Unincorporated businesses and companies planning capital expenditure projects need to be aware of some time-limited reliefs. Timing capital expenditure to benefit from these reliefs can
The Covid-19 pandemic forced large numbers of employees to work from home forthe first time. Having made the transition to home working, post pandemic, manyemployees
Legislation surrounding ‘Trivial Benefits’ was introduced to save employers from having to report relatively small amounts given to employees as taxable on a form P11D.
When you start a business, you will need to incur costs before you are able to start trading. Did you know that you are able
A lot of time and paperwork can be saved by claiming expenses using the simplified rates, rather than recording and deducting actual costs. However, if
If you are an employee and you personally incur expenses in carrying out your job, you may be able to claim tax relief for those
For 2022/23 only, the rates of Class 1 (employer and employee) National Insurance contributions are increased by 1.25 percentage points, along with the rates of
Employers who provided their employees with taxable expenses and benefits in 2021/22 need to report these to HMRC by 6 July 2022, unless they have
In a personal or family company the director will often borrow money from the company. This can be an easy source of finance, and also
Owners of successful businesses frequently use companies as a trading medium not least because of the tax benefits that can be achieved. When the time
To help taxpayers and advisers affected by the surge in Covid-19 cases as a result of the Omicron variant, HMRC have announced that penalty waivers
Tax policy is used to influence behaviour as well as to collect revenue. One example where this is the case is the company car tax
The VAT is a simplified scheme that can save work. Instead of working out the VAT that you need to pay over to HMRC by
If your company is no longer trading and does not have any other income, you can tell HMRC that it is dormant. This will relieve
All individuals are entitled to an annual exempt amount for capital gains tax purposes. Net gains (chargeable gains less allowable losses) for the tax year
During the covid pandemic HMRC suspended many of their debt collecting activities. However, as the UK emerges and economic activity resumes, HMRC has restarted their
A shareholder/ director is permitted to withdraw monies from the company’s bank account as salary, bonus or dividend (or possibly a loan’). However, there are
The taxation of profit from furnished holiday lets (FHL) could be termed a ‘hybrid’ of taxes. The operation of a FHL is deemed to be
Under the PAYE ‘Real Time Information’ scheme employers report to HMRC electronicallybefore making any salary or wage payments. To ensure that the right amount of
When it comes to let properties, furnished holiday lettings (FHL) are a special case andbenefit from a number of concessions not available to standard lets.
Copyright © 2023 Pro-Taxman. All rights Reserved.
