Tax

• Administration of Troncs

• The long-running series of disputes between employers in the hospitality industry and HM Revenue and Customs (HMRC) concerning the taxation of employees tips and their National Insurance (NI) status seems to have been concluded by the issue of guidance on...

• Employed or Self-Employed?

• Whether you are employed or self-employed makes a substantial difference to how you are taxed and the income tax liabilities of an employed person can be very different from those of a self-employed person with similar levels of gross income. The National...

• Entrepreneur's Relief - the Basics

• From 6 April 2008 disposals of qualifying businesses and business assets have been eligible for Entrepreneurs Relief. In simple terms, it allows business owners to reduce their Capital Gains Tax liability to the equivalent of 10 per cent of the...

• HMRC - Overnight and Subsistence Expenses

• HM Revenue and Customs (HMRC) are well known for their dislike of claiming expenses without complete documentation but the reality, as every businessperson knows, is that maintaining complete and accurate documentation for all transactions is a practical...

• How to Reclaim Foreign VAT

• It is commonly thought that within the EU, recovering VAT on expenditure made whilst abroad is merely a matter of calculating the VAT at the applicable rate and claiming it via your VAT return. However, the right to recover VAT on a VAT return is...

• IHT and Small Business

• Inheritance Tax (IHT) is payable on a deceased person s estate at 40 per cent above 325,000 (2011/12) the current nil rate band. However, business property is treated differently from personal property and may qualify for Business Relief, formerly...

• Making Training Costs Tax Deductible

• Most business owners and managers think that training costs aimed at improving skills or business profits automatically qualify for tax relief, but that is not necessarily the case. The complexities of the UK tax system mean that the availability of tax...

• Making Waivers of Dividends Work

• When a company is set up, it is common to divide the shares in it in approximately equal proportions amongst the subscribers. Whether or not this proves to be the most effective way to split them in the long run depends on a variety of factors, of which the...

• Tax Avoidance Disclosure Rules

• UK tax law is almost unique in that it contains regulations which require professionals to advise HM Revenue and Customs (HMRC) of information regarding tax avoidance schemes (TAS). Failure to comply can lead to a penalty of up to 5,000 plus other charges. ...

• Tax Free Perks

• The Government has continuously sought to limit the tax free perks that businesses can provide for their employees. However, there are some remaining. Here is an update on some of those still available. Childcare Childcare provision and childcare...

• VAT - Place of Supply of Services

• With different rates of value-added tax (VAT) applying throughout Europe, the place that a supply is made (and hence the VAT rate which is applicable) can be a very important matter. The basic 'place of supply' rule is that in normal circumstances (and...

• VAT and Electronic Goods - Take Care

• In order to combat missing trader fraud, which is estimated to have cost the Exchequer hundreds of millions of pounds, HM Revenue and Customs (HMRC) have introduced measures which can, in some circumstances, make a supplier (or customer) responsible for...

• VAT on Business Assets With Private Use

• It is very commom for a smaller business to have assets which have been acquired which are used for both business and private use. Traditionally, this could be dealt with either by claiming only the percentage of the input VAT which corresponded to the...