Monthly Archives: December 2024

There are specific rules regarding the liability to Inheritance Tax (IHT) on gifts made during a person’s lifetime. In most cases, gifts made during a person’s life are not taxed at the time they are given. These lifetime gifts are referred to as “potentially exempt transfers” (PETs). The gift becomes exempt from IHT if the […]

           1 December 2024 – Due date for Corporation Tax payable for the year ended 28 February 2024.            19 December 2024 – PAYE and NIC deductions due for month ended 5 December 2024. (If you pay your tax electronically the due date is 22 December 2024). […]

Providing Christmas gifts can be a thoughtful gesture, but it’s essential to understand the tax consequences to avoid unexpected liabilities. The tax treatment for gifts differs depending on whether they are for staff, or customers and suppliers. Here’s a breakdown: 1. Gifts to Staff Tax-Free Gifts: Trivial Benefits Conditions: A gift can qualify as a […]