Month: May 2023

Involuntary “give-aways”

If you sell services, rather than supply goods, this usually involves you providing advice for a fee.

If your advice is sought after, the amount you can charge for your service(s) may be considerable. Which is why you should be wary of giving away

Transfer of Business as a Going Concern

The transfer of a business as a going concern (TOGC) rules concern the VAT liability on the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate.

Where

Clearance to secure exempt distribution status

Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions and may be subject to Income Tax.

If certain conditions are met, the payment can be treated as an exempt distribution. An exempt

Claim a tax refund for work expenses

HMRC has issued a press release to remind employees that may be able to claim a claim tax relief for bills they pay that are related to their employment. The most recent figures show that more than 800,000 taxpayers claimed tax refunds for work

New patents service

The Intellectual Property Office (IPO) is the official UK government body responsible for intellectual property (IP) rights including patents, designs, trade marks and copyright.

The process of applying for a patent is set to change significantly

Residence affects Income Tax in UK

There is an interesting anomaly that can affect taxpayers with homes in Scotland and other parts of the UK. Where this is the case, the question arises as to whether or not the taxpayer is liable to pay Income Tax in Scotland or elsewhere.

As a

Gift aid tax benefits

The gift aid scheme, which was originally introduced in 1990, allows charities to reclaim from HMRC the basic rate of Income Tax deducted from qualifying donations by UK taxpayers. This means that when a basic rate taxpayer claims gift aid on a £10

Action to contain cost of living pressures – groceries

The Competition & Markets Authority has issued an update on the action it is taking to ease price rises in grocery bills. In their press release issued on 15 May 2023, the CMA said:

As cost of living pressures have grown, the CMA has been

The importance of being interested

Conversation takes a turn for the worse if you have an opinion that your client has no idea how to solve their problem(s) and all they need to do is listen to your solution.

And you may be right in your interpretation of the facts, but will the

Tax on public transport season tickets

There are certain tax rules that it is important to be aware of where you pay for the public transport costs of your employees. The provision of public transport costs include:

season tickets provided for employees;
season ticket costs reimbursed