Tax implications on employee Christmas gifts
As we approach the festive season, one question we are commonly asked is what the tax implications are to gifts we provide to our staff.
Our Autumn Statement reaction
The Chancellor announced the Autumn Statement on 22nd November, Shaun Davison and James Shipp give their initial reaction.
When there’s no benefit to child benefit
You are entitled to Child Benefit payments if you are responsible for bringing up a child who is under 16, or under 20 if they stay in approved education or training. It is a non-taxable benefit, which can be claimed at a current rate of £24 per week for your eldest (or only) child, and then £15.90 per week for each further child. Although Child Benefit isn’t means tested and isn’t taxable as such, you may be subject to a tax charge to essentially ‘claw back’ some or all of the benefit if income exceeds £50,000. This is called the High Income Child Benefit Charge (HICBC).
The return and importance of Individual Savings Accounts
For over a decade interest rates had been at a historic low and in the last 18 months have perhaps returned to ‘normal’. Whilst that is bad news for borrowers it brings some welcome returns to those with savings, but could the taxman come calling?
Exit planning – substantial shareholding exemption
The optimal time to sell a business can be influenced by the potential tax implications. UK Corporate sellers can claim the “substantial shareholding exemption” (“SSE”) to exempt a gain on a sale from corporation tax.
Why the taxman is encouraging you to drive electric
There are significant tax advantages to choosing an EV in addition to the environmental benefits, say Calvin Roll and Nathan Bowden of Lovewell Blake.
R&D Tax Relief changes
HMRC is currently scrutinising claims for R&D tax relief, following increased media attention and parliament focus. The government has recently made its first steps towards reforming the R&D tax relief scheme, but the biggest changes are due to come into force on 8 August 2023.
Why structuring your business can be taxing
How your business is taxed will be a big factor in how you structure it, says Leigh Thurston.