CHRISTMAS GIFTS OF UP TO £50

Remember that certain gifts to staff at Christmas are tax free if structured correctly. Ever since April 2016 employers are allowed to provide their directors and employees with certain “trivial” benefits in kind tax free. The rules were brought in as a simplification measure so that certain benefits in kind do not now need to be […]

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GIFTS TO CHARITY

Where possible higher rate taxpayers should “Gift Aid” any payments to charity to provide additional benefit to the charity and for the individual to obtain additional tax relief on the payment. For example, where an individual makes a £20 cash donation to charity, the charity is able to reclaim a further £5 from HMRC making […]

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TAX DIARY NOVEMBER/DECEMBER 2019

19/11/19 PAYE & NIC deductions, and CIS return and tax, for month to 5/11/19 (due 22/11 if you pay electronically) 1/12/19 Corporation tax for year to 28/02/2019 unless quarterly instalments apply 19/12/19 PAYE & NIC deductions, and CIS return and tax, for month to 5/12/19 (due 22/12 if you pay electronically)   30/12/19 Deadline for […]

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FURNISHED HOLIDAY LETTINGS BUSINESSES ALSO QUALIFY FOR CAPITAL GAINS TAX RELIEF

As mentioned in the Capital Allowances for Equipment in a Dwelling House article,  furnished holiday lettings businesses are eligible for capital allowances on equipment in the property. Where the business incurs finance costs such as mortgage interest the restriction that applies to other residential property businesses does not apply to furnished holiday lettings. It should […]

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