Tax - Income tax

Recently added Tips & Advice

CORONAVIRUS - TRADING LOSSES - 22.10.2020

Don’t miss opportunities to claim now

Coronavirus is likely to have hit clients harder in 2020/21 than in the previous tax year. However, how can you ensure they maximise tax reliefs as soon as possible?
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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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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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CORONAVIRUS - 19.10.2020

Chancellor extends payment deadlines

As the financial fallout from coronavirus continues, the Chancellor has made further concessions to help VAT-registered businesses and individuals who pay self-assessment tax. What’s the full story?
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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?
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PAYE - 19.10.2020

When should you account for PAYE on your salary or bonus?

After reducing your salary because of poor cash flow over the summer months the plan is to top up your pay with a bonus. It won’t be paid until after the end of the company’s current financial year, but when must you account for the PAYE?
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Tax - Income tax

Most read Tips & Advice

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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PAYMENTS - 08.09.2020

You’ve deferred your tax - what next?

You took advantage of HMRC’s tax deferral schemes for VAT and income tax self- assessment because of coronavirus. What options are there to pay and when is best to do it?
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PROFIT EXTRACTION - 22.09.2020

Don’t pay the wrong kind of dividend

The director shareholders control a company’s dividend payments but the rules that determine when they are taxable vary depending on the type of dividend. How can you ensure they are taxed at the right time for maximum efficiency?
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