Incidental overnight expenses

Incidental overnight expenses

A tax exemption enables an employer to meet small personal expenses when an employee stays away from home for work, without the employee suffering a tax charge and without any need to report the expenses to HMRC. What are incidental overnight expenses? Incidental...
Making the most of pension tax allowances

Making the most of pension tax allowances

Pension savings can be tax efficient as contributions to registered pension schemes, attracting tax relief up to certain limits. Limit on tax relief Tax relief is available on private pension contributions to the greater of 100% of earnings and £3,600. This is subject...
Trivial benefit traps – Contractual obligations

Trivial benefit traps – Contractual obligations

The trivial benefits exemption allows employers to provide employees with low cost benefits free of tax and National Insurance and any reporting obligations. For the purposes of the exemption, a benefit is trivial if the cost per head is not more than £50. Where...
Reporting low emission vehicles – Changes from April 2020

Reporting low emission vehicles – Changes from April 2020

From 6 April 2020, new appropriate percentage bands – and new lower charges for low emissions cars – will apply for company car tax purposes. From the same date, the way in which carbon dioxide emissions are measured is also changing. This means that in order to find...
New Start Up

New Start Up

Allowable Expenses Understanding the allowable expenses that you can claim as a limited company can help you to reduce your corporation tax bill. According to HMRC, expenses that are incurred “wholly and exclusively” for the purpose of your business can be claimed...
Year End Tax Planning

Year End Tax Planning

With the end of the tax year looming there is still time to save tax for 2016/17. We have set out some points you may want to consider. Make full use of your ISA allowance – ISAs can offer a useful tax free way to save, whether this is for your children’s...