BUSINESS
Construction Industry scheme Changes
From 6 April 2016, HMRC abolished monthly paper returns for the Construction Industry Scheme (CIS). All submissions must now be made electronically. So, we'd thought we'd...
Tax on Reimbursed Interview Travel: How Mean Can HMRC Get?
When an employer reimburses an employee’s travel costs for interviews, promotion boards, or grievance panels, the payment is subject to both income tax and National Insurance....
VAT and tax point rules
VAT tax point rules determine when VAT becomes due on a transaction. The tax point is the date that establishes when VAT must be accounted for, ensuring compliance with HMRC...
R&D tax relief for directors – pension contributions considered
Companies investing in innovation can claim R&D tax relief to reduce their tax liability. This relief applies to eligible staff costs, which include salaries, employer...
Free fuel for a company car
Just a reminder that you should really do the calculations to see if the provision of free fuel for private motoring is worthwhile. In virtually all cases unless there is high...
Losses from share dealing
Ordinarily one would expect HMRC to not allow such losses as trading losses, only as capital losses. However a recent first tier tribunal has ruled that in the case of A Ali...
Payrolling benefits
Mentioned before we believe but a reminder that if you have an informal agreement to payroll benefits in kind, you need to reapply before 6 April 2016 to do so for the year...
Rolling stones gather no MOSS!
Nothing to do with nature! HMRC have issued guidance as to simplification measures for UK businesses trading below the VAT registration threshold (currently £82,000), that...
Pitfall with cars – No 2 – to lease or not to lease
Leasing a car through a company can seem like a cost-effective way to provide employees or directors with a vehicle. However, there are key company car lease tax pitfalls that...
Pitfall with cars – No 1 – pooled cars (not pedalos!)
It is very difficult to make a company car a pool car and thereby avoid the benefit in kind provisions. To be exempt from such charges the car; Must actually be used by more...
Enhanced Capital allowances – making the most!
From 1 January 2016 the annual investment allowance reduced from £500,000 to £200,000. If you find that your capital expenditure already exceeds the allowance available look a...
National Insurance Employment Allowance
The National Insurance Employment Allowance is a valuable relief that allows eligible businesses to reduce their Employer’s National Insurance Contributions (NICs). From 6...