Taxation

Useful articles and insight that will save you time and money.
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Inheritance Tax - Loan Waivers

It is not uncommon for moderately well-off parents to help their children with loans (particularly in connection with the acquisition of property) which later on in life they proceed to convert to gifts when their own circumstances are assured. What documentation is necessary? Do you really need to bother?

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Chris Stedman
Senior Partner

Tax Chat #2

Many clients sensibly set up a direct debit for payment of VAT which not only gives a few days extra to pay VAT but also ensures HMRC receive your payment on time, we at C&H Stedman always recommend this.

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Hugh Stedman
Managing Partner

Tax Chat #1

There is currently a lot of activity and hype about the 130% super-deduction for companies that ends on 31 March 2023, you may be being encouraged to take advantage of it while it is there or thinking of bringing capital expenditure forward to take advantage of it.

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Hugh Stedman
Managing Partner

Corporation Tax – Preparing for Changes

Since the financial year 2015 the UK corporate tax rate has been at a single rate, and that rate for the years 2017-2022 has been 19%. This has made life very simple and a good time has been had by all. But changes will be cutting in for the financial year 2023 which commences on 1 April 2023 and which is little more than 12 months away

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Chris Stedman
Senior Partner

Self Assessment Tax Returns

According to HMRC some 12.2 million people were expected to file a 2020/21 tax return by 31st January 2022, the official filing date. One week before this date there were still 4 million returns outstanding – nearly a third of them!

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Chris Stedman
Senior Partner

Capital Gains Tax Rollover Relief – An Introduction

Not many people pay capital gains tax and still fewer would be in a position to claim rollover relief, That said, it is a valuable relief and certainly one that business owners should know about…

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Chris Stedman
Senior Partner

The New Plastic Packaging Tax

Plastic packaging tax is a brand-new tax with a brand-new acronym (PPT) and a brand-new set of rules and regulations. It kicks in on April Fool’s Day 2022, but businesses affected need to be preparing now…

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Chris Stedman
Senior Partner

Capital Gains Tax Losses and Connected Persons

Thinking to make a capital loss on disposal to a connected person in view of reducing other capital gains? The rules are different and may catch you out if you're not careful...

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Chris Stedman
Senior Partner

Payment of Inheritance Tax - Deceased Estates

While the prime object in most Estate Planning exercises is to avoid payment of IHT altogether the fact remains that an increasing number of estates will be chargeable. This could be your estate or one for which you will be responsible as an Executor. It is useful to know that certain types of property qualify for payment of tax by instalment.

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Chris Stedman
Senior Partner

Century!

There was a time when everyone was entitled to a full personal allowance. Then George Osborne introduced a change in the Finance Act 2014. From 6 April 2015 the allowance was progressively withdrawn where “adjusted net income” exceeds £100,000.

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Chris Stedman
Senior Partner

Some Inheritance Tax Traps

Examples of some common traps with inheritance tax.

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Chris Stedman
Senior Partner

The Marriage Allowance

This is a relatively new allowance which first became available in the year 2015/16. Unlike other reliefs it is a transfer of excess allowances from one spouse to another.

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Chris Stedman
Senior Partner

Stamp Duty Land Tax (SDLT) : Welcome Break

The government has announced a stamp duty land tax holiday until 31st March 2021 in an attempt to kickstart the residential housing market.

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Chris Stedman
Senior Partner

Van… or Car?

Here’s the latest on the HMRC van case, a long running saga between Coca-Cola European Partners GB Ltd and The Commissioners for Her Majesty’s Revenue and Customs.

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Tom Stedman
Operations Partner

Charitable Giving

Successive UK governments have positively encouraged charitable giving in recent years by providing generous income tax and corporation tax relief to donors, donees and sometimes both. After all the public is taking on financial responsibility some of which the government should be bearing…

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Chris Stedman
Senior Partner

Tax in the 2020s

The Government has just published a report entitled “Building a Trusted Modern Tax Administration System” in which it sets out its roadmap for making tax digital (MTD) in the context of a broader 10-year plan to modernise the tax system which is appropriate to the present decade.

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Chris Stedman
Senior Partner

The Shaggy Calf Story

Here’s a recent tax case that underlines some basic tax principles.

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Chris Stedman
Senior Partner

The UK Trust Register

This Register has been around since 2017. It serves a dual purpose:

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Chris Stedman
Senior Partner

All Change with Capital Gains Tax?

Capital Gains Tax (CGT) is an interesting tax and a relatively new one as well. It was introduced in 1965 by the Labour Chancellor, James Callaghan, who went on to replace...

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Chris Stedman
Senior Partner

Belated Bonuses

The tax legislation makes provision for staff or director remuneration to be paid up to nine months after the accounting year end but allowed as a deduction in the accounts of the earlier year. What are the implications?

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Chris Stedman
Senior Partner

We have enjoyed a good working relationship with C&H Stedman over many years and have proved them to be 100% reliable and professional in producing accurate and timely Monthly Management Accounts and Year end Financial Reports.I have no hesitation in recommending them as ‘trusted advisors’ both in relation to financial planning and tax efficiencies, having many years’ experience and a breadth of knowledge in these fields.

Name of Customer
HR Advisor, Company

C&H Stedman Accountants have provided professional advice for us since 2003. They produce regular Annual and Management accounts, with clear reports charting analysis, ratios and trends, and they supervise all our partnership’s tax affairs.Their service is always competent, prompt and friendly, and they readily give guidance on accounting issues which arise from time to time. A good support to our business!

Name of Customer
Job Title, Company

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