Tips and Taxes – are you playing by the rules?

27th August 2015

A tip or gratuity is an amount of money that is paid, voluntarily, by a customer or client in addition to the sum they are required to pay for the good or service they have received. The voluntary aspect is the key distinction between a tip and service charge, which is compulsory. If you work in an industry in which more

HMRC vs Dental Practices – To Be VAT Registered or Not To Be

21st August 2015

Since 2006, dentists have been able to incorporate their businesses, and many have chosen to do so because of the benefits it can provide. However, some dentists discovered that the contracts they had with their local NHS trust could not be transferred to the newly created company. One solution to this problem is to continue to run both the old more

The Taxes of Transfer Fees

6th August 2015

The new season of the Barclays Premier League is nearly upon us, which means that there are only a few weeks left for managers (or owners who think they are managers) to splash some cash on a marquee signing or two before the transfer window shuts. Given the extremely large amounts of money that can change hands when a player more

UK risks being branded ‘tax haven’

13th July 2015

Despite general support of the Chancellor’s announcement that the corporation tax rate would be decreasing from 20% to 18% over the next five years, many caution the international impact of the decision. Although there are seven other countries in the G20 with lower effective corporation tax rates, George Bull of Baker Tilly warns that the ‘drift towards ever-lower rates of corporation tax in more

Budget 2015: Take 2

13th July 2015

I’m sure everyone was glued to the TV during the Budget speech last week, hanging off of George Osborne’s every word. However, on the off-chance that you weren’t (although I can’t think of any possible reason why that would be the case!), then the good news is that we here at Howlader & Co HQ were paying attention, and more

HMRC and the incorrect Inaccuracy Penalty

6th July 2015

The case of C J Palau & R C Loughran v HMRC UKFTT 0038 is an excellent example of how consulting an accountant could save you time as well as money. C J Palau and R C Loughran decided to convert a property that they owned in to flats which they would then sell on. They wished to make use of more

Investing money for your grandchildren? Then beware of the tax man!

23rd June 2015

Many grandparents choose to set aside money for their grandchildren’s future by paying in to savings accounts or junior ISAs. What they may not know, however, is that there are limits on how much can be invested on their behalf before tax becomes an issue. As of June 2015, the ‘annual exemption’, which is the maximum amount that can be given more

Private pension time bomb ticks a little louder

15th June 2015

According to a new report by Hymans Robertson, the future cost of paying private pensions to the estimated 11 million people in the UK who are in defined benefit schemes is now greater than the country’s gross domestic product (GDP). In the space of just one year, the price tag has risen from £1.7trn to £2.1trn, whilst Britain’s total annual more