Pro-Taxman

Finance & Accounting>Income Tax

Paying family members

Regardless of the business structure (for example limited company or sole trader) it is possible to employ family members. This has some obvious advantages including matters of trust, reliance and such like, but providing employment and tax laws are adhered to, there may also be financial benefits. Firstly, it is generally permissible for a business …

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Off Payroll

Update on off-payroll working rules (IR35)

The off-payroll working rules, known as IR35, were introduced in 2000 to ensure that someone working like an employee, but through a limited company, pays similar levels of tax to other employees. Broadly, the IR35 rules require an individual to determine whether they would be employed or self-employed for tax purposes, if they were working …

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self-employed and business owners

Tax implications of Covid-19 support payments

Various support payments are available to individuals and businesses to help mitigate the effects of the Covid-19 pandemic. Are the payments taxable and how should they be treated? Payments under the Coronavirus Job Retention Scheme? Grants payments made under the Coronavirus Job Retention Scheme (CJRS) for fully furloughed and flexibly furloughed employees are included in …

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Director Dividend

If your company has been hit by the pandemic, you might be thinking of waiving your dividend or remuneration as a shareholder or director. Read more…

Waiver of dividends and remuneration Many companies are experiencing financial difficulties brought about by the coronavirus pandemic and there will be many instances where directors and shareholders will be considering waiving their right to company dividends and/or remuneration. Whilst this can be a straightforward process, there are certain administrative obligations that will need to be …

If your company has been hit by the pandemic, you might be thinking of waiving your dividend or remuneration as a shareholder or director. Read more… Read More »

Company Car

Here’s the latest information on mileage rates for company cars, including the new coronavirus measures and what’s happening with the Advisory Electricity Rate for electric cars.

Company car mileage rates update The company car benefit tax charge does not cover fuel provided for a company vehicle. This means that where an employer pays for all fuel (business and private), a statutory fuel scale benefit charge will be payable, based on the cash equivalent of the benefit each tax year (£24,500 for …

Here’s the latest information on mileage rates for company cars, including the new coronavirus measures and what’s happening with the Advisory Electricity Rate for electric cars. Read More »

Stamp Duty

Tax tip! When you buy shares over £1000 you have to pay stamp duty of 0.5% on the transaction. Read more…

Stamp duty on share transactions Stamp duty is the oldest of our surviving taxes – dating as far back as 1694 – although the scope of the tax has considerably reduced over time and is now entirely limited to paper transactions in shares. Stamp Duty is generally payable on non-electronic share deals on transactions valued …

Tax tip! When you buy shares over £1000 you have to pay stamp duty of 0.5% on the transaction. Read more… Read More »

Tax Returns

Most businesses have suffered due to the pandemic, but should you take the option to defer your payment on account to 31 January 2021? Read more…

Deferring self-assessment POA – Is it is good idea? To help those suffering cashflow difficulties as a result of the Covid-19 pandemic, the Government have announced that self-assessment taxpayers can delay making their second payment on account for 2019/20. The payment would normally by due by 31 July 2020. Under self-assessment, a taxpayer is required …

Most businesses have suffered due to the pandemic, but should you take the option to defer your payment on account to 31 January 2021? Read more… Read More »

Statutory sick pay

Small employers can now reclaim statutory sick pay paid to employees who were absent from work due to the Coronavirus. Read more…

Reclaim SSP for Covid-19 absences Small employers can now reclaim statutory sick pay (SSP) paid to employees who were absent from work due to the Coronavirus. The online claim service went live on 26 May 2020. Employers can use the scheme to claim back SSP paid to an employee who is eligible for SSP due …

Small employers can now reclaim statutory sick pay paid to employees who were absent from work due to the Coronavirus. Read more… Read More »

Taxable Benefits

Employers have until 6 July 2020 to tell HMRC about taxable benefits and expenses provided to employees in 2019/20. Find out more…

Reporting expenses and benefits for 2019/20 Employers who provided taxable expenses and benefits to employees in 2019/20 need to tell HMRC about them by 6 July 2020, if they have not opted to tax them via the payroll. Non-payrolled taxable expenses and benefits are reported to HMRC on form P11D. Employers must also file a …

Employers have until 6 July 2020 to tell HMRC about taxable benefits and expenses provided to employees in 2019/20. Find out more… Read More »