The 31 January has past and we are out of the EU. But what difference does this make and what is the transition period? The word “transition” is defined as: A change from one to another or the process by which this happens… Essentially, until 31 December 2020 – when the transition period ends – […]
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If a company makes loans to its employees (including directors) there may be tax consequences. The same may also apply to loans extended to their family members. For example, the employer will have an obligation to report a beneficial loan to HMRC (and pay Class 1A NIC) and the deemed benefit would be a taxable […]
The Insolvency Service has issued a warning that fraudsters have been contacting investors in insolvent schemes claiming to be from the Official Receiver’s office or to have been appointed by the Official Receiver to help recover funds for a fee. These approaches are always fraudulent. Official Receivers or any agent legitimately instructed to act on […]
At first sight, company car drivers whose private fuel costs are met by their employers may seem to be onto a good thing, but there is a nasty tax hit… Enter, the Car Fuel Benefit charge. Let’s say the following circumstances apply: list price of your car when new was £30,000 your employer pays for […]
To assist with your calculations, see previous article, we have reproduced below the current, HMRC Advisory Fuel Rates. They are: These rates apply from 1 December 2019. Engine size Petrol – amount per mile LPG – amount per mile 1400cc or less 12 pence 8 pence 1401cc to 2000cc 14 pence 9 pence Over 2000cc […]
1 February 2020 – Due date for Corporation Tax payable for the year ended 30 April 2019. 19 February 2020 – PAYE and NIC deductions due for month ended 5 February 2020. (If you pay your tax electronically the due date is 22 February 2020) 19 February 2020 – Filing deadline for the CIS300 monthly […]
There are certain assets that may be carried on your balance sheet at values higher than their market value or past their sell by date. If so, and if these amounts are written-off against your profits, you will pay less tax. Three possibilities are sketched out below: Stock Businesses that accumulate stocks of goods do […]
At the end of this week, 31 January, the UK is leaving the EU. In actuality, we are entering the “transition” period during which we will need to negotiate our ongoing terms of trade with the EU. This transition period is due to end 31 December 2020. In the meantime, back at the coal-face, what […]
Paying VAT should never reduce your business profits as you are acting as an unpaid tax collector for HMRC: the VAT added to your sales (less any VAT paid on your purchases) is simply collected from your customers (less amounts paid to suppliers) and the difference paid to HMRC. But if my customers are registered […]
In most cases, if you have lived in your home during the entire period of your ownership of a property, then when you sell that property you should pay no capital gains tax (CGT) on any profit you make on the sale. You can claim the Private Residence Relief (PRR) to exempt any profits made. […]