What is Inheritance Tax?
Many of us could be caught out by Inheritance Tax (IHT). Contrary to popular belief, you do not need to be mega-rich to owe HMRC a chunk of money when you die. I think most of us would prefer as much as possible to go to our loved ones, rather than HMRC.
Royal Opera House VAT alert
A recent Court of Appeal case concerning the Royal Opera House Foundation has decided that that there was no direct and immediate link between the costs of staging productions and their taxable supplies of catering etc. The production costs were found to be ‘directly and immediately linked’ to ticket sales which are exempt from VAT due to the cultural exemption rules and the VAT costs incurred on them as a consequence was irrecoverable.
What is pension tax relief?
Pension tax relief can seem like an alien concept, but it pays to understand what it is and how you can make the most of it, up to certain limits.
VAT on the sale and leaseback of care homes
The Supreme Court’s recent decision in Balhousie Holdings [Balhousie Holdings Ltd v HMRC [2021] UKSC 11] indicates that care home operators (and other entities such as charities and universities) may be able to use sell and lease back arrangements to finance the construction of new buildings without incurring a significant VAT penalty.
Updated VAT Alert – Welfare services
A recent Court of Appeal case has decided against two organisations that provided day care services.
What are the tax rules for the new Cryptoassets phenomenon?
It may feel like an alien world, full of complicated jargon and unseen digital transactions, but HMRC has been considering how cryptoassets should be taxed for years and have recently pulled together all their existing guidance into a new Manual. There isn’t any new legislation to go with it because they consider that existing rules cover this new way of trying to make money – many would disagree but how do you know what to do about your tax in the meantime?
Re-joining the NHS Pension Scheme
Changes to pension annual allowance rates that were announced in this years budget, those who previously opted-out may now consider opting back in.
Top Ten Tips for Start-Ups
The Covid pandemic has been tough on many businesses; one of the consequences of the economic turmoil of the past 12 months has been a significant increase in the number of new businesses starting up.