New advisory fuel rates published
Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse
Meaning of goodwill for CGT purposes
Goodwill is a subject we hear about often but interestingly is rarely mentioned in legislation. In fact, the term 'goodwill' is not defined
VAT – the concept of business
The VAT system is policed by HMRC and there are penalties for breaches of the legislation.
There are four conditions that must be satisfied in order
Property rental income and bad debt
In most cases, property rental income must be brought into account in the year in which the income was earned, even if the invoice has not yet been
P9 Notice of Coding form
The P9 Notice of Coding form is used to notify employers of the tax codes to use for employees. HMRC has begun to send email notifications to
New £20 note launched
The new £20 note entered into circulation on 20 February 2020 and features the image of the artist JMW Turner. It will take a few weeks for the
VAT-free shopping
There is a special VAT refund scheme called the VAT Retail Export Scheme or Tax-Free Shopping that allows individuals not resident in the EU to obtain
10% reduction in Inheritance Tax rate
If your total assets exceed £325,000 then the excess will usually be subject to Inheritance Tax (IHT) at 40% when you die. A reduced rate of IHT
Last chance for pensions relief?
There has been much press speculation that the Government is considering cutting higher rate tax relief for pension contributions in the March Budget.
Tax Diary March/April 2020
1 March 2020 – Due date for Corporation Tax due for the year ended 31 May 2019.
2 March 2020 – Self assessment tax for 2019/19 paid after this