PROFIT EXTRACTION - 29.11.2023
Setting tax-efficient salary - don’t be too quick on the draw
As a director of your small company you have complete autonomy over when and how you are paid. What do you need to consider before committing your company to a salary if cash is tight?
SELF-ASSESSMENT - 29.11.2023
December deadline for tax returns
Apart from the well-known 31 October and 31 January deadlines for self-assessment returns, there’s one in December too. What is it and why might it matter to you?
NATIONAL INSURANCE - 29.11.2023
HMRC invites claims for NI refunds
HMRC concedes defeat. Following its defeat at the Upper Tribunal (UT) ( yr.23, iss.21, pg.5 , see The next step ), HMRC has issued a statement which seems to lay to rest its long-running dispute with employers who pay their employees’ car allowances . The statement accepts the UT’s ruling that the allowances can be disregarded as earnings when calculating NI contributions. ...
TRIVIAL BENEFITS - 23.11.2023
Avoid problems with directors’ trivial benefits
Your client has been warned by HMRC that low value benefits given to directors may not be covered by the exemption for trivial benefits. They are sceptical, and have asked you whether this is the case. What can you advise?
EMPLOYMENT EXPENSES - 14.11.2023
HMRC amends rules for job expenses claims
New form. HMRC has updated its job expenses claim Form P87 . The amended form will available early in 2024 and must be used instead of the current version for claims made on or after 26 February 2024. In early November 2023 HMRC also changed the criteria for using the form. ...
INCOME TAX - 14.11.2023
HMRC updates list of approved subscriptions
Professional and trade bodies. Directors and employees who pay fees for membership of professional bodies or other organisations connected to their jobs may be entitled to a corresponding tax deduction. HMRC allows tax relief for subscriptions if the organisation appears on its List 3. It regularly reviews the list to add and remove organisations. Its latest version was published at the end of October 2023 (see The next step ). Paid by employer....