TERMINATION PAYMENTS - 18.03.2024
Should termination payment have been paid tax free?
The Upper Tribunal (UT) recently had to decide if the First-tier Tribunal (FTT) was wrong in ruling that a payment made on termination of employment was taxable. Why did the taxpayer believe it was and did the UT agree?
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VAT - 18.03.2024
Leasing cars - what are the VAT pros and cons?
You’re considering leasing instead of purchasing cars for your business. This will improve cash flow and, according to the salesperson, allow you to reclaim VAT that you would not otherwise be entitled to. Are they correct?
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PROFIT EXTRACTION - 18.03.2024
Avoiding or reversing inefficient profit extraction
The end of the tax year is almost here and it’s time to check your tax position. You may have room to take more tax-efficient income from your company, or you might discover you’ve overdone it. What steps can you take to rescue the situation?
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PAYROLL - 05.03.2024
Termination payments - HMRC clearance
Informal clearance. Employers often struggle with the employee termination payments rules. One reason that employers rarely need to apply them, another is that they are especially tricky. For this reason HMRC has long been happy to give case-by-case advance guidance to employers on request. However, it’s now called time on this practice. ...
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TAX PLANNING - 05.03.2024
Threshold tax and benefit traps on families
The media like to bandy about the phrase “stealth tax”. In reality what they call stealth tax isn’t at all. However, there are genuine cliff-edge income thresholds that result in unfair tax charges. What are they and how can you avoid them?
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CARS - 05.03.2024
New fuel rates for cars and double-cab pickups
Company cars. HMRC’s advisory fuel rates (AFRs) can be used to prevent a taxable benefit in kind for fuel being triggered if an employer provides a car to an employee or director. Note that some double-cab pickups continue to count as cars for tax purposes despite HMRC’s recent attempt to recategorise them as vans (see The next step ). ...
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