Over the last ten years technology has advanced massively. It was not so long ago that mobile phones were the size of a brick. Now emails and the internet can be accessed on the move. However, whilst technology has moved on, travelling has become more and more difficult. Homeworking has become the answer for many […]
Homeworking Costs for the Self-Employed
Over the last ten years technology has advanced massively. It was not so long ago that mobile phones were the size of a brick. Now emails and the internet can be accessed on the move. However, whilst technology has moved on, travelling has become more and more difficult. Homeworking has become the answer for many […]
Fixed Rate Expenses
We consider an optional system of fixed rate expenses which is available for some businesses. The rules allow the use of a ‘simplified’ fixed rate deduction instead of actual costs paid or incurred. It is optional, but using fixed rates may reduce the need for some of the detailed record keeping and calculations necessary to […]
Employment Benefits
Today the remuneration of many directors and employees comprises a package of salary and benefits. Essentially two tests must be applied in determining the tax implications of any benefit. Is the benefit taxable? If the benefit is taxable, what is its taxable value? In this factsheet, we give guidance on some of the main benefit […]
Employee Expenses
This factsheet considers the operation and reporting of expenses and benefits. A new exemption regime for such expenses replaces the need to report these items on P11Ds as long as the necessary conditions are met. To meet the conditions the business must satisfy itself that the employee would be entitled to full tax relief on […]
Directors’ Responsibilities
The position of director brings both rewards and responsibilities upon an individual. Whether you are appointed to the Board of the company you work for or you are involved in establishing a new business and take on the role of director you will feel a sense of achievement. However the office of director should not […]
Corporation Tax Self Assessment
Key features The key features are: a company is required to pay the tax due in advance of filing a tax return a ‘process now, check later’ enquiry regime when the tax return is submitted the inclusion in the tax return, and in a single self assessment, of the liabilities of close companies on loans […]
Construction Industry Scheme
The Construction Industry Scheme (CIS) sets out special rules for tax and national insurance (NI) for those working in the construction industry. Businesses in the construction industry are known as ‘contractors’ and ‘subcontractors’. They may be companies, partnerships or self employed individuals. The CIS applies to construction work and also jobs such as alterations, repairs, […]
Companies – Tax Saving Opportunities
Due to the ever changing tax legislation and commercial factors affecting your company, it is advisable to carry out an annual review of your company’s tax position. Pre-year end tax planning is important as the current year’s results can normally be predicted with some accuracy and time still exists to carry out any appropriate action. […]
Child Benefit Charge
The High Income Child Benefit charge applies to a taxpayer who has income over £50,000 in a tax year where either they or their partner, if they have one, are in receipt of Child Benefit for the year. We set out below the main points of the charge and illustrate some of the practical issues. […]