Group Relief is a tax provision that allows companies within the same corporate group to share tax losses and certain other tax attributes. In essence, it enables profitable group members to offset their profits with the losses of other group members, reducing their overall tax liability.

In our interconnected world, it’s increasingly common for individuals to have income sources or financial assets located globally. These may include foreign employment, rental income from properties abroad, dividends from foreign investments, or even pensions from overseas employers.

Contributing to a pension scheme is a smart financial move that not only helps secure your retirement but also comes with valuable tax advantages. When you make contributions to a registered pension scheme, you have the opportunity to benefit from tax relief, which effectively boosts your savings.

Receiving gifts or assets from parents who are not UK residents is a common scenario, especially in today’s interconnected world. While such gifts can be a source of financial support or a way to pass on family wealth, it’s essential to understand the potential inheritance tax consequences.

Child Benefits are payments made by the government to support parents or guardians in raising their children. These payments are typically made on a monthly or weekly basis and can provide essential financial assistance for families.

The exemption for parking provision and expenses under section 237 ITEPA 2003 exempts the provision, reimbursement, and payment of parking at or near the employee’s workplace.If an employer were to provide, reimburse or pay for parking facilities and then recover this from the employee’s gross earnings under a salary sacrifice arrangement, the exemption no longer applies, and the provision becomes taxable.

A clear and fair shareholder agreement can help prevent unnecessary disputes from arising. At its simplest, a shareholder agreement governs the rights, obligations, and responsibilities of the shareholders in a company. The content of the agreement can and should vary, depending on the needs and goals of the shareholders, and the nature of the company itself.

Private limited companies, whether they trade or not, must file annual accounts with Companies House each year, including dormant companies. A penalty is automatically imposed if the accounts are late. Penalties range from £150 to £1,500 depending on how late accounts are filed.

The Let Property Campaign gives you an opportunity to bring your tax affairs up to date if you’re an individual landlord letting out residential property in the UK or abroad and to get the best possible terms to pay the tax you owe.

It is not uncommon for car dealers to tell buyers that their businesses can recover the VAT on the purchase of an electric car. This is not the case; the block on input recovery on internal combustion cars applies equally to electric and hybrid cars.