BUSINESS
Salary sacrifice plans
The tax and national insurance savings will be removed for all benefits provided this way apart from those relating to pensions (including advice), childcare, cycle to work...
Changes to the VAT flat rate scheme from 1 April 2017
HMRC believes that small businesses have been abusing the VAT flat rate scheme (FRS). When reporting VAT payable the business ignores VAT on purchases with the exception of...
Advisory fuel rates from 1 December 2016
Advisory Fuel Rates December 2016: Key Information for Employers Effective from 1 December 2016, HM Revenue and Customs (HMRC) updated the Advisory Fuel Rates (AFRs) for...
Research and development (R & D) claim
More of our clients are making these claims which can be very valuable. For small and medium enterprises, valid claims can result in an additional deduction from profits of...
Liquidating a company
If you are reaching retirement and you no longer wish to trade you have a choice. If the total value of the company is less than £25,000 payments from the company can be taxed...
Group VAT registration
What Is Group VAT Registration? Group VAT registration allows businesses with multiple companies to register under one VAT number rather than filing separate VAT returns. This...
National minimum wage from 1 October 2016
In case you missed it the rates went up again from 1 October 2016! For workers aged 21 and over it has risen to £6.95 per hour, persons aged between 18 and 20 now must receive...
Entrepreneur’s relief and resignation
Understanding Entrepreneurs’ Relief and Resignation Timing Entrepreneurs’ Relief, now called Business Asset Disposal Relief, allows business owners to pay a reduced 10%...
Understanding Employment Allowance Eligibility for Small Employers
Understanding Employment Allowance Eligibility for Small Employers
EIS, SEIS and now investors’ relief!
The aim of investors’ relief is to attract new investment into unlisted companies. The legislation is still not final but amendments have been made to extend the relief to...
Rent a room relief and bed and breakfast income
Understanding Rent a Room Relief for B&B Income Rent a Room Relief allows homeowners to earn up to £7,500 tax-free (previously £4,250 before 2016/17) by letting out...
Farmers’ losses and tax relief
Restrictions on Claiming Tax Relief for Farming Losses Many farmers rely on tax relief for farming losses to offset profits from other income. However, a restriction applies...