News

Is it a car or a van?

18/10/2017 – The First-Tier Tribunal recently heard three appeals that examined whether vehicles supplied to employees were vans or cars. The main appellant in this case was Coca-Cola European Partners GB Ltd (Coca-Cola) who supplied vehicles to a number of their employees. Until 1997, Coca-Cola’s technicians had used estate cars but the amount of … More...

Non-residents selling UK home

18/10/2017 – A capital gains tax (CGT) charge on the sale of UK residential property by non-UK residents was introduced in April 2015. A UK non-resident that sells UK residential property needs to deliver a non-resident capital gains tax (NRCGT) return within 30 days of selling a relevant property. When such a sale is made a NRCGT return must be … More...

Overdrawn director’s loan account

18/10/2017 – An overdrawn director's loan account is created when a director (or other close family members) ‘borrows’ money from their company. Many companies, particularly 'close' private companies, pay for personal expenses of directors using company funds. Where these payments do not form part of a director’s remuneration they are usually posted … More...

HMRC to stop accepting personal credit cards

18/10/2017 – HMRC has confirmed that they will no longer accept payments with a personal credit card from 13 January 2018. This includes payments for income tax, PAYE, VAT and many other taxes. This is due to the implementation of the EU second Payment Services Directive (PSDII). This legislation makes a number of reforms to the way payments by debit … More...

Inactive companies and Corporation Tax

18/10/2017 – There are a number of scenarios where HMRC would consider a company or organisation to be inactive for Corporation Tax (CT) purposes. This is a different categorisation to a 'dormant' company and usually happens when a company has not commenced trading. A company, whilst not yet active for CT purposes, can still carry out activities … More...

What is a 'K' tax code?

18/10/2017 – The letters in an employee’s tax code signify their entitlement (or not) to the annual tax free personal allowance. The tax codes are updated annually, or when an employee's circumstances change, and help employers work out how much tax to deduct from an employee’s pay packet. The basic personal allowance for the tax year starting 6 … More...

Do you pay tax on assets or cash you inherit?

11/10/2017 – As a general rule, inheritance tax (IHT) is collected from a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. There is normally no tax to be paid if the value of the estate is below the IHT nil rate threshold of £325,000. There is also a new IHT main residence nil-rate band … More...

Tax implications on divorce or separation

11/10/2017 – When a couple is separating or divorced it is unlikely that they are thinking about the tax implications. However, as the dust begins to settle it is important that the tax consequences of the break-up are given proper consideration. Whilst income tax does not automatically cause an issue for separating couples, as it is an individually … More...

Land Registry property alert service

11/10/2017 – HM Land Registry's property alert service is a free (for up to 10 registered properties) service to help protect property from fraud. The counter-fraud security measure was introduced by the Land Registry to monitor registered properties, where there is a concern that it might be subject to a fraudulent sale or mortgage. The property … More...

Check your National Insurance record online

11/10/2017 – HMRC offers an online service to check your National Insurance record online. In order to use the service, you will need to have a Government Gateway account. If you don’t have an account, you can apply to set one up online. By signing in to the 'Check your National Insurance record' service you will also activate your personal tax … More...