I have often advised my clients on tax advantages of leasing electric and low emission company cars for their directors and key employees, without reference to actual legislation.
The legislation was in Finance Act 2017, Schedule 2. This amended ITEPA 2003, Section 121A.
Companies House has outlined plans to increase its fees from 1 May 2024, with the agency noting that the changes are being made to “bring them in line with the costs of providing our service
In recent years, more and more people have invested in cryptocurrency, with some making instant gains of thousands and some losing everything. From April 2027, OECD’s Crypto-Asset Reporting Framework comes into effect, meaning that HMRC will have access via all crypto platforms to individual transactions.
Changes to UK company law under the Economic Crime and Corporate Transparency Act will be rolled out over the next few years. The first set of measures will take effect from 4 March 2024.
Very often one company (A) will loan another company (b) some money. There is no issue with this, as long as there is a loan agreement, and both the lending company and receiving company has minuted the same to legislate the loan.
Accountants are struggling to work with HMRC at even the most basic level and are calling for urgent improvements
There still seems a lot of confusion over what constitutes a business for tax purposes and what will qualify for Incorporation relief. Many qualified accountants are still giving wrong tax advice!
A ‘company’ includes any body corporate, unincorporated association or unit trust scheme but does not include a partnership or a limited liability partnership.
There is a little-known trick that allows you to pass on unlimited wealth to your loved ones free of inheritance tax. It doesn’t require complex trusts or bonds, expensive advice, or endless admin. In fact, all you need to set it up is a letter.
The exemption is known as gifting out of surplus income. In other words, you can pass on as much money as you like so long as it comes from your income rather than existing assets.
There have been a number of cases in recent years where various tax payers and advisers have claimed purchase of land and buildings as non-residential or mixed use property, and unfortunately all have failed.
In recent years, the rise of social media has given birth to a new breed of celebrities known as social media influencers. These individuals have amassed large followings on platforms like Instagram, YouTube, and TikTok, and they often collaborate with brands to promote products and services. However, what many influencers may overlook amidst their newfound fame is the tax implications associated with their earnings.