EXPENSES - 02.09.2024
What household expenses can you claim?
Your home-based business is thriving and there’s little time for admin tasks. Nevertheless, keeping detailed records is a necessary but time consuming evil. What steps can you take to simplify this without losing out on tax relief?
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PAYROLL - 02.09.2024
Directors’ remuneration - avoiding HMRC penalties
The timing of HMRC payroll reporting for employees is straightforward. However, for directors’ salaries etc. special rules can mean you need to send a report to HMRC sooner than you might think. What are the trigger points for reporting?
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BENEFITS - 29.08.2024
Go directly to (tax) free parking
You’re taking on a new manager and offering a free parking space near the office as part of the remuneration package. Your bookkeeper says the normal tax exemption might not apply because of the optional remuneration arrangement rules. Is she right?
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DIVIDENDS - 01.08.2024
Tax-efficient way to use dividends
The next dividend from your company isn’t due to be paid for another few months. However, arranging for it to be paid earlier, or taking an extra dividend, can provide an opportunity to save some tax on your company benefits. What’s involved?
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NATIONAL INSURANCE - 08.07.2024
HMRC unable to solve Class 2 NI problem
Class 2 refunds. HMRC has issued a warning for anyone who paid voluntary Class 2 NI contributions through their 2022/23 self-assessment and has subsequently received a refund or credit from HMRC. This may have happened if you submitted your 2022/23 tax return before 31 January 2024. You would have paid Class 2 voluntary contributions if your business profit for 2022/23 was less than the small profits threshold of £6,725, and you indicated you wanted to pay them in the self-employed pages of your tax return. ...
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CHILDREN - STATE BENEFITS - 08.07.2024
Help with childcare for working parents
As a working parent you probably struggle to balance the needs of your job with those of your children, especially during the long summer holiday. This also poses a problem for employers. How can government childcare schemes help?
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