Posts by Kate
Staff Entertainment – Tax Exempt or Benefit-in-Kind?
Do you provide occasional entertainment to your employees? There’s a common misconception that staff entertainment is automatically exempt from tax – and with a lack of clear guidance from HMRC, many businesses are under-reporting it for benefit-in-kind (BiK) purposes. In this article, we’ll help you understand when entertainment is and isn’t taxable, so you can…
Read MorePool Cars – Benefits and Tax Traps
Are you a business considering the use of pool cars for your employees? Pool cars can provide numerous benefits, such as cost savings, increased efficiency, and improved flexibility. However, it’s essential to understand the tax implications associated with pool cars to ensure compliance and make informed financial decisions. In this post, we’ll explore the key…
Read MoreNew Increase to Statutory Legacy on Intestacy
From July 26th (2023), the government has confirmed an increase to the Statutory Legacy on intestacy, from £270,000 to £322,000 (fixed net sum). When someone who has children passes away without a Will (otherwise known as “intestate”), this is the value of personal possessions that the surviving spouse or civil partner is entitled to first,…
Read MoreThe Renters (Reform) Bill – How Will it Affect Landlords?
Introduced to Parliament on 17th May 2023, the Renters (Reform) Bill proposes a new set of measures for the private rental property market – from abolishing Section 21 evictions to ending fixed-term tenancies. Though the bill hasn’t yet become law, it’s essential for landlords to identify what elements may be of concern so that they…
Read MoreIs Your Accountant Retiring? What You Need to Do
Has your accountant let you know that they’re retiring? Not sure of your next steps? There are several factors influencing accountants to retire early – and it’s not just because they’ve reached a certain age. The impact of the Covid pandemic and changes in the profession has led many to reconsider their role, which means…
Read MoreSDLT and Divorce: Property Transfer and the 3% Surcharge
Are you transferring property through a divorce or separation? Dealing with Stamp Duty Land Tax (SDLT) can be complex, and it’s crucial to understand how to minimise costs. Transfers between two former partners may qualify for stamp duty relief and exceptions from the 3% additional rates, especially when timing the purchase of a replacement home.…
Read MoreCapital Gains Tax (CGT) Rule Changes for Divorcing Couples
When couples go through a divorce or separation, transferring the matrimonial home and other properties between them can result in a Capital Gains Tax (CGT) liability. However, new rules announced in the Government’s Spring Budget extend the period during which CGT relief can be claimed on asset transfers. Effective from 6th April 2023, these new…
Read MoreSave Inheritance Tax with Business Property Relief (BPR)
Have you considered Business Property Relief (BPR) in your Inheritance Tax (IHT) planning? BPR allows you to claim IHT relief of either 50% or 100% on the value of your business or its assets, including qualifying shares. These can be passed on either while you’re alive, or as part of your Will. In this article,…
Read MoreInheritance Tax (IHT) Receipts by HMRC Up 18% Since 2022
HMRC has released data that Inheritance Tax (IHT) receipts have increased by 18% in January 2023, compared to the financial year prior – currently, receipts are at £5.9 billion, which is £900 million higher than last year. This increase has been driven by HMRC targeting high-value estates, the increase in house prices from 2020-2022, and…
Read MoreAnnual Tax on Enveloped Dwellings (ATED): New Valuation Date
Do you need to file a return for Annual Tax on Enveloped Dwellings (ATED) by 30th April? In line with legislation, companies must revalue their properties every five years, and this coming tax year (2023-24) is a revaluation period. So, you must use a new valuation date of 1st April 2022 (or the date of…
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