HMRC issues reminder about early December pay dates
Many businesses pay their employees early in December. However, for employees who also claim Universal Credit, this can cause a problem. HMRC has explained how to avoid it. What should you do?
Important tax deadline approaching fast
With all the focus on the forthcoming Budget this month, it is easy to forget that 31 October is a key tax deadline in the annual calendar. What is it, and what are the consequences of missing it?
Health and social care levy impact
The two-year implementation of the health and social care levy will see significant increases for businesses and a reduction in pay for employees. What details have emerged so far?
Repaying a director's loan account with dividends: is it worth accelerating the payment?
A director shareholder borrowed cash from their company last year and the plan was to clear the debt with a dividend from the company next tax year. The trouble is by then the new higher dividend tax rate will apply. Should they clear the debt sooner?
MONTHLY FOCUS: PROVIDING TAX-FREE BENEFITS TO EMPLOYEES (PART 2)
Part 2 of this examination of tax and NI free benefits. Providing benefits that are exempt from income tax is a great way to reward employees in a tax-efficient way. Which benefits qualify for tax-free treatment?
MONTHLY FOCUS: PROVIDING TAX-FREE BENEFITS TO EMPLOYEES (PART 1)
Providing benefits that are exempt from income tax is a great way to reward employees in a tax-efficient way. Which benefits qualify for tax-free treatment?
Off-payroll working from 6 April 2021
The long-delayed extension to the off-payroll working rules finally took effect from 6 April 2021. What are the crucial things that businesses who provide services through an intermediary, or engage workers that provide services in this way, need to know?
Practical guide: Tax-efficient will planning with residential property
An individual has a significant property portfolio which provides them with their sole source of income. They want to gift shares in some property to their daughter but retain the income. Can they do this without triggering the reservation of benefit rules?
Tools and Calculators
Business incorporation calculator
Where you run a business as a sole trader it might save tax and NI if you transfer it to a company. However, doing so has immediate and long term tax consequences.
Company car capital contribution calculator
A company car is taxed according to its list price. This can be reduced if you make a capital contribution towards the purchase of the car. This calculator shows you how much tax could be saved.
Amending a personal tax return letter
You are entitled to amend entries on your personal self-assessment tax return within the “amendment window”. Where you completed and submitted your return electronically either using HMRC’s or commercial software, you can use it to make amendments. However, where you submitted a return in paper format you will need to write to HMRC with details of the corrections.
A business plan can play a vital role in the success of any business - but what are its key constituents?
Everything from benchmark subsistence rates to VAT flat rate scheme percentages
Capital Taxes - CGT and IHT
ATED, CGT, IHT, HMRC interest rates, indexation allowance