Following huge rises in petrol and diesel prices, you may be wondering if now is the time to make the switch to electric company cars, as you understand there are tax benefits in doing so. But what tax breaks are available?  Charley Fojcik discusses. Where an employee has a company car which is available for...

Following on from last weeks blog, the pressure of public opinion, the IMF, the financial markets, and other Conservative MP’s has led to Kwasi Kwarteng doing a sharp U-turn in respect of the abolition of the 45% additional rate of tax. Although the remaining budget still favours the wealthy more than the average taxpayer, the...

You have just completed your first year of a property rental business during which you spent a lot of money getting the properties ready for letting. You spent money on redecoration, repairs, structural work, fixtures, fittings and furnishings. How much of this expenditure is tax deductible?  Sam Scott from the Tax Team advises in this...

You want to buy a holiday home, but you have a limited budget. As a low-cost option, you are considering buying a static home on a holiday park which will generate income to offset the cost. Another advantage is that you’ll get tax relief on the purchase price. Is this true?  Mark Towns from our...

I was going to start this article with a joke about the ‘trickle-down’ economy, but 99% of people wouldn’t get it…… Trickle down economics was known in the latter part of the nineteenth century as ‘horse and sparrow economics’. The theory being that if you fed the horse enough oats, some will pass through to...

The rules for sharing income from your company with your spouse or civil partner are well known. But, if you’re not legally joined, is there a tax-efficient way to share your income?  Helen Johnstone looks at this in more detail below. A few years ago, HMRC lost a long running fight to prevent married couples/civil...

During major sporting events such as The Open or Commonwealth Games, many people looked to boost their income by renting property to spectators and so on. So why might these people receive a letter from HMRC? Lauren Herbert advises. A sporting event held over several days is a great opportunity to utilise spare rooms or...

A set of draft company accounts have been prepared and they show that the director shareholders received “unlawful dividends”. What are the tax consequences of this and how can they best be managed? Jane McWilliam provides advice. The last couple of years have been tough with many businesses having had significant contractions in profits compared...

You are planning on holding a summer party for your employees but what is the tax and NI position of such an event and what do HMRC’s rules say about it? Lauren Herbert advises. Usually, business entertainment is not a tax-deductible expense. However, the cost of entertaining your employees (including directors), such as having a...

HMRC has issued new guidance to employers about the tax and NI which is payable on tips. It explains the position when customers choose to tip electronically. The most common form of electronic tipping is already explained in the existing E24 guidance. Where customers pay by card, Apple Pay and so on, and add a...