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Turn a tax trap into a tax-efficient golden handshake
You’ve heard that £30,000 of any lump sum payment on termination of a job can be paid tax and NI free. Is that correct, and can this tax break be used to reward a long-standing employee who’s due to retire shortly?
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How to avoid a common mistake with mileage payments
Several of your employees use their personally owned vehicles for work, for which you pay a mileage allowance at HMRC’s approved rates. But there’s a potential trap that could land you with a tax and NI bill. How can you avoid it?
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Loss relief - what’s the best way to go?
Your business made a loss in its first year and now you’re about to complete a tax return covering that period. You know that you can claim tax relief for the loss and that there’s more than one way to do it. But which is the most tax efficient?
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How to liberate cash locked up in personal assets
As your first born is due to fly the nest shortly, you’re looking for ways to get a little extra cash to help them. Taking money out of your company in the traditional ways always results in a tax charge. Can you extract the cash without the tax?
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Meals for employees an especially valuable perk
You’re considering providing free meals to your employees to help them with the rising cost of living. You’ll be able to buy in bulk and so access discounts not normally open to individual employees. How will HMRC view your plans?
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The hidden inheritance tax on gifts
The usual advice is that potential inheritance tax (IHT) payable on gifts starts reducing (tapering) once three years have elapsed, and after seven the gift is IHT free. However, the three-year deadline is often an illusion. Why?
