The meaning of goodwill20190820040000

The meaning of goodwill

August 20, 2019
Goodwill is a term we hear about often, but interestingly, is rarely mentioned in legislation. In fact, the term 'goodwill' is not defined for the purposes of the Capital Gains legislation in TCGA 1992. Most definitions of goodwill are...
When can you increase your rental income?20190820040000

When can you increase your rental income?

August 20, 2019
The ability to increase the rent on private rentals is driven by the tenancy agreement. This is an agreement between the landlord and the tenant. The agreement can be written down or oral. The tenancy can either be: fixed-term (running for a set...
Taxation of miscellaneous income20190820040000

Taxation of miscellaneous income

August 20, 2019
There are special rules, known as the miscellaneous income sweep-up provisions, that seek to charge tax on certain income. This unusual provision, which is broad in scope, catches certain income that would not otherwise be charged under specific...
Tax if you work abroad20190820040000

Tax if you work abroad

August 20, 2019
If you are leaving the UK to work abroad for at least one year (or permanently), there is a requirement to notify HMRC. This is done using a P85 form which should be completed and submitted to HMRC. You will also be required to submit a...
When are scholarships taxable as benefits?20190820040000

When are scholarships taxable as benefits?

August 20, 2019
The holder of a scholarship is exempt from a charge to Income Tax on income from a scholarship when receiving full-time education at a university, college, school or other educational establishment. Please note, that the provision of a scholarship...
National Insurance if you work abroad20190820040000

National Insurance if you work abroad

August 20, 2019
If you move abroad, it can often be advantageous to continue paying your UK National Insurance Contributions (NICs) in order to preserve your entitlement to the UK State Pension and other benefits. If you are working in the European Economic Area...
PAYE late filing penalties20190820040000

PAYE late filing penalties

August 20, 2019
There are late filing penalties in place for employers that don’t report payroll information on time. The size of the late filing penalties depends on the number of employees within the PAYE scheme. Number of employees Monthly...
When you can claim back VAT on purchase of a car20190814040000

When you can claim back VAT on purchase of a car

August 14, 2019
There are complex VAT rules that determine the amount of VAT that can be recovered when purchasing a new car. The usual rule is that when you purchase a car for your business then no VAT can be reclaimed. The main exception to this rule is when the...
Child Benefit charge if income exceeds £50,00020190814040000

Child Benefit charge if income exceeds £50,000

August 14, 2019
The High Income Child Benefit charge (HICBC) applies to a parent whose income exceeds £50,000 in a tax year and who is in receipt of Child Benefit. If both parents have an income that exceeds £50,000, the charge will apply to the highest...
How do you calculate adjusted net income?20190814040000

How do you calculate adjusted net income?

August 14, 2019
To calculate adjusted net income, you will need to look at a taxpayer’s total taxable income, before personal allowances, and then deduct any trading losses, gift aid donations, gross pension contributions and pension contributions where the...
VAT and insurance claims20190814040000

VAT and insurance claims

August 14, 2019
Insurance transactions are generally VAT exempt. However, there are many issues that can arise concerning the VAT liability of certain insurance transactions. One of these issues concerns the VAT treatment of insurance claims. Insurers are unable to...
When are Class 1A NICs due20190814040000

When are Class 1A NICs due

August 14, 2019
Class 1A NICs are paid by employers in respect of most benefits in kind provided to employees, for example, the use of a company car. There are no Class 1A employee contributions payable. Class 1A NICs are due in respect of most benefits provided...
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