Entries by Geoff Whiting

The Cost of Driving a ‘Greener’ Car

The financial benefits of driving a company car have continued to erode over recent years, but this benefit remains one of the most popular and potent perks of a job. Broadly, the taxable benefit arising on a car is calculated using the car’s full manufacturer’s published UK list price, including the full value of any […]

All Change for Termination Payments

As confirmed in the 2017 Spring Budget, the tax rules governing termination payments will change from 6 April 2018. The term ‘termination payment’ is typically used as a generic summary for a lump sum payment, which is normally (but not always) made to an employee at the time the employment comes to an end. The […]

Let Property – Furniture and Fittings

When your property is fully furnished you can claim a wear and tear allowance (10% of the net rents), each year to cover the cost of replacing furniture and furnishings such as carpets and curtains. You can only claim capital allowances for furniture used inside a property which is let out commercially as furnished holiday […]

Let Property – Repairs or Improvements

If you let out residential property you need to know whether you can receive a tax deduction for the cost of replacing or repairing furniture and fittings provided inside that property. The cost of equipment used to maintain the outside of a property, or used in the communal areas of a building containing multiple dwellings, […]

R&D Enhanced Deductions

Companies (not unincorporated businesses), can claim enhanced deductions for qualifying costs they incur on research and development (R&D) projects. For small companies the deduction can be 225% of the qualifying costs, and since April 2012 there is no minimum spend required in an accounting period. The major barrier to claiming this tax relief is working […]

Cash Basis

From 6 April 2013 you can use two “simplifications” to make accounting easier for your unincorporated businesses: the cash basis and fixed rate deductions. If your business falls within the size criteria you can use one or both of these simplifications, or neither, the choice is yours. To start to use the cash basis your […]

Pensions Death Tax

Currently if you die before you have started to draw your pension, the value of your pension fund will not usually be subject to inheritance tax (IHT) at 40%, as it is excluded from your estate. However, there can be a 55% tax charge where your pension fund is passed to someone else under your […]

Creating extra cash-flow

Could your creative company benefit from a boost to its cash flow? If it produces computer games, films, high-end TV or animation programmes, it may qualify for a new payable tax credit. All of these products can qualify for extra tax relief if they can be certified as culturally British, and at least a quarter […]

Incorporation?

The issue of whether to run your business as a company or a sole trade or partnership is an important decision. In this article, we summarise the relevant tax changes and show the potential tax savings currently available from operating as a company. This article calculates the position for 2014/15. In addition we consider other […]

Scary letters

Have you received a scary letter from HMRC lately? Perhaps all HMRC letters are scary, but this latest nudge-letter really takes the biscuit. In it HMRC says the taxpayer’s effective rate of income tax is lower than the average for taxpayers with similar levels of income. It goes on to suggest that there could be […]