Tax - Income tax

Recently added Tips & Advice

CORONAVIRUS - VAT - 07.07.2020

VAT trap for private use of company vehicles

In the last few months there’s been little work for two of your employees but they’ve continued to have use of their company vans, including for personal journeys. Does this affect what you need to report on your next VAT return?
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EXPENSES - 07.07.2020

More news on homeworking expenses

Home equipment. We recently told you about a new tax and NI exemption which applies where employers reimburse an employee the cost of equipment, e.g. a computer, so that they can work at home if they need to because of coronavirus ( yr.20, iss.17, pg.1 , see The next step ). HMRC has now published further guidance which adds an interesting spin to the exemption. ...
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LOSSES - 07.07.2020

Tax-efficient incorporation of a loss-making business

You’re about to transfer your sole trader business to a company of which you’re the main director and shareholder. The business made losses in the last trading period before the transfer. How can you maximise tax relief for these?
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REMUNERATION PLANNING - 07.07.2020

Restarting salary from your company

You’ve not drawn salary from your company for the last three months because its income was significantly reduced. It’s now improving and you’re restarting your salary next month. Is it worth paying yourself the arrears?
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TAX - BENEFITS - 07.07.2020

Personal use of company stock - the taxable benefit trap

In recent months you’ve taken a number of products and materials from your business. You know there will be a tax bill for this but might HMRC ask for more than you bargained for?
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CHILDCARE SUPPORT - 06.07.2020

Childcare support criteria relaxed

Earnings requirement. To access tax-free childcare (TFC) and the 30 hours of free childcare scheme, employees must normally have earnings of at least the value of 16 hours per week at the relevant national minimum wage rate. HMRC has confirmed that if earnings are below the minimum earnings requirement because the employee is furloughed, this does not invalidate their membership of the scheme(s). Equally, key workers whose earnings now exceed £100,000 per year, as they are working additional shifts, will have their additional earnings discounted and can still retain membership of the scheme....
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Tax - Income tax

Most read Tips & Advice

CARS - 08.06.2020

Advisory fuel rates fall significantly

New rates. HMRC has updated its advisory fuel rates (AFRs) for company cars from 1 June 2020. The old rates (shown in brackets in the table below) can be used until 30 June 2020. To avoid a car fuel benefit charge, employers and employees can compensate each other at the appropriate AFR for the cost of fuel paid for by the other. Because there’s wide variation in fuel prices across the UK you may prefer to work out your own fuel rates. HMRC will accept these as long as they are reasonable ...
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CORONAVIRUS - HOMEWORKING - 28.05.2020

Exemption for homeworking expenses

The government has announced a new tax exemption for employees who work from home and need to buy equipment to do their job. What’s the full story?
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CORONAVIRUS - VAT - 07.07.2020

VAT trap for private use of company vehicles

In the last few months there’s been little work for two of your employees but they’ve continued to have use of their company vans, including for personal journeys. Does this affect what you need to report on your next VAT return?
Read more

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