News

  1. Rent-a-Room Relief for Absent Landlords

    If you are thinking of working away from home for a while and taking in a lodger to look after the house and pay you some rent, HMRC says you can receive up to £7,500 per year tax free. However, this tax relief is only available if the letting income is from the only or…

  2. Unpaid Invoices and Tax Deductions

    You may have bad debts for your latest accounts which you have ignored. Can you claim tax relief on these? You accountant can prepare your tax returns and company accounts to the best of their knowledge according to the information you provide, but may not be aware of your bad debts. These need to be…

  3. Making Company Car Purchases Cost Effective for Family Members

    In April 2018 the tax and National Insurance (NI) charges for company cars rose again. The maximum charge did not increase but the carbon dioxide (CO2) emissions bands moved so that the majority of company car drivers will pay more in 2018/19 and in 2017.18 for the same car. However, if you use your business…

  4. Carers Who Sleep Over Could be Entitled to National Minimum Wage

    Hiring your own personal car assistant can be a life-changing decision, but for many it is their first experience of becoming an employer – often without realising it. The home-based and personal nature of the work makes the employment relationship much more intense than in the conventional workplace. One of the difficulties encountered is how…

  5. VAT Margin Scheme

    If your company buys and sells second-hand goods you may be eligible to use a VAT Margin Scheme. A VAT Margin Scheme taxes the difference between what you paid for an item and what you sold the same item for. VAT is paid at 1/6 (16.67%) of the difference (margin). Business overheads, repairs and parts/accessories…

  6. At Risk of a Surprise Tax Investigation? Be Protected with FeeWise

    The number of tax enquiries has dramatically increased over the last few years, resulting in more and more people having their tax scrutinised. Any tax payer can be targeted by HMRC to check they are paying the right amount of tax and this can lead to lengthy and expensive enquires , sometimes lasting for years….

  7. Construction Industry Scheme (CIS) Deductions and Joint Contracts

    The Construction Industry Scheme works in a similar way to PAYE for construction firms and self-employed workers in that industry. There are three levels of CIS deduction which contractors must make when they pay a sub-contractor: 30% if the sub-contractor is not registered with HMRC; 20% if they are registered but do not have a…

  8. Claiming Tax for Upgrading Your Travel

    If you upgrade your usual standard or economy class travel so you can work en route, can you claim a tax deduction for the extra cost? Usually, you are allowed to claim a tax deduction for the cost of travelling on business. If you are a director or employee and the employer pays for or…

  9. Changes to Tax on Company Loans to Directors and Shareholders

    All loans to directors and shareholders (participators) from a company must now be taxed under Section S455 of the Corporation Tax regulations. The aim of this change is to prevent company directors avoiding personal tax and national insurance contributions by paying themselves via loans which are not repaid, rather than taking a salary or dividends….

  10. Can Giving Away Shares Be Tax Efficient?

    In the 1980s and 1990s a wide range of companies were privatised and gave many people a few shares which produce very small annual dividends. They can be seen are more trouble than they are worth, so what can be done with them? The shares could be sold but you will need a broker and…

  11. Buy Goods for Personal Use and Potentially Save VAT

    You may believe you can reclaim VAT for any purchase you put through your business account, but you can’t. You cannot reclaim VAT on a purchase which is not for your business. However, if you purchase an item for both business and personal use, the amount of VAT which can be reclaimed depends on which…

  12. End of Year PAYE Filing, Minimum Wage and Workplace Pension Increases

    It’s that time of year where we need to think about your end of tax year filing for your PAYE Scheme. This is what you must ensure is processed by the deadlines stated below: Send your final full payment submission to HM Revenue & Customs by 19th April 2018 All PAYE liabilities should be paid…