Latest Blogs in Tax Planning
Vanessa Pearson
2nd December 2021 Tax exemption of Christmas parties/gifts

Businesses may be hoping they can hold their annual Christmas parties this month. Providing the event is annual, open to all employees and the total cost, including VAT, is less than £150 per person (including non employee guest attendees), this will be a non-taxable benefit in kind (ie free of PAYE tax and National Insurance…

Ian Piper
4th November 2021 Super early retirement? – Not if under 47 now

The government is to increase the earliest age pension savers can access their pension pots from 55 to 57, wef 6 April 2028. Members of the firefighters, police and armed forces public service schemes will not be affected by this increase.

Jeannette Hume
27th October 2021 Construction firm wins R&D tax relief case

A tax tribunal has made a landmark ruling against HMRC, by declaring that the construction taxpayer (Quinn) was validly entitled to claim SME research and development (R&D) tax relief totalling approximately £1m, even though this work was specifically undertaken to order for a customer, which would normally mean the ‘subsidised’ rule would prohibit eligibility under…

Jake Day
20th October 2021 Minimising Your IHT Exposure

As Benjamin Franklin once said; the only two certainties in life are death and taxes. Although it’s a sombre subject, it is important to put in place the right planning so that when we are hit by one, we can avoid the other. We want to ensure we are able to leave as much of…

James Selby
8th October 2021 Annual Investment Allowance (AIA) – Maximising tax relief

The chance to take advantage of the generous temporary uplift in the AIA annual limit of £1,000,000 is coming to an end when it is due to revert to £200,000 from 1 January 2022.   It is a perfect time to plan to capitalise on claiming 100% tax relief on qualifying purchases without getting caught…

Nick Edgley
15th July 2021 31st July: Can your tax payment be reduced?

Many taxpayers who are required to file a self-assessment tax return to HM Revenue & Customs should now be preparing for their next tax payment which is due by 31 July. The amount payable is the second payment-on-account for the 2020/21 tax year and is automatically calculated as half of the total tax liability for…

Jodie Pheby
14th July 2021 Accounts Basis Period Reform – Consultation

Under current rules, businesses draw up annual accounts to the same date each year. The profit/loss for the tax year is usually the profit/loss for the year to the accounting date – called the basis period.  Tax is paid on profits earned in the basis period ending in the tax year in question.   However,…

Vanessa Pearson
20th May 2021 VAT deferral payment scheme deadline 21 June 2021

One of the ways government helped businesses in 2020 was to allow them to defer paying VAT liabilities due between March and June that year. Those taking advantage of this had until 31 March 2021 to pay. In September 2020, the Chancellor announced the VAT deferral payment scheme. Instead of paying in full by 31…

Matilda Mawson
17th May 2021 2019/20 NHS Pension Scheme Pay Election – what are the next steps?

It is widely known in the healthcare industry that NHS England announced last year they would make good any annual allowance excess charge arising for staff in 2019/20 only. This came off the back of the announcement that the thresholds for tapering to the annual allowance would be increased from 2020/21, with no intention to…

Amanda Newman
18th March 2021 Holding residential lettings in a company

There has been an ongoing debate since the government started to reduce tax relief available on mortgage interest that having property in a company could be more beneficial.   In order to transfer the property from personal ownership there could be a CGT charge depending on the difference in value from when you bought it…