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...

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...

Your business leases cars for your employees, paying VAT on the monthly charges. But are you correctly claiming input tax and what happens if you return the vehicle before the end of the agreement? Or if you receive a rebate of your rental payments? VAT Expert John Craig explains. If the car has business and...

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...

As of 6 April 2024 most self employed traders and private landlords will be required to comply with HMRC’s new MTD for ITSA rules. Who is required to comply? All individuals who are subject to income tax on the profits of a trade, profession, vocation or property business who have a total turnover from all...

The UK government has recently run a public consultation on a potential new Online Sales Tax. The consultation period ran from February 2022 to 20 May 2022. The results are currently under review. COVID has had a big impact on how we shop, work and generally interact, but even before COVID the retail sector in...

With climate change and the cost-of-living crisis high on everyone’s agenda, is this a good time to look at an electric company car policy? What benefits would such a scheme bring? Brona MacDougall advises. Company cars have fallen out of favour in recent years as tax charges have risen and the optional remuneration arrangement changes...

Lots of employees don’t understand how their tax code is made up and they are likely to come to you when they have a question or a problem. What do you need to know to help them? Head of Payroll Joanne Gibson advises. When do codes change? There are several fixed occasions annually when tax...

Your accounting period is due to end soon and your fellow directors want to pay a bonus so the company can reduce its corporation tax bill. However, they don’t want to pay tax on it until the following year. Is this possible? Brona MacDougall advises on the timing and rules that you should be aware...

Can a director take a company vehicle out of the business to sell? Q. A company director bought a car through his business on finance, it has been a company vehicle for a few years. The finance is now paid off, and he would like to sell it, but as the business is VAT registered,...