Our website uses cookies to enhance the visitor experience (what's a cookieCookies are small text files that are stored on your computer when you visit a website. They are mainly used as a way of improving the website functionalities or to provide more advanced statistical data.). Are you happy for us to use cookies during your visits?
Please note: continuing without making a choice equates to giving us your consent, which you can withdraw at any time via our cookies policy page.

  • Share on LinkedIn
  • Share on Twitter

Categories

Archives

Subscribe to the blog

Replacing items in partly furnished properties

As from 5 April 2013, the rules on claiming the replacement cost of items such as washing machines, cookers, sofas etc of partly furnished properties have changed and HMRC no longer allow this. You now have 5 options with regard to your property: Do not supply any furnishings/white goods Do not claim replacement costs Completely furnish the[…] Read more »

How to set up your company for tax efficiency

We have written this easy-to-follow guide to setting up a small limited company for one or two directors. Please contact us if you have any questions. Company Formation There are many companies who offer company formation services. Ensure that you form a company that is capable of trading (not a dormant company) and that you adopt and[…] Read more »

Reimbursement of Business Mileage (Company Car Users)

HM Revenue & Customs now change, on a quarterly basis, the rates at which business mileage allowances may be paid for cars provided by an employer, but where all fuel is paid for by the directors/employees personally. The rates are designed to reflect changes in petrol/diesel costs and those applicable from 1 March 2013 are[…] Read more »

Directors’ Loan Accounts

It is very common for directors to lend money to, or borrow funds from, their companies.  As many directors are shareholders in the companies they operate, it is easy for them to assume that funds can be taken out of “their” company without keeping appropriate records or properly considering the tax implications. However, it is[…] Read more »

Tax Planning for 2013/2014

March is a perfect time to consider some last minute tax planning. Here are some common and fairly easy tax planning tips that can be done before the end of the year to reduce your tax bill for 2012/13. HIGHER RATE TAX PAYERS Pension contributions By paying contributions into a personal pension plan, you can[…] Read more »

Payroll Changes

Real Time Information (RTI) As you may be aware HMRC are introducing major changes in the way PAYE information is reported to them. The Real Time Information procedures mark the biggest change in the Payroll and PAYE system since the commencement of PAYE nearly 70 years ago. Under RTI, employers and pension providers are required[…] Read more »

Child Benefit Charge

You will probably be aware that from January 2013 the Government is implementing the Child Benefit Charge for those with high income. This will mean that Child Benefit will effectively be withdrawn gradually from those where one parent/child carer or their partner has taxable income of more than £50,000, and withdrawn entirely from those families[…] Read more »

Is the Christmas Party tax deductible?

It’s that time of year again when people start thinking of Christmas Parties. So what can you actually claim as a ‘business expense’? Employees only Unfortunately, you have to be an employee in order for the Christmas party to be tax deductible. Therefore, this excludes sole traders, partners in a partnership, sub-contractors, clients or suppliers.[…] Read more »

Auto Enrolment

What is it? Auto Enrolment is HMRC’s name for their new pension scheme sign up process which all employers must have in place for their employees. The date that Auto Enrolment will apply to your business will be known as your staging date. When does it apply from? The staging date for the largest employers[…] Read more »

Planning for the 45% tax rate

The present tax rate on earnings in excess of £150,000 is 50%. Some would say that you are in a fortunate position to be earning over £150,000 but regardless of how much you earn, handing half of it to HMRC doesn’t sound good. From 6 April 2013, the top rate of tax is to be[…] Read more »