Tax Tip #2 - Tax Free Income and Incentives

Take advantage of tax free income from your company both for yourself and to incentivise your employees.You could provide your employees some trivial benefits, this could be:1. Taking a group of employees out for a meal to celebrate a birthday.2. Buying each employee a Christmas present or birthday present.3. Flowers on the birth of a new baby.4. A....
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Tax Tip #1 - Failing to plan

Failing to plan is planning to fail.Tax evasion is illegal, tax avoidance has had so much bad press in the recent years but tax planning just makes sense.The judge, Lord Tomlin, famously said:"Every man is entitled, if he can, to order his affairs so that the tax attaching under the appropriate Acts is less than it otherwise would be. If he succeed....
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Capital gains tax nudge letters

The Chartered Institute of Taxation (CIOT) reported on 19 October 2020 that HMRC will be sending up to 14,000 "One to Many" targeted letters encouraging taxpayers to consider their capital gains tax position on disposals of properties in the year ended 5 April 2019.Pro-forma letters and the briefing note can ....
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Employment allowance – Have you claimed it?

Employment allowance – Have you claimed it? The National Insurance employment allowance enables eligible employers to reduce the amount of employer’s National Insurance that they pay over to HMRC. The allowance, which is set at £4,000 for 2020/21, is available to most employers whose Class 1 National Insurance liability was less than £100,00....
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Annual investment allowance. Beware the transitional rules

Annual investment allowance – Beware the transitional rules The annual investment allowance (AIA) was increased from its usual level of £200,000 to £1 million for the two-year period from 1 January 2019 to 31 December 2020. As this period draws to a close, it may be prudent to review planned capital expenditure, particularly where this has be....
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