Tax

Recently added Tips & Advice

COMPLIANCE - 07.07.2022

What happens if you pay PAYE late?

Your company has a short-term cash-flow shortfall due to a large customer paying late. One way around this would be to delay making the PAYE payment by a few days. What are the consequences of doing so?
Read more

PAYE SCHEMES - 07.07.2022

Multiple PAYE schemes

You can elect to set up more than one PAYE scheme in respect of groups of employees. The process for making such an election changed on 6 April 2022. How do you do it now?
Read more

ADMINISTRATION - 07.07.2022

Dealing with employee pay queries

When payday comes around the payroll team are often inundated with questions from employees about their pay packet. Is there anything you can do to reduce the number of queries?
Read more

BENEFITS - 07.07.2022

Is your summer staff party tax and NI free?

You’re thinking of holding your first ever summer event for your employees. You’re not sure what form it will take but one factor in your decision is the cost and therefore the tax and NI position. What do HMRC’s rules say about this?
Read more

CAPITAL GAINS TAX - 07.07.2022

Business asset disposal relief company exit trap

Our subscriber recently sold his shares back to her company. She made a capital gain from this which qualified for business asset disposal relief (BADR). The company has now offered her a one-off freelance job. Might this cause her to lose the BADR?
Read more

DIVIDENDS - 06.07.2022

Dividend dilemma needn’t cause tax issues

The draft company accounts have been prepared and they show the director shareholders received “unlawful dividends”. What are the tax consequences of this and how can they best be managed?
Read more
Tax

Most read Tips & Advice

MAKING TAX DIGITAL - 06.07.2022

MTD ITSA record-keeping rules released

HMRC has at last published regulations for the record-keeping requirements for Making Tax Digital for Income Tax Self Assessment. What’s the full story?
Read more

VAT - 28.06.2022

Reclaiming VAT on cars, personalised plates and clothing

The First-tier Tribunal (FTT) recently considered a firm’s VAT claim for the purchase of two cars, a personalised number plate and clothing. Its ruling neatly sums up the conditions that must be met for such claims to be successful. What was the outcome?
Read more

PROFIT EXTRACTION - 31.05.2022

Unlawful dividends - what’s the tax cost?

Your company’s accounts for its last financial year have been prepared in draft. They show that you and your fellow director shareholders received more dividends than permitted by company law. This has tax consequences. What’s the most tax-efficient way to manage them?
Read more

Cookie policy