GDPR (the General Data Protection Regulation) is now in force, and that means organisations have greater obligations on how they handle personal data. That includes personal data on customers, staff and suppliers. The new law is designed to harmonise data privacy laws across the EU – including the UK Data Protection Act (1998), which has…
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As Benjamin Franklin wrote in 1789, “nothing can be said to be certain, except death and taxes.” Wise words indeed – but with appropriate planning, you can reduce taxes and other costs when you die. This post gives some tips on how to do that. It’s very important to have an up-to-date will that has…
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Inheritance tax (IHT) is a tax on the estate of someone who’s died. It’s controversial and is considered to be the most unfair of all UK taxes, according to a 2015 YouGov survey. Which in itself is a bit unfair – because there are ways to minimise it or avoid it completely. This post gives…
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The tax implications of separation or divorce Couples break up at any time of the year, although it’s particularly common around now. Christmas is over and it’s still winter – but spring is just round the corner. Time, perhaps, for a fresh start. Unfortunately, for tax reasons it’s not a good time to separate. That’s…
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Made money on crypto currencies? Here’s how you could be taxed. Crypto currencies are a hot topic at the moment. They’re controversial, risky and volatile – but are probably here to stay. Some have experienced phenomenal growth. The price of Bitcoin, for example, rose from around $1,000 a coin in early January 2017 to nearly…
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As part of its ‘Making Tax Digital’ (MTD) initiative, HMRC is introducing a new digital tax system for businesses. The scope and timetable are not yet fully defined – they keep changing – but the current planned date of implementation is April 2019. From that date, VAT-registered businesses with a turnover greater than the VAT…
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Christmas is a time for giving and celebrating – but watch out for the tax implications December is the time of year when companies hold the Christmas Party and give Christmas Gifts to staff. But to get the best value, you need to do a little tax planning. Christmas Gifts If you give a cash…
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Many taxpayers will be disappointed after the HMRC won a landmark case on VAT refunds. The case involved the historical overpayment of VAT by Littlewoods between 1973 and 2004. When the mistake was noticed, HMRC accepted that VAT had been overpaid and repaid Littlewoods £205m plus interest of £268m. The issue was that HMRC had…
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