Despite the tax and NI exemption for trivial benefits being more than three years old, business owners are sometimes mystified about when and how they can use it, especially for themselves. How can your clients get the most from it? Tax and NI exemption: The legislation describes the exemption introduced in 2016 as applying to "trivial benefits". This description doesn't really do it justice. While it can't be used as a tax and NI-free substitute for salary, bonuses or any ot

While your client got their business off the ground they neglected their pension savings. They want to make up for it now, but you think that the annual contribution limits will prevent this. Is there a solution? Contribution limits HMRC's rules and limits on pension contributions are often misunderstood. You'll know about the pension "annual allowance" (AA) which limits tax relief for contributions. Contrary to popular belief, it doesn't limit how much you can pay into a pen

Major changes to the tax regime for gains made from the sale of residential property will take effect from April 2020. They will affect how and when your clients are required to report and pay capital gains tax. What's the full story? Current CGT deadlines Currently, capital gains made by individuals are reported through self-assessment. This means, for example, if your client sells a property between 6 April 2019 and 5 April 2020 they must declare it on their tax return and