Are we seeing the end of tax-free benefits?
There have been changes to the tax rules for certain Benefits in Kind which are provided as part of salary sacrifice schemes. These changes, which started coming into effect in April of this year, are beginning to have an impact on certain tax-free Read more..
Gifts to a charity or your spouse
There is usually no Capital Gains Tax (CGT) to be paid on the gift of assets between married couples and civil partners. However, there is still a disposal that has taken place for CGT purposes, effectively, at no gain or loss on the date of the Read more..
How will your business be affected by Making Tax Digital?
The introduction of Making Tax Digital (MTD) will fundamentally change the way companies, the self-employed and landlords interact with HMRC. The new regime will require businesses and individuals to register, file, pay and update their information Read more..
Using your own car for business purposes
Employees who use their own car at work for business purposes can, under certain circumstances, be paid a tax-free allowance by their employers. This includes the use of their own van, motorcycle or bike. It is important to note that this tax-free Read more..
Should you be using the VAT Cash Accounting Scheme?
The VAT Cash Accounting Scheme (CAS) can offer important benefits to certain small businesses. Under the standard VAT accounting scheme, VAT is payable on sales whether or not the customer has paid and can lead to claims for Bad Debt Relief. With the Read more..
Are you claiming the NIC employment allowance?
For some time now, employers have been able to reduce their Class 1 NI contributions that relate to their employment of staff. The relevant relief, the employment allowance, is worth up to £3,000 per year and is available to most businesses and Read more..
DVLA car scam
The Driver & Vehicle Licensing Agency (DVLA) is warning the public of what appears to be a number of widespread scams targeting members of the public using emails, texts and telephone calls. These communications are supposedly sent from the DVLA Read more..
Using the trivial benefits exemption
The trivial benefits in kind (BiK) regime came into effect in April 2016. This statutory exemption applies to small non-cash benefits like a bottle of wine or a bouquet of flowers given occasionally to employees or any other benefit in kind classed Read more..
The recent election result has certainly thrown the cat amongst the pigeons. Manifesto pledges that were removed from the Queen's speech include: cancelling plans to remove the triple lock on pensions the means testing of winter fuel Read more..
Benefits filing deadline approaching
Employers are reminded that the deadline for submitting the 2016-17 forms P11D, P11D(b) and P9D is 6 July 2017. P11D forms are used to provide information to HMRC on certain benefits and expenses that employees and directors receive during the tax Read more..