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The long-running series of disputes between employers in the hospitality industry and HM Revenue and Customs (HMRC) concerning the taxation of employees’ tips and their National Insurance (NI) status seems to have been concluded by the issue of new...
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Whether you are employed or self-employed makes a substantial difference to how you are taxed and the income tax liabilities of an employed person can be very different from those of a self-employed person with similar levels of gross income. The...
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From 6 April 2008 disposals of qualifying businesses and business assets have been eligible for Entrepreneurs’ Relief. In simple terms, it allows business owners to reduce their Capital Gains Tax liability to the equivalent of 10 per cent of the...
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HM Revenue and Customs (HMRC) are well known for their dislike of claiming expenses without complete documentation but the reality, as every businessperson knows, is that maintaining complete and accurate documentation for all transactions is a...
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It is commonly thought that within the EU, recovering VAT on expenditure made whilst abroad is merely a matter of calculating the VAT at the applicable rate and claiming it via your VAT return. However, the right to recover VAT on a VAT return is...
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Inheritance Tax (IHT) is payable on a deceased person’s estate at 40 per cent above £312,000 (2008/9) – the current nil rate band. However, business property is treated differently from personal property and may qualify for Business...
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Most business owners and managers think that training costs aimed at improving skills or business profits automatically qualify for tax relief, but that is not necessarily the case. The complexities of the UK tax system mean that the availability of tax...
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When a company is set up, it is common to divide the shares in it in approximately equal proportions amongst the subscribers. Whether or not this proves to be the most effective way to split them in the long run depends on a variety of factors, of...
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It is well known that when an employer provides a mobile phone to an employee, there is no benefit in kind charge as long as the phone remains the property of the employer. The same rule can apply when the employer pays for a mobile phone 'hands-free' kit...
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It is well known that the rules regarding expenses that are allowed as deductions from income for tax purposes are far stricter for employees than they are for the self-employed. The relevant legislation gives a self-employed person the right to make a tax...
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It is commonly thought that within the EU, recovering VAT on expenditure made whilst abroad is merely a matter of calculating the VAT at the applicable rate and claiming it via your VAT return. However, the right to recover VAT on a VAT return is limited...
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UK tax law is almost unique in that it contains regulations which require professionals to advise HM Revenue and Customs (HMRC) of information regarding tax avoidance schemes (TAS). Failure to comply can lead to a penalty of up to £5,000 plus...
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The Government has continuously sought to limit the tax free perks that businesses can provide for their employees. However, there are some remaining. Here is an update on some of those still available. Childcare Childcare provision and childcare vouchers...
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With different rates of value-added tax (VAT) applying throughout Europe, the place that a supply is made (and hence the VAT rate which is applicable) can be a very important matter. The basic 'place of supply' rule is that in normal circumstances (and...
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In order to combat ‘missing trader’ fraud, which is estimated to have cost the Exchequer hundreds of millions of pounds, HM Revenue and Customs (HMRC) have introduced measures which can, in some circumstances, make a supplier (or customer)...
