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, it is important to ascertain whether the gift is being made out of income…
At first sight, the calculation of a capital gain or loss on the disposal of an asset is relatively straightforward – simply the difference between the amount received for the sale of that asset and the cost of acquiring (and, where relevant) enhancing it, allowing for the incidental costs of acquisition and disposal. However, as…
- Relief for trading losses
- Should an LLP partner be treated as a salaried partner?
- Gift cards and the trivial benefits exemption
- Using your car in your property rental business
- Grounds and gardens for SDLT
- Joint tenants v tenants in common – Does it matter?
- Employer-funded scholarships
- Weighing up LLPs
- Tax relief on business-related loans
- Directors’ loans – Beware of ‘bed and breakfasting’
Sign up for news, offers and free advice
Did you know?
If you have a joint savings account, you need to declare this income on your self assessment. ISA income is exempt.
- My Tweets