Inheritance Tax

Inheritance Tax (IHT) is due when a person’s estate (their property and possessions) is worth more than £325,000 when they die. This is called the ‘IHT threshold’. The current rate of IHT is 40% on anything above the threshold. The rate may be reduced to 36% if more than 10% Read more…

Trade marks

Ever wondered how you can register a trade mark that makes your brand recognisable, for example a logo or a sound? Registering a trade mark lets you stop other people from using it without your permission. A trade mark registration lasts 10 years and is only valid in the country Read more…

Exporters data to be released by Government

 UK businesses should be aware that the Government are consulting on the possible release of data held by public departments, particularly, HMRC. We have reproduced extracts from a recent press release that sets out the scope of the present consultation.   “The data held by the public sector is among Read more…

A new look to benefits in kind regime?

HMRC are currently consulting with interested parties (the accounting profession and associated professional organisations) to re-vamp the UK’s system for taxing employee benefit in kind and expenses. Changes are planned to simplify this process in accordance with recommendations made by the Office of Tax Simplification. Consultations commenced 18 June 2014 Read more…

Is my State Pension taxable or not?

The State Pension is part of a pensioner’s taxable income. The problem is, it is paid gross, without deduction of tax. If your sole source of income is the State Pension then this should cause no problem as the State Pension is usually below the annual tax-free personal allowance. What Read more…

Tax Diary July/August 2014

1 July 2014 – Due date for Corporation Tax due for the year ended 30 September 2013. 6 July 2014 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2014 – Pay Class 1A NICs (by the 22 July Read more…

Penalty for just one day

 Consider the following facts: The filing deadline for a Stamp Duty Land Tax return was a Sunday. A member of the advisor’s staff forgot to file the return by the end of the Friday – two days before the deadline. Realising their mistake, the staff member took the file home Read more…

Business use of employees\’ cars

Many employers pay their employees a monthly car allowance to compensate them for the business use of their private vehicles. In most cases this car allowance is treated as remuneration and is subject to PAYE and National Insurance deductions.  Additionally, employers may also pay a nominal amount per mile as Read more…