Sinclair Day

October 4, 2017

Christmas party and other social events

In a recent newsletter we looked at the tax implications of giving Christmas gifts to your staff and the complications that can arise. In this newsletter, we will take a look at the tax breaks available for staff Christmas party or similar annual
September 28, 2017

CGT annual tax-free allowances

There is an annual Capital Gains Tax (CGT) exemption for individuals (who live in the UK) as well as executors or personal representatives of a deceased person’s estate. The exemption is £11,100 for the 2017-18 tax year. A husband and wife each have
September 28, 2017

VAT returns – correcting mistakes

There are special rules for correcting errors on VAT returns. The relevant rules depend on whether you need to: Amend your VAT records if you discover they contain errors; Correct errors on VAT returns you’ve already sent to HMRC; Claim a refund
September 28, 2017

Expenses and benefits: Christmas gifts

It is established practice that Christmas presents paid in cash to employees are almost invariably taxable as earnings. This view has been upheld by the courts on many occasions and can mean that a gift from a well-intentioned employer is worth less