Disruptions due to the weather can happen anywhere at any time. Taking time to plan and prepare your business can save you time and money when something untoward happens. There are simple steps all businesses can take to ensure that they are prepared for adverse weather such as: signing up for flood warnings; installing flood […]
The sale of shares is an exempt supply for VAT purposes, which means that input VAT on professional fees in connection with the transaction cannot be claimed. However, a recent tax tribunal decision has determined that, under certain circumstances, the input VAT may be claimed. The case concerned the sale of a subsidiary company in […]
Date What’s Due 1 November Corporation tax for year to 31/01/2023, unless quarterly instalments apply 19 November PAYE & NIC deductions, and CIS return and tax, for month to 5/11/23 (due 22/11 if you pay electronically) 1 December Corporation tax for year to 28/02/2023, unless quarterly instalments apply 19 December PAYE & NIC deductions, and […]
As mentioned previously, it is always a good idea to set up a planning meeting with us a couple of months before your business year end so that we can advise you on the best actions to take to reduce your taxable profits. In addition to considering paying yourself a bonus from your company you […]
HMRC have recently clarified their view of the tax treatment of the reimbursement of electricity costs where employees charge their electric company cars at home. HMRC now accepts that reimbursing part of a domestic energy bill, which is used to charge a company car or van, is exempt from income tax. Their previous view was […]
HMRC have recently published Spotlight 63 which alerts taxpayers to a marketed tax avoidance scheme that claims to help taxpayers reduce the tax payable on their property rental profits. The HMRC view is that the “hybrid” structure involving an LLP with individual and corporate members does not have the tax savings that the scheme promoters […]
Since April 2014 members of a LLP are no longer automatically treated as self-employed for tax purposes. A recent case before the Upper Tax Tribunal has examined the tax status of 82 members of an LLP and found that most of them should be taxed as employees not self-employed. LLP members are treated as salaried […]
The UK government has announced tougher measures to tackle the issue of late payments to small businesses. These new measures will be included in the upcoming Prompt Payment & Cash Flow Review, due to be published shortly and will improve delivery and enforcement of policies, enabling more small businesses to get paid on time. New […]
The UK government is currently raising more in tax revenue, as a percentage of national income, than at any time since the 1940s. This is, in no small part, due to a raft of tax-raising measures announced over the past few years. Notable examples include the big increase in the main rate of corporation tax […]
Taxpayers who are new to Self-Assessment for the 2022 to 2023 tax year may include: those who are newly self-employed and earned more than £1,000; a new partner in a business partnership; those who had a total taxable income of more than £100,000; those who have received any untaxed income such as tips, commission, money […]
