If the employee is given an electric company car, then there is no benefit in kind for charging the vehicle at work. However, if you charge the electric car at home and the employer agrees to reimburses you, the cost of electric, then do not accept an estimated round sum payment as this will be […]
Category Archives: Blog
20
Jul
Jul
Aren’t all accountants qualified? This may sound like a very odd question but we come across a number of new clients who, when asked, always say their previous accountant is qualified without giving it a second thought. On investigation this is not always the case as the word ‘accountant’ is not a legal term. You […]
18
Apr
Apr
We were recently approached to advise on the capital gains tax position of a share disposal. Background Mr A had paid a minimal sum for a 5% shareholding when he first started to work for a new startup company, some 20 years ago. The company had grown in value over the last 20 years but […]
20
Mar
Mar
Whilst company directors hung their heads in their hands following the increase in corporation tax rates up to 25% (marginal rate 26.5% for profits between £50,000 and £250,000), we looked at what would be the most tax efficient salary for 2023/24. We will break this down into companies with taxable profits up to £50,000 and […]
18
Nov
Nov
Twists and turns When the Chancellor of the Exchequer makes a fiscal statement to Parliament – whether it is called a Budget, a mini-Budget or an Autumn Statement – the headlines are in the speech and the details are in the Treasury Red Book that is published on the internet when he sits down. In […]
07
Nov
Nov
From the 1st January 2023 the VAT penalty system is changing to a points based system. There are two trigger points for this: Late filing of a VAT return, and Late payment of the VAT liability As most traders use quarterly filing then we will cover this. Late filing of the VAT return To get […]
26
Sep
Sep
Dawn of a new era? In his first Budget speech as Chancellor, Kwasi Kwarteng said that ‘we need a new approach for a new era, focused on growth’. He would build this around three priorities: reforming the supply side of the economy, maintaining a responsible approach to public finances, and cutting taxes to boost growth. […]
27
Jul
Jul
The Government has announced that Capital Gains Tax (CGT) rules for divorcing couples will change on 6th April 2023. Currently, if a couple transfers assets between them any time after the tax year in which they separated, there may be a tax to pay. The new rules will give couples three tax years from the […]
17
Jun
Jun
If you have made a claim about being mis-sold aPayment Protection Insurance (PPI) policy and also received an interest payment then you may be able to get a tax refund.This is because the interest payment is paid net of basic rate tax and for a basic rate taxpayer you are allowed to earn £1,000 of […]