind. However, there are traps that may catch the unwary. Income or capital When making...
What is an LLP - Limited Liability Partnership A limited liability partnership (LLP) is similar to an ordinary partnership in that a number of people or limited companies join together and share the costs, risks, and responsibilities of the business. They also take a share of...
Using your car in your property rental business Landlords will often use their car for the purposes of their property rental business. Where they do so, they are able to claim a deduction for the costs that they incur. Using mileage rates Where a landlord uses their car...
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...