Staff – giving Christmas gifts and bonuses It’s the time of year when employers think about rewarding their staff for all their hard work over the year. But there are some pitfalls to watch out for but some really good tax breaks too so it’s worth being careful. Any Christmas bonuses / gifts paid in cash…
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Illegal Dividends As a Director / shareholder of your own Limited Company you will have heard a lot about how tax efficient it can be to combine a salary with dividends to form your income. When you make a dividend payment however you need to ensure that you’ve sufficient funds available to do so. Otherwise…
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Private Residence Relief Nominating your main residence Private residence relief shelters a gain on the sale of a residence from capital gains tax while the property has been the owner’s only or main residence. Where a property has been an only or main residence at some point, the final period of ownership (currently 18 months…
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Pool Cars When is a car a pool car? Rather than allocating specific cars to particular employees, some employers find it preferable to operate a carpool and have a number of cars available for use by employees when they need to undertake a business journey. From a tax perspective, provided that certain conditions are met,…
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Inheritance Tax and Christmas Gifts Beware of triggering an IHT bill on Christmas gifts When deciding what to give as Christmas gifts, the possibility of triggering an unintended inheritance tax liability is not one that immediately springs to mind. However, there are traps that may catch the unwary. Income or capital When making a gift,…
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