Increases in Interest Rates for estates paying IHT by Instalment
Written by Tax Partner, Michaela Lamb HMRC allow estates with an IHT liability in relation to certain assets to pay the liability over a period of 10 years. These are paid annually in equal instalments, which attract interest. This can be a useful option for families who do not wish to part with those assets, […]
Looking to recover the VAT you have incurred overseas, but you don’t have a VAT registration number in that particular country?
Written by VAT Partner, Sandy Cochrane Many UK companies wishing to submit their claims will be affected by the deadline of 30 September – depending on which EU country the claim needs to be made for. Our team of VAT experts at Gravita work closely with our DFK colleagues all over the globe, to help […]
Stealth Tax: As tax payers pay more income tax each year, what planning tips can you implement to reduce your Tax Rate?
Written by Tax Partner, Michaela Lamb An article in the The Times this week has reported on the fact that the freezing of the tax-free personal allowance, basic and higher rate income tax thresholds as part of the Chancellor’s Budget earlier this year’ has brought 1.6million more people into the realms of paying income tax […]
Staff summer parties, and the treatment of VAT
Written by VAT Partner, Sandy Cochrane With summer approaching, you may be starting to plan your work summer party. At Gravita, we are in the process of securing our summer venue as it is so important for us to get together as a team and have an evening of catching up, laughter, food, drinks, and […]
Generous Employer Pension? Beware of the hidden tax traps…
Written by Tax Partner, Michaela Lamb Many employers now offer pension contributions as part of their remuneration packages – in fact, following the introduction of Auto Enrolment Pensions in October 2012, you and your employer are obliged to make contributions to a pension scheme, unless you specifically opt out. For most people there is […]
If you wish to make voluntary NI contributions to the ‘new state pension’ you may benefit from the current extension, but must now act before 5 April 2025
This extension could make all the difference in ensuring you receive all or some of the ‘new state pension’ and you should act now. For those retiring on or after 6 April 2016 In March 2023 HMRC announced an extension (to 31 July 2023) of the 5 April 2023 deadline for making additional National […]
VAT and Sport …Private Tuition
Gravita’s tax consultant, Tim Palmer, gives his experiences relating to sporting private tuition and VAT. Many years ago, I was presenting a tax update lecture in Central London. During the course of the lecture, I reminded the delegates that if they had an individual client who was giving private tuition in a subject ordinarily taught […]
Mixed use property portfolio – 7th November 2023 deadline to submit certain annual adjustments for VAT periods ending on 30 September 2023
Written by VAT Partner, Sandy Cochrane It is commonplace for taxpayers to own UK property which contains a mixture of residential and commercial. For example, where a building will have commercial premises on the ground floor, and residential premises above. These taxpayers are likely to be partially exempt for UK VAT purposes, receiving taxable income […]
The current outlook for the travel industry
Written by Audit Partner, Luke Metson With the travel industry recovering from the Covid pandemic and travellers facing new challenges, such as high inflation, increasing interest rates and high energy bills, there is a general uncertainty as to their appetite for travel. Whilst the ‘cost-of-living’ crisis is putting pressure on travellers’ finances, many do still […]
Mitigating some risks with SEIS and EIS tax investment schemes
Written by Tax Partner, Toby Hermitage The SEIS (Seed Enterprise Investment Scheme) and EIS (Enterprise Investment Scheme) schemes provide valuable tax incentives for investors who subscribe to shares in particular companies. These reliefs make fundraising for newer and smaller companies much easier as the investor’s downside risk is mitigated and upside benefit is exempt from […]