Small businesses that trade locally are often looking for tax deductible costs and if this can be combined with promoting their business, it’s a double benefit. If you have an interest in sport or have children who play sport, then maybe sponsorship is an option to consider.
With the increase in house prices, it is becoming increasingly common for parents to think about signing over property to their children. As a homeowner you are entitled the give your property to your kids, even if you live in it, but you should be aware of the tax consequences of doing so.
Late filing penalties were introduced to encourage directors of companies to file their accounts and reports on time, because this information is required for the public record.
Inheritance tax is the tax that arises on the estate of a person when they die. The tax, once calculated, is payable by the estate of the deceased, and not by the recipients of the estate. So, any tax due would be settled from the funds of the estate, normally by the executor appointed in the will of the deceased.