Most people are claiming child benefit but you may fall into one of the below areas where you have not done so: Spouse/partner earns over £50,000 and that person does not want to claim child benefit because of the claw back form the High Income Child Benefit charge Both parents work but have not claimed […]
26
Jan
Jan
You can claim some of the costs of running your business from home. These costs include: • Heating• Electricity• Mortgage interest or rent• Rates Add up these costs for the year and assuming the rooms are of equal size then divide the total by the number of rooms. If the rooms are not of equal […]
24
Nov
Nov
AUTUMN STATEMENT – 22 NOVEMBER 2023 Mind your headroom In the weeks leading up to the Autumn Statement, the press was full of speculation about tax cuts. This was a surprise, just over a year after the tax cuts announced by Kwasi Kwarteng were judged imprudent by the international markets, contributing to a fall in […]
16
Nov
Nov
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 […]
24
Aug
Aug
Tax Briefing Autumn 2023 Pensions update – changes to income tax for beneficiaries In Spring Budget 2023 the Chancellor announced a welcome change to the tax treatment of pensions – the scrapping of the Lifetime Allowance (LTA). The LTA stood at £1,073,100 when the process began on 5 April 2023 with the removal of the […]
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 […]
02
Jun
Jun
Tax Briefing Summer 2023 Settle the tax with a PSA Occasionally you may reward your employees with something special such as a holiday or a hamper. If the value exceeds the tax-free amount permitted under the rules for say long service awards, trivial benefits or staff suggestions it will be taxable. To avoid your employees […]
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 […]
