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27 Feb 2020

Mileage allowance payments – what is NIC-free?

Employees frequently use their cars for work and may be paid a mileage allowance by their employer for doing so. Employers are generally familiar with the rates that can be paid tax-free; however, it is easy to assume (wron...

23 Nov 2018

Give away £3,000 IHT-free each year

There are various exemptions for inheritance tax purposes which enable a person to make tax-free gifts. One of the more useful is the annual exemption.

Nature of the exemption

The annual exemption is set at £3,000. The exemption allows...

16 Nov 2018

Tax-free Christmas parties

Although the tax legislation contains an exemption to prevent employees from suffering a benefit-in-kind tax charge on the staff Christmas party, the exemption is limited in scope and application. It is unwise to assume that there will be no t...

2 Nov 2018

Savings income – how is it taxed?

The taxation of savings income can be complicated as there are various allowances and rates that come into play. However, most people are able to enjoy savings income tax-free. For these purposes, savings income means interest on saving...

17 Aug 2018

Tax-free income from renting out your drive

Your drive may not normally warrant a lot of attention— however, it may have the potential to generate a tax-free income. Parking near to town centres and stations is always limited, and parking is always needed for events. Ow...

19 Jul 2018

Tax-free parties – how to exceed the £150 per head limit

The tax system contains a limited exemption for Christmas parties and other annual functions, under which employees can enjoy an employer-provided annual function tax-free as long as the cost per head is not more...

1 Jun 2018

Mileage allowances – what is tax-free

Employees are often required to undertake business journeys by car, be it their own car or a company car, and may receive mileage allowance payments from their employer. Up to certain limits, mileage payments can be made tax-free. T...

10 May 2018

Help to Save

The Help to Save scheme is a Government initiative which is designed to encourage those on low incomes to save. Over 4 years, regular savers can deposit up to £50 a month and could receive up to £1,200 in tax-free bonuses.

Who can benefit?

The Help to Save sc...

26 Apr 2018

Tax-free childcare

Parents with children under the age of 12 can now take advantage of the Government’s tax-free childcare scheme and open an account online and receive a tax-free Government top-up. The scheme was originally launched last April for under twos and access...

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