Posted in HMRC Notices
Overpayment relief was introduced from 1 April 2010 and replaced error or mistake relief for Income Tax, Capital Gains Tax (CGT) and Corporation Tax. Overpayment relief allows taxpayers to recover overpaid Income Tax, CGT, Class 4 NIC, Corporation
Continue readingPosted in Inheritance Tax
Most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime transfers are known as ‘potentially exempt transfers’ or ‘PETs’. The gifts or transfers achieve their potential of becoming exempt from Inheritance
Continue readingPosted in Employee Benefits
There is no requirement for employers to pay tax and National Insurance on certain health benefits covered by tax concessions or exemptions. For example, there is no requirement to report employees’ medical or dental treatment or insurance if they
Continue readingPosted in Corporation Tax
HMRC defines a director’s loan as money taken from your company (by you or other close family members) that isn’t:
a salary, dividend or expense repayment and
money you’ve previously paid into or loaned the company
An overdrawn director’s loan