Read our latest Practice News as well as sector specific and accountancy updates from across the UK.

Maximising tax relief for two homes

The UK tax regime provides an important relief from the capital gains tax charge (CGT) on the gains made by owner-occupiers on the sale of their private homes. This is known as Principal Private Residence relief (PPR). The general principle is that only one home can count as a PPR at any one time. However […]

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Spreading income around the family

Owner managed companies often seek to minimise the tax position of shareholder-directors by involving members of the same family and using personal reliefs and lower rate tax bands of each person. Income is therefore diverted from the higher rate taxpayer. However, anti-avoidance rules need to be considered as to whether a diversion is effective. This […]

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Self assessment tax returns still need to be submitted on time

You may have seen in the press or on the TV a couple of months ago, news stories that implied that it would be easy to get out of paying an automatic £100 minimum penalty for the late filing of a self assessment tax return. The background to the initial news stories was the leaking […]

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What is an employee?

The risks to any business paying for the services of an individual are significant. Paying a person as if they are self employed can result in large arrears of PAYE and NIC being payable by the employer. An indication of the complexity of the issue is to be found in a report by the Office […]

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Changes to charity audit exemption thresholds

In July 2012, Lord Hodgson issued a report on the Charities Act 2006 which included a number of recommendations for charities in England and Wales. One of these was to increase the audit exemption threshold. Further to this report, two statutory instruments have been laid before Parliament and are effective in England and Wales for […]

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