Tax Tips and News
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...
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...
Tax, Pension & Business Premises
Self-Invested Personal Pension A self-invested personal pension (SIPP) is a do-it-yourself pension that gives you a greater degree of freedom than any other pension because you're in complete...
IR35
IR35 is the term used for the ‘intermediaries legislation’, which is a set of tax rules that apply to you if you work for a client through an intermediary. An intermediary can be a limited company,...
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...
Payment on account confusion
Under self assessment taxpayers are required to make payments on account of their tax liabilities. The payment on account instalments consist of two payments on account of equal amounts: the first...
MTD for VAT latest
HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the rules, businesses with a taxable turnover...
New measures to ensure small businesses get paid on time
The government has announced a package of measures to ensure small businesses get paid on time. Under the proposals large businesses could be fined for failing to pay smaller suppliers on time as...
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