Tax

Recently added Tips & Advice

TERMINATION PAY - 03.04.2024

Compensating a departing director or employee

A dispute in the boardroom has resulted in one of the directors resigning from the firm. A financial settlement has been agreed to prevent the departure becoming acrimonious. Can the company apply the £30,000 exemption to the payment?
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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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EXPENSES AND BENEFITS - 03.04.2024

Celebrating a company milestone and the tax consequences

Our subscriber’s company is celebrating 25 years in business with small gifts to customers and a party for its staff. What tax deductions is it entitled to for the extra costs it incurs?
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COMPENSATION - 03.04.2024

Post office compensation - what’s the latest?

Compensation ins and outs. We recently told you about the tax rules for business compensation payments ( yr.24, iss.8, pg.2 , see The next step ) in light of the Post Office Horizon scandal. The tax treatment for the recipients of compensation is now the subject of new legislation. ...
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Tax

Most read Tips & Advice

CONSTRUCTION INDUSTRY SCHEME - 24.01.2024

Construction industry scheme - what’s the latest?

In a move to prevent or at least reduce tax avoidance, changes to the construction industry scheme (CIS) rules takes effect from April 2024. As a contractor or subcontractor in the industry, what do you need to know?
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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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