Implication of jointly owned properties

Implication of jointly owned properties

Introduction: Jointly owned property Under English property law, there are two ways in which property can be owned jointly as joint tenants and as tenants in common. The way in which jointly held property is owned will dictate what happens when one of the co-owners dies. Regardless of whether the property is owned as joint…

Latest news & recent developments

Business and tax news and developments June 2023

Business & Tax News & developments Welcome to the latest edition of Business & Tax news and developments round up presented by Naail & Co.  Interest rate hiked 0.5% to 15-year high The Bank of England has increased interest rates by 0.5% to 5% as it struggles to bring inflation under control. This was the…

Benefits of will

Benefits of will

Benefits of will Inheritance tax planning will only achieve the desired result if the people you plan to inherit your estate actually do so. For example, if you want to benefit from the inter-spouse exemption and ensure that no inheritance tax is payable on your estate by leaving everything to your spouse or civil partner,…

Crackdown on umbrella companies

Crackdown on umbrella companies

Government plans crackdown onUMBRELLA COMPANIES The Treasury is seeking input on how to improve protection for contractors that utilise umbrella businesses by establishing a legal framework and examining the procedures for paying employees and tax obligations. There are widespread worries that independent contractors are being tricked into joining umbrella businesses and frequently receive harsh tax…

Dividend or bonus

Dividend or bonus

Dividend or Bonus? What’s more tax effective? Tax changes mean that the choice between paying dividends or taking a bonus is narrowing, especially as corporation tax rises to 25% from April 2023. Lets have a detailed look at the pros and cons for both, dividends and bonus. Dividend versus bonus is an important tax planning…

VAT payment plan

self service VAT payment plan

Self-service VAT payment plan Online VAT payment plan: Introduction HMRC has confirmed that businesses can now set up a VAT payment plan online if they owe less than £20,000 in unpaid VAT VAT-registered businesses that owe less than £20,000 of VAT can set up a VAT payment plan online as long as they agree to…

UK taxes on Crypto

UK taxes on Crypto

UK Taxes on Crypto The UK has one of the most developed and mature cryptocurrency markets in the world, and as such, it is subject to some of the most complex tax legislation when it comes to crypto taxation. In this article, we will take a closer look at the various UK taxes on Crypto.…

Employee suffering from headache

Employee suffering from headache

Tax implication of Employee suffering from headache Do you have a desk job in an office and do you suffer with headaches? Do you not know what is causing those headaches? If your employer pays for you to have a private medical check-up to see what is causing those headaches, is this a benefit in…

Create an income from directors loan account

Create an income from directors loan account

Create an income from directors loan account Introduction Directors’ loan accounts (DLAs) record the cumulative movements of amounts both introduced and withdrawn to and from the company and are shrouded in anti-avoidance, so one could be forgiven for assuming that no tax benefits can come out of them.   However, with careful planning, acknowledging the corporate…

Split year

split year

Split year: Tax residence when coming in or going out of Britain Under the Statutory Residence Test (SRT), an individual is either UK resident or non-UK resident for a full tax year, and at all times in that tax year. What is a split year However, if during a year the individual starts to live…

Tax tips must be actioned before end of financial year

Tax tips must be actioned before end of financial year

Tax tips for directors/Business owners – Must be actioned before end of financial year (31 March 2023) As company directors and business owners, you have an opportunity to make significant tax savings but you need to act before 31st March 2023. Find below some of the points which you can easily act upon prior to…

Convictions & sentences

Fraud Convictions and sentences February 2023

Fraud: Convictions and sentences February 2023 Bounce back loan: Company director jailed for 12 months – A director of a haulage company has been jailed for 12 months after fraudulently applying for a £50,000 bounce back loan – He applied for a £50,000 bounce back loan and transferred the funds to his personal bank accounting…