BUSINESS
Uniforms for staff
Branded clothing benefit in kind rules provide businesses with tax-efficient ways to offer staff branded uniforms without unnecessary tax implications. Including your firm’s...
Tax-free awards for long service – can these be increased?
The tax-free amount has remained at £50 per annum for each year of service with a minimum of 20 years service for a long time. The gift must not be cash or vouchers that can...
2 Step Verification for Businesses Accessing HMRC services
From September 2017, 2 Step Verification will be compulsory for businesses accessing their online tax accounts. This means that in addition to the usual log in details,...
CT acknowledgements and payslips
Do remember to pay the corporation tax due. HMRC are no longer issuing acknowledgements or payslips after a return has been filed. HMRC is still paying interest at 0.5% on tax...
National wage rates from April 2017
National minimum wage and national living wage Both were increased on 1 April 2017 and future increases in both will be on 1 April each year. National Living Wage for those...
Entrepreneur’s relief – associated disposals
Entrepreneurs' Relief: Associated Disposals Explained Entrepreneurs' Relief, now known as Business Asset Disposal Relief, offers a reduced Capital Gains Tax rate of 10% on...
Car and van fuel benefit rates
If fuel is provided for private use in a company van or company car and it is not reimbursed a fuel benefit charge arises. From 6 April 2017 the car fuel benefit increases to...
Trivial benefits in kind and NIC
Broadly, to qualify for treatment as a trivial BinK the following musts be met: A – must not be cash or a cash voucher B - must cost £50 or less C – must not be provided as...
Auto-enrolment – ignore at your peril!
Auto-Enrolment Compliance: Ignore at Your Peril! Employers must adhere to auto-enrolment duties, including submitting a declaration of compliance. Failure to do so can result...
Research & Development (R & D) advance assurance scheme
This enables successful applicants with an assurance that their claims for R & D tax relief will not be subject to an HMRC enquiry and that HMRC will accept their first...
Corporation tax – reducing paperwork further
Acknowledgements to corporation tax returns filed will no longer be issued in paper form either to the company’s registered office or the agent acting. The acceptance of the...
Parking fines – Allowable against taxable profits?
Are Parking Fines Allowable Against Taxable Profits? Keyword phrase: "are parking fines tax deductible" Many businesses face the challenge of parking fines. Whether during...