Tax

Recently added Tips & Advice

EXPENSES - 21.10.2020

The tax-free benefits of business travel

Handling your employees’ travel expenses claims is time consuming and the tax and NI requirements can be tricky. The good news is that the process can be simplified by paying flat rate tax-exempt allowances. What are they?
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CORONAVIRUS - 21.10.2020

More grants for the self-employed

HMRC has published guidance on two new coronavirus- related grants for the self-employed that it will be administering. Who will be entitled to claim and when?
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TAX PLANNING - INCORPORATION - 21.10.2020

Tips for transferring your business tax efficiently

The business you started a couple of years ago has grown, so you’ve formed a company to take over the trade. What steps can you take to make the transition smooth and tax efficient?
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CORONAVIRUS - 21.10.2020

Test and Trace support payments - tax and NI

Lump sum payment. If on or after 28 September 2020 you’re asked to self-isolate, you’re entitled to a lump sum payment of £500 if: you were notified by NHS Test and Trace you are employed or self-employed (this includes being a member of a partnership) you can’t work from home and will lose income as a result; and you’re receiving Universal Credit, Working Tax Credit, income-based Employment and Support Allowance, income-based Jobseeker’s Allowance, Income Support, Housing Benefit and/or Pension Credit. Tip. The Test and Trace support payments are managed by local authorities. If you think you qualify, check your local authority’s website for details on how to make a claim. ...
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VAT - 21.10.2020

Tax-free shopping to end

No more refunds. At the end of September the government announced the end of the VAT Retail Export Scheme (VAT RES) with effect from 1 January 2021. This means that overseas visitors will no longer be entitled to a VAT refund on items they buy in England, Scotland or Wales which they take home in their luggage. The decision was made after a public consultation which addressed several key questions regarding VAT RES (see The next step ). However, the change doesn’t mean the end of VAT-free sales. ...
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CAPITAL ALLOWANCES - 21.10.2020

Capital or revenue expenditure - the tribunal decides

The First-tier Tribunal (FTT) recently ruled on a case involving one of HMRC’s favourite battlegrounds; whether an expense was capital or revenue. What was the outcome and why might it be significant for your business?
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Tax

Most read Tips & Advice

NATIONAL INSURANCE - 08.09.2020

New NI break for employers

NI holiday. Following up on an election promise the government has proposed that from 6 April 2021 employers who take on former members of the armed forces will not have to pay employers’ NI contributions on their wages for twelve months. For example, this would save an employer around £2,250 based on an annual salary of £25,000. The exemption will be limited to the NI upper earnings threshold, currently £50,000 per year. Normal NI rates would apply to pay in excess of that. ...
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CAPITAL GAINS TAX - PROFIT EXTRACTION - 08.09.2020

Small business incorporation - minimising tax without BADR

Your business is growing steadily and your accountant has advised you transfer it to a company to save income tax. For maximum tax efficiency should you do this immediately or delay?
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EXPENSES - 08.09.2020

How far must you go to get a (tax) free meal?

During the lockdown our subscriber worked from home and was often involved in long online meetings with customers and staff. To save time and allow him to have more meetings he bought in food. Can he claim a tax deduction for the cost?
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