Entries by Chris Watson

Driving changes in company car tax

Do you know your WLTP from your NDEC? If you drive a company car or administer a company car scheme it pays to understand the distinction between the two. And you may also want to review your company car needs in the light of changes to the tax rules coming in next year. New vehicle […]

Not such a happy New Year for some

A glitch in the HMRC system means self-employed workers could be landed with an unwelcome start to the New Year – and a higher tax bill in January. The implications for cash flow are obvious, where money set aside for your tax payments could end up being spent over the next six months. And not […]

Let’s get this party started!

The sun may be shining and the temperature heading in the right direction – but many businesses are already turning their attention to booking the annual Christmas ‘do’. And it pays to know the party rules. Most employers are aware that they can throw a staff party for their workers at a cost of up […]

UK industry calls for off-payroll tax delay

The countdown is on for changes to ‘off-payroll’ working rules to be extended into the private sector – a move that could have significant impact on some businesses and sole traders. The IR35 – also known as ‘off-payroll’ – rules allow HMRC to tax sole traders as employees if it deems their working arrangement are […]

Pension flexibility proves taxing

Lump sum withdrawals under pension flexibility rules are resulting in over-paid tax as a result of the use of emergency tax codes, it has been revealed. So if you are thinking about using pension flexibility, it really pays to take advice before asking for the payment. Recent statistics from the taxman have highlighted the over-taxation […]

Is your estate planning up to date?

Death taxes are set to double to a massive £10bn by 2030, according to recent new analysis – almost double the Inheritance Tax (IHT) receipts for the 2018/19 tax year The prediction by financial services firm Canada Life came as it was revealed the Treasury benefitted from record IHT receipts of £5.2bn in 2018 – […]

In this May 2019 issue:

Doctors tapering off as pension tax rules bite; Record IHT tax take parallels estate planning confusion; Payslips for all; Van or company car: what’s the real thing? How long do you want to work…? Doctors tapering off as pension tax rules bite Measures designed to limit the cost of pensions tax relief to the Treasury […]

In this April 2019 issue:

Probate fees hike delayed. Remember the Spring Statement? Up and running – MTD for VAT is live. Painful lessons from the loan tax charge. Property tax payment window cut. 1. Probate fees hike delayed An expected revision of the probate fees structure for England and Wales set for 1 April has been delayed. The proposed […]

MTD for VAT goes live

It has finally happened. After tests, pilots and amid continuing controversy and concern from small business leaders, Making Tax Digital (MTD) for VAT hit its deadline and went live at the start of this month. It means that all VAT registered businesses above the £85,000 threshold are now required to keep their records digitally and […]

Under the microscope

As figures reveal, HMRC’s investigative work is more focused and better targeted than ever before. In 2017-18 the taxman collected £30.3bn through compliance activity. There are now many more trained investigation specialists – and they are using the latest technology and information at their disposal to launch campaigns and set up taskforces designed to maximise […]