Save on Inheritance Tax by making pension payments into a Self-Investment Pension Plan (SIPP) Funds held in a Self-Investment Pension Plan (SIPP) on the death of the member may be transferred to the ‘nominated beneficiaries’. The member should complete an ‘expression of wish’ form for each pension plan stating to whom they wish the benefit to…Read More
Have you recently left university, and are you wondering if an accountancy career is for you? As a graduate looking to get your first job in accountancy, it is important to first evaluate whether you are willing to put in the work and dedicate another 3 years of your life to studying. Whether it be…Read More
Company cars are a great way for businesses to reward staff as a benefit on top of their salary, unfortunately, HMRC is aware of this and levies tax on the perk, this is referred to as a Benefit-in-Kind (BIK) as the car is seen as an additional taxable benefit. The amount of tax you pay…Read More
Inheritance and the associated tax implications may not be something that you are familiar with or concerned with yet, however with careful planning there are ways of ensuring that that tax payable on possessions passed on to your beneficiaries are minimised. Under current legislation, Inheritance Tax (IHT) is payable on the total value of your…Read More
Wearing a work uniform may not be seen as a benefit – but you can gain Tax relief from it! HMRC give you the opportunity to claim up to 4 years’ worth of uniform allowance. What is classified as a uniform? ‘A uniform is a set of specialised clothing that’s recognisable as identifying someone as…Read More
Does your mother work for you? The trivial benefit exemption could be a tax-efficient way to treat your mother this Mother’s day – 31st March 2019. What qualifies as a trivial benefit? Employers that provide a gift or expense to their employee or director, under a statutory exemption. All of the conditions below have to…Read More
Love is in the air as Valentine’s Day approaches. From recent research, it has been found that over one million people will get engaged on Valentine’s Day this year. If you have that niggling feeling that your loved one is thinking of asking you for your hand in marriage, it could come with a number…Read More
In the corporate world, sometimes things aren’t exactly black and white when it comes to accounting procedures.
George W. Bush