The best and worst of British banks

Personal and small business current account holders were asked how likely they would be to recommend their provider to a friend, relative or other business. The survey also covered the quality of online and mobile provision, branch and overdraft services and, for...

Tax and duty on goods sent from abroad

There are special rules to help ensure that goods sent from abroad are taxed appropriately. The aim is to not disadvantage UK businesses supplying goods in the UK, for example, by having to compete with VAT free imports. This includes goods that are new or...

Capital Gains Tax and trusts

A trust is an obligation that binds a trustee, an individual or a company, to deal with the assets – such as land, money and shares – held by the trust. The person who places assets into a trust is known as a settlor and the trust is for the benefit...

VAT recovery when leasing vehicles

The VAT treatment of motoring expenses is relevant to any business that incurs VAT on motor expenses. We have covered below some important points to be aware of concerning the recovery of input tax (VAT) when leasing vehicles: Leasing company recovering VAT on...

Overview of private pension contributions

You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance was £40,000 in 2022-23. There is a three year carry forward...