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Reducing Tax

Friend & Grant Chartered Accountants have been helping small and medium sized businesses in the Medway towns and North Kent for over 20 years

23rd May 2022
team meeting

Employer’s NI up from 6th April 2022! How to reduce the impact of this tax increase using salary sacrifice

On 6th April 2022 the employer’s national insurance rate increased to 15.05% from 13.8%. Employer’s NI is an additional tax liability payable by employers on the gross wages of their employees. For a company with 10 employees and an annual payroll bill of £300,000 this is an annual increase in costs to the employer of £3,750.

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28th March 2022
calculator and paper

The Spring statement and our assessment of the impact on business

With the war in Ukraine continuing and huge increases in energy costs inflation is expected to increase substantially over the coming year. The financial pressure is huge with households facing the largest ever recorded cost-of-living squeeze and businesses suffering substantial planned tax rises as well as pressure on wages and fuel costs. Chancellor Rishi Sunak delivered the government’s Spring Statement last Wednesday but it was clearly aimed at households. For businesses there was very little content.

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15th March 2022
row of properties

What tax will I need to pay on my property sale?

Our client bank consists of many different types of property owner: those that buy property as a place to live, those that buy for investment purposes, those that through circumstances become accidental landlords, those that choose to make a living through buying, developing and selling property. What they all have in common is that at some stage they will contemplate selling their property and at that stage they will usually start to consider the tax implications.

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10th March 2022
£20 notes

Are you claiming the full pension relief on your employment income?

Payments made into a pension scheme qualify for a very valuable tax relief at your top rate of income tax. Not only will the monies in the pension fund be available to provide you with an annual income for your retirement but the fund itself falls outside your estate for inheritance tax purposes and is usually available to pass to your family on death.

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11th February 2022

Our top ten tips for landlords

Becoming a landlord, particularly if you are planning to manage the letting yourself, can be daunting. The legalities are complex, finding the right tenants is not easy, things do go wrong and it is easy to underestimate how much time you’ll need to spend on one property let alone a portfolio!

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29th October 2021
person holding pencil near laptop

The 2021 budget- how does it impact you?

Every year we sit with baited breath waiting to see what is in store for businesses and individuals from a tax perspective. Were we in for some surprises? Was there going to be a radical overhaul of the tax system particularly in respect of capital gains tax and inheritance tax?

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18th October 2021
lady holding young girl

Is a family investment company tax efficient?

When your loved ones are seriously ill understandably the last thing you want to think about is anything to do with finances. However it is worthwhile knowing that in cases where a spouse or civil partner is terminally ill there could be an opportunity to save large amounts of tax by passing property in a tax efficient manner.

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15th October 2021

Death Bed Tax Planning – is it worthwhile?

When your loved ones are seriously ill understandably the last thing you want to think about is anything to do with finances. However it is worthwhile knowing that in cases where a spouse or civil partner is terminally ill there could be an opportunity to save large amounts of tax by passing property in a tax efficient manner.

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24th September 2021
Book shelf

Do writers have to pay tax?

It is often the case that those who have creative flair possess no interest in more mundane things like figures. Unfortunately for those people, especially if and when they become successful, they need to pay tax on their profits and so they either require some understanding of accounting and tax matters or be prepared to pay someone else to deal with it for them.

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4th August 2021
Gold Bitcoin

Do I need to pay tax on my cryptocurrency gains?

Over the last few years the number of people buying and selling cryptocurrencies has increased significantly. Is it any wonder given the significant potential gains which individuals can make! Bitcoin hit a record high of $65K in April 2021 (falling to $38,073 at the time of writing this blog on 3rd August).

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29th June 2021
girl on laptop with dog asleep

Don’t miss out on tax relief for home working!

Given the recent advice from our prime minster about working from home where applicable, many employees will be wondering whether they can make a tax claim for working from home.

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4th June 2021
Telsa Electric car in feild at sunset

What is salary sacrifice and how can it save me tax?

Salary sacrifice schemes have been around for many years, but they should not be overlooked because when used as part of an overall remuneration package they can save significant amounts of tax and national insurance for employees and employers.

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20th May 2021
TMS CNC machinery

What is the new super-deduction for investment in equipment?

The new super deduction will run for two years from 1 April 2021 and is a radical new “super-deduction” of 130% for investment in new plant.

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23rd March 2021
Hand in water

Tax efficient life cover for directors and employees

Life cover is never a great subject to talk about but unfortunately you never know when the unexpected may happen. We have all heard of tragic stories of individuals unexpectedly losing their lives, and whilst it is rare it does happen and for many this can leave a huge financial hole for their loved ones.

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9th March 2021
person holding pencil near laptop

Budget 21- Chancellor supports business in the short term with big tax increase planned for the future

In the Chancellor’s second real Budget on 3 March 2021 he announced that he had to level with people about the state of the UK economy. Unsurprisingly given the amount of support necessary for businesses and to keep unemployment levels down the UK finances are in a mess! The national debt is expected to hit £2.5 trillion by the end of 2021!

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5th March 2021
building to represent building a marketing function

VAT domestic reverse charge- chaos for the construction industry.

The long delayed VAT Domestic Reverse Charge for the Construction Industry was finally introduced on 1st March 2021.

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4th February 2021
girl on laptop with dog asleep

The business benefits of a healthy team

There are many benefits of working from home from an employee’s point of view. The savings in time and costs of commuting to work are significant. The improvements in family bonds can also provide real dividends - being there for when your children leave for school or being at home for dinner with the family and tucking the children in at night are benefits which many parents find priceless.

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18th January 2021
Black, white and orange motorcycle

Does it make sense to buy a company motorbike?

Postponed VAT accounting starts on 1 January 2021, but what does it mean and what effect does it have to businesses?

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12th November 2020
man working on roof

What is the flat rate scheme for VAT?

The flat rate scheme was first introduced in the 2002 budget and is a simple way for small businesses to account for VAT on their supplies.

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15th September 2020
Toyota 4x4 pickup truck at sunset in the desert

Aren’t 4X4 pickups just for builders?

Looking for a tax efficient company vehicle and for various reasons an electric car is not an option? How about a 4x4 pickup? In our blog we give 4 great reasons why a pickup might not be a silly idea after all.

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21st August 2020
Man has trodden on chewing gum on the road

Looking to give shares away in your company? Beware the pitfalls.

Looking to give shares away in your company to secure an investor, business partner or lock in an employee? Beware the pitfalls. In this blog we look at why company owners are prepared to sell or giveaway shares in their companies. We look at the problems, the tax issues, some of the solutions and recommendations we would make to ensure that if you do sale or give away part of your company that you secure your financial position.

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28th July 2020
multicoloured umbrellas flying in air

Is your family protected?

Being your own boss is risky at the best of times. If anything unexpected happened would your family be protected?

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8th June 2020
Black samsung tablet showing graphs on table

Looking to increase your profits? Is it a good idea to voluntarily register for VAT?

Business startups and small businesses often do not need to register for VAT. However by registering for VAT the VAT incurred on expenditure can be recovered potentially increasing profitability. The article explores the circumstances when voluntary registration makes sense and when it doesn’t.

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7th May 2020
2 small girls hugging

My income has gone down because of Covid-19 - Should I reinstate my child benefit claim?

Over the last few years many people have cancelled their child benefit payments because their income levels have meant they would otherwise need to pay back the benefit claimed in full through their self assessment Tax Return. However with the current crisis this may need a rethink.

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25th March 2020
red volkswagen toy van

What are the Tax Implications of Buying an Electric Van?

The Government has introduced a number of tax incentives and measures to encourage more people to use zero emission vehicles, and there are rumours that the planned ban on the sale of new diesel and petrol vehicles, as well as hybrids, could start as early as 2032.

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4th November 2020
electric smart car charging

The Mileage Rates for Electric or Hybrid Cars

The Government is pressing ahead with its plan to ban all new non-electric cars from sale by 2035 at the latest, and many UK car buyers are already shifting towards electric and hybrid cars.

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19th March 2020
laptop, iPhone and cup

When can Employees claim for Working from Home?

Given the recent advice from our prime minster about working from home where applicable, many employees will be wondering whether they can make a tax claim for working from home.

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16th March 2020
2020 budget

Key Tax Aspects of the March 2020 Budget

We detail all the key tax announcements made by the Chancellor in his March 2020 Budget.

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12th February 2021
Man in a suit cycling

Cycle To Work - Employee Benefits & Tax Savings

More and more employers are encouraging their employees to cycle to work rather than drive or use public transport. Luckily the government provide tax incentives, which makes this arrangement attractive to employer and employee, particularly for owner managed businesses where they are often one and the same!

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24th February 2020
woman holding £20 notes

What are the Tax Implications of Loans to Employees?

A client recently asked us about benefits in kind for lending employees money? A great question and the answer has led to one very happy employee!

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5th November 2019
snowflake on Christmas tree

Tax Efficient Charitable Giving at Christmas

With Christmas coming we thought it would be helpful to summarise all the key tax benefits you can use over the festive season to ensure you have a very tax efficient Christmas!

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12th November 2019
person holding clapper board

Keep Details of Your Director’s Loan Account and Keep it in Credit!

In a recent Tax Tribunal case the judge agreed with HMRC that a detailed breakdown of director loan account transactions is required, including dates. The significance is that where the loan account is overdrawn (debit balance) there may be a possible P11D benefit on the director and also a tax charge on the company.

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5th November 2019
Christmas gifts

Have a Very Tax Efficient Christmas!

With Christmas coming we thought it would be helpful to summarise all the key tax benefits you can use over the festive season to ensure you have a very tax efficient Christmas!

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4th November 2019
wrapped gift boxes

Top Ten Ways to Save Inheritance Tax

No-one likes paying tax, but it’s a fact of life. But when it comes to inheritance tax, it seems doubly unfair. After all you’ve probably already been taxed on a lot of the value in your estate, why should you pay tax again? Well we’re committed to reducing the inheritance tax burden of our clients,...

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22nd October 2019
Egg hatching

How to Get Investors for Your Business

If you need funding for your business and want to attract investors, why not look at SEIS and EIS? They're tax schemes authorised by HMRC and provide generous tax incentives to the investor.

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20th October 2019
new property

Should I Put My Buy To Let into a Limited Company?

We're often asked whether to purchase a buy to let property personally or via a limited company. Read our detailed advice to help you understand the up-and down-sides of each option. Everyone’s circumstances are different; the pros and cons must be weighed up on a case by case basis.

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10th October 2019
man holding his head looking worried

Need Help With a Revenue Enquiry?

Nobody likes to receive post from the tax man, especially when HM Revenue & Customs have chosen your Tax Return for enquiry. It’s easy to panic and you’ll have lots of questions rattling around your head. Here are our top tips for handling a HMRC Revenue enquiry.

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17th February 2021
Telsa Electric car in feild at sunset

Time For A New Company Car? Why Not Make It An Electric Car?

Thinking about getting an electric or hybrid car for your company? The government has announced that there will be a zero P11D benefit for the drivers of electric cars from 2020/21. This is instead of the 2% scale charge that was originally included in Finance Act 2017 to apply for 2020/21.

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9th October 2019
tray of glasses

Can I Claim Tax Relief for My Glasses and Hearing Aid?

Claiming tax relief on eye tests is often overlooked by business owners, but can you claim tax relief on your Ray-Ban glasses? We thought it would be helpful to outline the rules.

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3rd October 2019
blue piggy bank

What is a Lifetime ISA and is it Worth Having?

The Lifetime ISA (LISA) is for over 18s and under 40s. Each year you can put up to £4,000 into your LISA and the government will contribute a 25% bonus of your investment. The product is highly tax efficient and can be used as a vehicle to buy your first home.

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6th September 2019
Landlord handing over keys

Planning for Changes to Taxation of Landlords

HMRC really seem to have had it in for landlords in recent years. For some it will be worthwhile to restructure their affairs in order to minimise the impact of recent legislation changes.

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29th July 2019
men cycling

Is Your Business Obsessed With Innovation

Every successful businesses has a special formula; they’re obsessed with innovation - it's in their DNA. There are several great tax breaks for companies that innovate.

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5th July 2019
young children playing football

What To Do With the Kids This Summer

As a parent one big headache could be what to do with the kids this summer. If the kids are under 11 the government can help. If they are over 13 how about getting them to come to work for you?

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3rd July 2019
sunset across the sea

Offshore Funds Taxation

Friend & Grant have experience tackling the taxation challenges of a variety of foreign savings, investment, & retirement products, such as offshore funds; we can help advise you on what income needs to be reported, the available allowances, and can help formulate a tax-efficient repatriation plan.

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19th June 2019
padlock on green wooden door

How do You Lock in Key Members of Your Team?

For those business owners seeking success there is nothing more frustrating than finding that key person only for them to leave you. So how do you lock in key members of your team?

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23rd May 2019
gold bars

Make Sure You Keep More of Your Pot of Gold!

If you are building a business you must have an end goal. For most entrepreneurs that end goal is the wish for a pot of gold at the end of the rainbow. Hopefully we will all get there and all the effort will be worthwhile. Unfortunately someone else hopes you’ll get there too, it’s not a naughty leprechaun but someone equally as annoying, the tax man!

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26th April 2019
building construction

One Minute Guide to R&D

Businesses are missing out on a huge tax windfall if they conduct Research & Development and don’t claim the additional tax relief – over 250,000 successful claims have been made to HMRC

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5th March 2019
Startup Guide to VAT Registration

Startups VAT Registration Get it Right!

For all startups knowing when to register for VAT is fundamental. Get it right and you could save £’000s in tax, get it wrong and there could be penalties and additional costs. The rules are fairly straightforward but unfortunately many businesses still fail to register on time.

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26th February 2019
Tax saving calculations for company directors

5 Easy Tax Wins For Company Directors Looking To Grow Their Businesses and Save Tax!

As a company director are you looking to build a strong working relationship with a trusted advisor who will help you save tax and grow your business. If you are then why not speak to us about 5 easy tax wins which we can implement with you.

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8th February 2019
luxury boat on the sea

Estate Planning for Your Parents

You don’t have to be a client to access our Estate Planning for Your Parents service. Our clients agree that this type of forward planning is very tax efficient and helps them to understand the estate that they may have to administer when their parents die.

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7th November 2018
Budget Report 2018 - Friend and Grant - Financial and Tax Advisors Kent - Friend and Grant

Budget Report 2018

This is our special budget report following the Chancellor’s Autumn Budget announcements. As previously announced, these were the main themes of the Chancellor Phillip Hammond’s third budget but what we were waiting to hear was where the extra money was going to come from? Had he found a “Magic Money Tree”, or would tax and...

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23rd October 2018
Beef burger in a roll

Is My Big Mac Tax Deductible?

Subsistence is a big problem area in tax. Many clients incorrectly assume that if you are working and buy a lunch or grab a snack when re-fuelling the car or van that this is fine to claim against your tax bill.

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23rd October 2018
Horse Racing

Don't Let the Taxman Ruin Your Day Out!

Entertaining clients is a legitimate business expense and can be paid out of the business account. But, you will not be able to claim tax relief for the amounts spent nor can you claim back any VAT paid. But, if there is a sponsorship element to the expenditure then the position may be more favourable.

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23rd October 2018
Classic e type jaguar car

Fancy a Classic Car as Your Company Car?

Will your next company car be a classic? How would you like to drive a fun Fiat 500 from the sixties or a cool Lancia Fulvia from the seventies? This is a serious question for car enthusiasts and one several of our clients have said a big YES to! Surprisingly, classic cars can be quite...

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23rd October 2018
workplace training in the classroom

Is Training Tax Deductible?

This question is asked a lot and it is usually along the lines of…. “I would like to learn about X and there is a great course. Could I put it through my business?” Most business owners think that training costs aimed at improving skills or business profits automatically qualify for tax relief, but that’s not...

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23rd October 2018
Basket of Flowers, Wine & chocolates

Maximise Tax Free Trivial Benefits

Tax Free Trivial Benefits – Make Sure You Make the Most of This Opportunity First announced in the spring 2015 budget, new legislation clarifying the tax treatment of trivial benefits came into force from 6th April 2016. But is this an easy opportunity to extract benefits tax free from your company? The simple answer is yes!...

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22nd October 2018
Tesla model X

100% Tax Relief on Tesla Model X Continues

Do you think that all 100% tax relief cars are electrics with the performance of an old fashioned milk float? Think again. This one does 0 to 62MPH in 2.9 seconds! There’s over 130 makes and models of cars which qualify for 100% tax relief; some amazing vehicles are included on the list: BMW I8,...

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22nd October 2018
House in countryside

Residence Nil Rate Band - Don't Waste This Valuable Tax Relief

From April 2017 HMRC began phasing in the ‘residence nil rate band’ which could mean large savings on inheritance tax bills for future generations. From 6 April 2020 it’s worth £70,000 per estate – so a whopping £140,000 of tax ready to be saved per couple. However, there are potential stumbling blocks as with most...

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9th October 2018

Making Tax Digital - 5 Things To Do To Be Compliant

Despite there being no public news announcements from HMRC, like the TV advert about Auto-Enrolment with the 10ft furry monster, Making Tax Digital (MTD) for VAT is still going ahead from 1 April 2019. MTD for VAT will affect almost all VAT registered businesses in some way, meaning there could be more work to do...

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9th October 2018

Tax Advantages of Furnished Holiday Lettings

Many of the recent changes in the taxation of buy to let rental businesses do not apply to property businesses that qualify as furnished holiday lettings. In particular, the restriction on deductibility of finance costs that started to apply from 2016/17 does not apply to furnished holiday lettings. It may be worth considering investing in...

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9th October 2018
aged hands over a cane

Pension Payments Can Have a Sting in the Tail

Make Pension Payments before 6 April but High Income Clients Beware the Sting in the Tail  Making a personal pension contribution before the 6th April can be extremely tax efficient. Higher rate tax payers should be able to get higher rate tax relief on their personal pension contributions. For directors with their own companies employer...

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Book Your Discovery Meeting

Are you hungry for success? If you run a small to medium size business and you want to grow your sales, increase profitability and pay less tax then you have come to the right place.