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Who has a Will?

A shocking case was reported in the FT of two step-sisters who were arguing over which of them should inherit their late parents’ house. The elderly couple had been found dead in their home, and it was not possible to determine who had died first. The situation was complicated because the father had not made[…] Read more »

Registering a deceased’s Estate for Tax

Tax obligations do not cease on death, the executors of the deceased’s estate have to complete the final tax return to the date of death, and deal with the IHT returns and payment. Where the estate is extensive or there are competing claims under the will it can take a significant period to transfer all[…] Read more »

Tax deductible mobile phones for employees

Q. I am the director of a family-owned company. My wife and my two children are employed by the company. If the company provides a mobile phone to each of us, what will the tax implication be? A. No tax charge arises where an employer provides an employee with a mobile phone, irrespective of the level of[…] Read more »

Flat Rate VAT and Rental Income

Q. I am a VAT-registered trader and use the flat rate scheme for working out my VAT payments. I receive a small amount of rental income each month which I include in turnover to calculate the VAT due to HMRC. The rental income is managed by a letting agent. Should I include the gross or net[…] Read more »

Bare Trusts – Income tax and Capital Gains tax

I am looking at gifting my child a sum of money. What are the income tax consequences if I use a bare trust to do so? There is no definition of a bare trust in the income tax legislation. Put simply, a bare trust is one where the beneficiary has the absolute right to the[…] Read more »

Tax-efficient charitable giving

Tax relief on personal giving via Gift Aid is given partly by deducting basic rate tax from the payment and partly by giving relief under self-assessment. That makes it hard to work out the true cost of personal giving. Assume that you want to give £100 out of your post-tax income to charity: in other[…] Read more »

Claiming tax relief on expenses during a company closure

My clients have inquired about the possibility of claiming relief for expenses incurred in connection with closing down their company.  In particular, they would like to know whether they could get tax relief for professional advice that they have taken and whether they can arrange for the company to make pension contributions on behalf of[…] Read more »

Employee Jury Service

My client has been informed by an employee that they have been summoned to attend jury service.  What are the rules around this?  The chances are that a lot of smaller employers may be less familiar with handling requests for time off to attend jury service. However, it is important that your client has an[…] Read more »

Colwey Holmes Accountants are looking for a new Practice Accounts Assistant to join the busy Team

Due to continued growth in business, we are currently looking for a new Practice Accounts Assistant to join our busy team. Sounds interesting? Please click on the following link to view the details and requirements: https://www.cowleyholmes.co.uk/become/join_the_team.php  

Claiming of Pre-trading expenditure when using the Flat Rate Scheme

My client is about to register for VAT and wants to use the flat rate scheme as she meets the conditions and it would be beneficial to her. However, her intention is to register for normal VAT initially, in order to recover pre-registration input tax, and then after the first return has been filed, switch[…] Read more »


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