One constant about being an accountant or tax advisor at Christmas parties is people asking, “How do I save tax?” This always reminds me of a comedian who wondered why people at parties expected him to tell them a joke… but never expected his friend—a chef—to instantly bake a cake. This got us thinking about how funny the VAT rules around food are and how someone might try to plan the food at their party to save some VAT.
For many businesses, the acquisition of a car or van is one of the larger expenses they face. Unsurprisingly, businesses are keen to reclaim as much of the VAT as possible back from HMRC so that the cost is minimised. Unfortunately, the entitlement to recover VAT is one where “it depends”. We guide you through the main points that need to be considered when reclaiming VAT on vehicles.
The introduction of VAT on some private school fees has been controversial. For the schools at the centre of this change, the immediate challenge is to review and revise their accounting systems to handle something that will be an entirely new tax for many schools. While the technicalities of VAT are clearly key, they are very much the tip of an iceberg here. Thankfully the tax profession has experience of advising on comparable situations in other sectors and should be able to assist.
People often think that a tax adviser and accountant are the same, but surprisingly, it's not! The ‘quick’ answer to the question of what the difference is “it depends…” The nuanced answer is more involved, and very much open to interpretation. Here’s what you need to know.
Pensions are great, but they are complicated. A recent ruling has made pensions particularly complicated for certain individuals. Some people who have a public service pension scheme (particularly individuals who work for the NHS or senior local government) may be affected by the ‘McCloud Judgement’.
We won’t go into the ins and outs of the calculations or how they have been generated…This blog will focus on the tax reporting requirements.
It’s often a sensitive topic, but it is possible that there may be some income tax and capital gains tax to pay on a deceased estate, after a person has died. I know - it seems so unfair! It’s also quite a messy process as information needs to be gathered by people other than the deceased – which can be very tricky during this sensitive time.
James gives you an example of something he sees quite a lot, and the list of action points which need to be done for income tax.
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