Information that must be included on a VAT invoice
A VAT invoice is an invoice that contains information required by the VAT regulations. A VAT invoice can only be issued by a business that …
Class 2 NIC (National Insurance contributions) charged in error
The liability for self-employed earners to pay Class 2 NIC was abolished with effect from 6 April 2024. Now Class 2 National Insurance is a …
IHT charge on unused pension benefits
From 6 April 2027, inheritance tax will be payable where someone’s estate at death includes unused pension funds or death benefits. The measure was announced …
Temporary staff and auto-enrolment
Employers have a duty to enrol eligible staff in a pension scheme. Staff are eligible if they are aged between 22 and state pension age …
What happens to your estate if you die intestate?
In an ideal world, everyone’s estate would be distributed according to their wishes. However, where someone dies without making a will, who gets what is …
Tax-free trivial benefits
The tax exemption for trivial benefits is a useful one as it allows employers to provide certain low-cost benefits to employees without an associated tax …
Correcting errors in your VAT return
It is easy to make mistakes when completing your VAT return. However, where mistakes are made, it is important to correct them. This is fairly …
Tax implications of writing off a director’s loan
Personal and family companies often make loans to directors. However, there can be tax and National Insurance implications of doing so. Where the loan remains …
Calculating adjusted net income and why it matters
Adjusted net income is a key measure of income for tax purposes. It is total taxable income before taking account of any personal allowances and …
Dealing with a Simple Assessment letter
Simple Assessment is used by HMRC to collect tax underpayments from taxpayers with straightforward tax affairs. It removes the need for the taxpayer to complete …
When do you need to register for VAT and how do you do it?
If you are running a business, regardless of whether you operate as a sole trader, in partnership or the business is run as a limited …
Making a loan from a personal company to a family member
There are many possible situations in which a person may make a loan to a family member, for example, a parent may lend money to …
