Running a business - Tax & NI

Recently added Tips & Advice

CAPITAL ALLOWANCES - 03.04.2024

Employers or employees - who gets tax relief for equipment?

Your company is kitting out its directors with new computers for their home offices. As inevitably there’ll be some private use of the equipment, how might this affect the tax position of the company and the director?
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SCAMS - 03.04.2024

Surge in tax scams

Numbers up. According to a recent report from HMRC it received over 207,000 potential fraud referrals in 2023, a rise of 14% compared with the previous year. Even more worryingly is that the scams are becoming more sophisticated and difficult to spot. Self-assessment. You are especially at risk if you’re one of the nearly 12 million taxpayers who submit self-assessment tax returns. HMRC says “Taxpayers who completed their tax return for the 2022 to 2023 tax year by the 31 January deadline might be taken in by an email, phone call or text message offering a tax rebate.” If you receive such a message you should not respond but contact HMRC instead (see The next step ). ...
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PROPERTY - 03.04.2024

Property expenses - HMRC admits error

In late 2023 HMRC wrote to landlords suggesting they may have claimed tax relief they weren’t entitled to. It now accepts it was wrong. What’s the full story?
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INVESTIGATIONS - 03.04.2024

Penalties for not reporting a tax liability

The First-tier Tribunal (FTT) recently had to decide if HMRC was right to issue tax assessments and penalties because a taxpayer had provided inadequate information about her income. What practical advice can be learned from the FTT’s ruling?
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CORPORATION TAX - 03.04.2024

Improving cash flow to help pay corporation tax bill

Last year produced a good profit with a correspondingly high tax bill. Conversely, the current year will show a small loss. This has left the company with insufficient funds to meet the tax bill. How might a change of accounting date help its finances?
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EXPENSES - 02.04.2024

Overseas business trip with the family - is it taxable?

Our subscriber is making an overseas trip for business and is taking her spouse and two children so they can holiday while she’s working. Her question is, can she put the expense through her company and if so are there any tax considerations?
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Running a business - Tax & NI

Most read Tips & Advice

CARS & VANS - 24.01.2024

When is a vehicle “available” as a company car or van?

After a routine compliance check HMRC is demanding years of back tax and NI plus penalties from our subscriber simply because once every few months an employee uses the firm’s van for work. Is HMRC right or just trying it on?
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EXPENSES - 24.01.2024

Tax relief for home broadband?

You’ve agreed to reimburse part of an employee’s broadband bill for when they work from home. HMRC’s guidance says that although it’s a business expense you must deduct PAYE tax and NI from anything you pay. Why, and can it be avoided?
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PROFIT EXTRACTION - 20.02.2024

Planning your year-end dividend

The end of the tax year is approaching and you want to make full use of the 8.75% tax rate that applies to dividends. How can you work out how much dividend you can take and ensure its payment before the tax year ends?
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