With the season for workplace parties fast approaching we thought it would be a good idea to remind you of the tax implications of these types of events. The good news is that, unlike entertaining customers, the costs of entertaining employees are generally allowable against the profits of the business.
Fraudsters pretending to be from HM Revenue & Customs (“HMRC”) are expanding their unscrupulous activities. After years of sending out fake emails, they are now calling unsuspecting individuals and, in some cases, duping them into making payments.
As you may be aware, there is a maximum amount that can be saved tax-efficiently for retirement each year. This is known as the Annual Allowance and it governs all pension savings including those made by an employer on an employee’s behalf.
It’s not just accountancy firms and tax officials who have obligations in relation to money laundering, writes GRAHAME MAUGHAN. HMRC expects many others to play a role too.
Last month HMRC issued 6 consultation documents setting out the first steps in their ambitious plans to implement the Making Tax Digital (MTD) proposals announced in 2015.
The inheritance tax (“IHT”) allowance, above which inheritance tax of 40% is payable, stands at £325,000 per person and has been frozen at that level since 2009. With almost 1,400 extra families being dragged into the IHT net, it’s increasingly important to take steps to minimise the amount of tax due.
The advisory fuel rates for journeys undertaken on or after 1 September 2016 are:
During the emotional upheaval of a divorce, tax considerations are generally the last thing on the minds of those involved. However, by taking advice early in the process, a divorcing couple may be able to avoid unnecessary tax liabilities.