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Advance Valuation Rulings on imported goods

Advance Valuation Rulings on imported goods

Importers of goods to the UK from overseas no longer need a business tax account to get an Advance Valuation Ruling for their goods. The rulings, which last for up to three years, mean traders and agents can act with legal certainty on the value of the goods they are...
Business Property Relief – Part 2

Business Property Relief – Part 2

Please read the below content in continuation with our last week newsletter. The ‘wrong’ type of business; BPR cannot be claimed If the relevant business property is in the company which: Mainly deals with securities, stocks, shares, land or buildings, or in making or...
Tax advice error could impact your State Pension

Tax advice error could impact your State Pension

Group income protection policies taken out through employer salary sacrifice schemes have been wrongly treated for tax thanks to incorrect advice given by HMRC to the Association of British Insurers back in October 2019. Even though HMRC corrected this advice in...
Business property relief

Business property relief

It is a valuable inheritance tax (IHT) relief, allowing certain types of business assets to be passed on 100% IHT-free. There is also a 50% rate of relief for other eligible business assets that do not qualify for the 100% rate. However, as with all reliefs, its...
How to spot tax avoidance schemes

How to spot tax avoidance schemes

Thousands of people found themselves caught up in the IR35 tax avoidance problems, where freelancers who were earning through a limited company set up to deal with their income were deemed – retrospectively – by HMRC to have been involved in tax avoidance. In short,...