BUSINESS
Starter checklist for new employees
When a new employee does not have a P45, HMRC advises that they should complete a starter checklist for new employees. This ensures they are placed on the correct tax code...
Trivial benefits in kind (BiK) – Relief from 6 April 2016
Legislation will be introduced in Finance Bill 2016 to amend Chapter 11 of Part 4 of ITEPA to provide a statutory definition of a trivial BiK. The exemption sets out a number...
Moving a property from a company
When moving a property from a company, many assume the transfer must be treated as a benefit in kind or a standard sale. However, there is a more tax-efficient option:...
Employment allowance for national insurance purposes
From 6 April 2016, the Employment Allowance for National Insurance increases from £2,000 to £3,000. This allowance helps businesses by reducing their Employer’s National...
Diesel cars
Understanding the Benefit in Kind Supplement for Company Diesel Cars The benefit in kind (BIK) supplement for company diesel cars is an important consideration for businesses...
Buy to let through a company
With the restriction of the relief for interest paid on a buy to let property to basic rate only where owned by unincorporated entities it might be worth considering acquiring...
Payrolling benefits in kind
Employers who wish to use this service to payroll employee expenses and benefits instead of submitting forms P11D must register before 5 April 2016. This hopefully will reduce...
Apprentices
From 6 April 2016 the rate of employers NIC for certain apprentices under age 25 will be zero up to the new ‘Apprentice Upper Secondary Threshold (AUST) which for this coming...
Mainstream corporation tax rate reduced to 20%
With effect from 1 April 2015 there is one main rate of 20% applying to the majority of UK companies irrespective of their level of profit. At the same time the rules for...
Research and Development Tax Credit
How HMRC’s Advance Assurance Scheme Can Help with R&D Tax Credit Claims R&D tax credit claims are an increasingly valuable service we offer, helping clients unlock...
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