News

32.5% Corporation Tax on overdrawn directors’ loans

06/08/2018

HMRC defines a director's loan as money taken from your company (by you or other close family members) that isn’t: a salary, dividend or expense repayment and money you’ve previously paid into or loaned the company An overdrawn director's loan account is created when a director effectively 'borrows' company money. A record of these...

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Tax free health benefits

06/08/2018

There is no requirement for employers to pay tax and National Insurance on certain health benefits covered by tax concessions or exemptions. For example, there is no requirement to report employees’ medical or dental treatment or insurance if they are a part of a salary sacrifice arrangement. In addition, the following health benefits...

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Gifting share in home

06/08/2018

Most gifts made during a person's life are not subject to tax at the time of the gift. These lifetime transfers are known as 'potentially exempt transfers' or 'PETs'. The gifts or transfers achieve their potential of becoming exempt from Inheritance Tax if the taxpayer survives for more than seven years after making the gift. There is a...

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What is overpayment relief?

06/08/2018

Overpayment relief was introduced from 1 April 2010 and replaced error or mistake relief for Income Tax, Capital Gains Tax (CGT) and Corporation Tax. Overpayment relief allows taxpayers to recover overpaid Income Tax, CGT, Class 4 NIC, Corporation Tax, overpaid bank payroll tax or to reduce an excessive assessment. According to the...

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VAT – goods on sale or return

06/08/2018

There are special VAT rules that must be followed when you sell goods on a sale or return basis. Goods sold on a sale or return basis (sometimes known as 'on approval') are goods that are effectively supplied to a customer free of charge and the supplier is only paid when the product has been sold. If the product remains unsold then it...

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Fixtures and fitting on transfer of ownership

06/08/2018

The tax treatment of the sale of fixtures and fittings included in the sale or purchase of a commercial building changed from April 2014. From that date, the buyer of a building that contains fixtures can only claim plant and machinery allowances (PMA) if the expenditure on the fixtures is pooled before the sale. The seller and buyer...

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Childcare voucher scheme issues

06/08/2018

The Tax-Free Childcare Scheme (TFCS) was launched in April 2017 and opened to all remaining eligible families with children under 12 on 14 February 2018. The new scheme allows working parents to receive a government top-up on their contributions. For every 80p in the £1 contributed by parents an additional 20p or 20% will be funded by...

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Emails and letters from HMRC

06/08/2018

HMRC continues to warn taxpayers about email phishing scams. Phishing emails are used by fraudsters to access recipients’ valuable personal details, such as usernames and passwords. Whilst these messages may appear to be genuine they are very dangerous and clicking on a link from within the email can result in personal information being...

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Football agent scores £1.2m own goal

31/07/2018

A former football agent, Jerome Anderson, who looked after over 200 players during his career including Thierry Henry and Dennis Bergkamp, has lost his £1.2m tax avoidance case with HMRC. The football agent's tax appeal was recently heard at the Upper Tribunal who upheld the decision of the First Tier Tribunal and disallowed the relief...

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Correcting errors on your VAT return

31/07/2018

Where an error on a past VAT return is uncovered taxpayers have a duty to correct the error as soon as possible. HMRC can also charge penalties and interest if an error is due to careless or dishonest behaviour. As a general rule, you can use a current VAT return to make any necessary adjustment. However, in order to do so, there are...

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