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?
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?
TAX - 21.10.2020
Tax efficiency when creating a workspace at home
After working from home during lockdown you want to make the arrangement permanent. If your company pays the cost of setting up a proper home office, what are the tax consequences for you and it?
PROFIT EXTRACTION - 19.10.2020
Benefit in kind or a distribution?
You’re the shareholder of a company which you’re closing down. It has a small amount of cash in the bank and a van. Is it more tax efficient to sell the van before the company is wound up or transfer it to yourself and sell it privately?
VANS - 06.10.2020
Double cab pick-up could be a “car”
HMRC v Coca-Cola (GB) Ltd is a long running case centred on the definition of a company van. This matters because company cars are taxed more heavily than company vans that can be used privately. The case concerns double cab pick-ups that have a second row of seats behind the driver. The Court of Appeal has now determined that multi-purpose vehicles capable of carrying goods and people are more akin to cars than vans and therefore will be taxed as cars. The vehicles in question in this case were a first or second generation VW Transporter T5 Kombi and a Vauxhall Vivaro. ...
TAX - DIRECTORS’ LOANS - 01.10.2020
Do the rules for directors’ loans apply?
Q. One of our employees was recently made a director of our company. Shortly before she was appointed the company lent her £20,000 which she’s repaying over three years. As she’s now a director does the special corporation tax charge for company loans to directors apply? ...