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Feel the benefit: have a party!

Office Party Header

Most employers are aware that they can throw a staff party for their employees at a cost of up to £150 per head without this being treated as a taxable benefit, but there are conditions to watch out for. The exemption can apply to any type of party, such as a summer barbeque or Christmas […]

Tax-free childcare – highlighting the choices

HMRC is running a marketing campaign to raise awareness of its Childcare Choices website and the financial support available to parents. With tax-free childcare, the government will contribute up to £2,000 a year towards the costs of childcare. For every £8 paid to a childcare provider, the government will add another £2, which is equivalent […]

Pension flexibility: too taxing for many

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Recent HMRC statistics highlight the over-taxation of some pension benefits. More than one million people have received flexible pension payments thanks to the rules introduced just over four years ago. HMRC’s most recent statistics, to the end of March 2019, show that 1,113,000 people have withdrawn over £25,600m from their pensions, across 6,136,000 payments.The amounts […]

Does inheritance tax have a future?

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While inheritance tax (IHT) comes under scrutiny from the government, a paper presented to the Labour Party has suggested it should be abolished. Labour Party proposals to kill off IHT and replace it with a gifts tax were reported across several newspapers last month. The coverage was somewhat creative, as the idea was in a […]

Investors’ relief restriction runs out this tax year

Investors’ relief, effectively an extension of entrepreneurs’ relief for external investors, is now only available for disposals made during 2019/20 because of a three-year holding period requirement. Like entrepreneurs’ relief, investors’ relief (introduced in 2016) gives a reduced rate of CGT of 10% for gains on qualifying share disposals by individuals or trustees. There is […]

Business rates savings for small retailers

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Small retailers in England should now be enjoying 33% off their business rates bills. However, businesses need to check their accounts as some councils are not giving the discount automatically. The business rates retail discount scheme, in place from April 2019, applies to occupied retail properties with a rateable value of less than £51,000, and […]

Doctors tapering off as pension tax rules bite

Tax relief for doctors

Measures designed to limit the cost of pensions tax relief to the Treasury are having some unwelcome consequences, as some senior doctors have found their incomes disappearing. Some members of the medical profession have found changes to legislation mean their earnings are getting swallowed up by the tax system. According to a recent Financial Times […]

Record IHT take parallels estate planning confusion

Wills

While the Treasury benefited from record inheritance tax (IHT) receipts of £5.2bn in 2018, new figures show that many people are unaware of how the IHT system works or how it could help them pass their wealth to their beneficiaries. A survey out in April from Quilter showed that only 37% of those asked were […]

Payslips for all

Payslip and payroll changes

It may have come as a surprise to realise that until this April, not all workers were entitled to a payslip. From 6 April, all workers now have a statutory right to receive an itemised payslip, including zero hour and casual workers. Up to that date, the right only extended to employees. Employers must now […]

Van or company car: what’s the real thing?

When is a van a company car?

The phrase ‘define your terms’ could have been invented for the benefit-in-kind rules around company cars. A recent case that ended up in the Upper Tribunal between Coca-Cola and HMRC illustrates the importance of understanding when a van is a van – or legally a car. These definitions determine the relevant income tax and NICs […]

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