HM Revenue and Customs (HMRC) will generally seek to impose penalties on taxpayers who (for example) have made tax return errors resulting in their tax
Many business owners employ family members such as adult children. The business owner will normally seek to claim a deduction for wages paid to them.
The UK tax system is not known for its generosity when it comes to allowing tax-free benefits from an employment. Any such benefit should therefore
Individual business owners may be aware that a capital gains tax (CGT) rate of only 10% can apply if entrepreneurs’ relief (ER) is available on
Individual business owners may be aware that a capital gains tax (CGT) rate of only 10% can apply if entrepreneurs’ relief (ER) is available on
The use of trusts is a fairly popular way of passing wealth down generations. For example, an individual (who is resident and domiciled in the
Business owners whose tax returns are subject to enquiry by HM Revenue and Customs (HMRC) may be asked to provide evidence about the source of
The tax system in the UK offers tax reliefs and exemptions to employees (including company directors) and the self-employed for various costs etc. relating to
Many taxpayers are aware of a ‘seven year rule’ for inheritance tax (IHT) purposes. They assume this rule to mean that if (for example) a
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