Company car and fuel

by | Sep 1, 2024 | Tax Thought for the Month

Monthly Thought. Company Car and also Fuel  If you have a company car and also receive fuel from your employer, to avoid an additional benefit-in-kind charge on that fuel, you must pay back any private use in full (using Approved Mileage Rates). Anything less than...

Official Rate of Interest

by | Jun 7, 2024 | Tax Thought for the Month

Monthly Thought.   Official Rate of Interest.  Whilst the Bank of England’s base interest rate now stands at 5.25%, the ‘Official Rate of Interest’ (which HMRC uses to calculate benefits-in-kind like cheap loans and job-related accommodation) only...

Incorporating a business

by | Apr 19, 2024 | Tax Thought for the Month

Monthly Thought.   When incorporating a business,  as well as the CGT implications, do not overlook the imposition of Stamp Duty Land Tax when land and buildings are transferred to your company. Section 53 Finance Act 2003 imposes market value consideration, even if...

Considers some of the benefits of trusts.

by | Oct 19, 2023 | Articles

Tax Insider Chris ThorpeConsiders some of the benefits of trusts.  Trusts are essentially a break in the ownership of an asset between the legal owner (the trustee) and the beneficial owner, i.e., the person or people who can enjoy that asset (the beneficiary). For...

Keeping it in the family

by | Aug 19, 2022 | Articles

Tax Insider Chris Thorpelooks at necessary tax considerations when structuring a family company. Whether it’s starting a new business from scratch or inheriting a well-established one from retiring family members, one of the main factors (but not the sole one) is...
Chris Thorpe
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