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Are IHT changes coming?
You’re seeing a lot of speculation in the press about further changes to inheritance tax (IHT) in the upcoming Budget, including a cap on the amount you can give to your loved ones. Would you be better off making gifts before the Budget date?
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Company motorbikes - a two-wheeled tax trap?
You’ve taken on a youngster as a general assistant for your business. The role includes making local deliveries for which your firm provides a motorbike. This could trigger unexpected tax and NI charges. What steps can you take to avoid them?
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Do you need to pay tax on loyalty points and cashback?
You’ve been making business purchases on your personal credit card and reaping the rewards in the form of airmiles and cashback. What, if anything, do you need to do to keep on the right side of HMRC?
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Can you claim input tax without a VAT invoice?
One of our clientss cannot provide a tax invoice to HMRC to support an input tax claim on the purchase of machinery three years ago. What alternative evidence should be acceptable to the officer?
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Can flipping properties create unwelcome tax bill?
You’re planning to purchase a cheap property, refurbish it and eventually sell it on for a hefty profit. You’ve been told that as long as you live in the property, the gain is tax free, is this correct?
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Employee home-to-work travel costs during rail strike
To keep the impact of the recent London Underground strikes on your business to a minimum it offered to reimburse employees for the costs of travelling to work via other means. Does this create a taxable benefit in kind?
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Frequent changes of company car
If your employees enjoy multiple changes of company car during the year, could averaging the car benefit calculation save tax? If so, what’s involved and how can they avoid an unexpected tax bill?
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Changes to registration threshold?
It’s rumoured that the Chancellor will raise the VAT registration threshold from £90,000 to £120,000 to stimulate economic growth. But other reports suggest it could be cut to £30,000 to raise revenue. What would these changes mean for your business?
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Mortgage interest: don’t miss out on unused relief!
You own a buy-to-let property and need to report your profits for 2024/25. You have a mortgage, but your calculations show that the tax reducer will exceed the rental profit. Will the excess go to waste?