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?
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?
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?
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?
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?