There are special rules in place when a limited company gives to charity. This can include Corporation Tax relief for qualifying donations made to registered charities or community amateur sports
Sponsoring a charity
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Goods sent from abroad
There are special rules to help ensure that goods sent from abroad are taxed appropriately and do not disadvantage UK businesses supplying goods in the UK. For example, by having to compete with VAT
The pension savings annual allowance
The pension savings annual allowance for tax relief on pensions has been fixed at £40,000 since 6 April 2014. The annual allowance is further reduced for high earners. Since 6 April 2020, the tapered
HMRC’s shared workspace
HMRC’s Shared Workspace is a service that allows businesses and tax agents to share sensitive data, for example, accounts or employee information, with HMRC.
According to HMRC, the service allows
Taxable and tax-free State Benefits
Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable and which are tax-free.
HMRC’s guidance provides the following list of the most common
PAYE Settlement Agreements
A PAYE Settlement Agreement (PSA) allows employers to make one annual payment to cover all the tax and National Insurance due on small or irregular taxable expenses or benefits for employees.
The
Back to school – help with childcare costs
As children have returned to school, HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for breakfast and after school clubs.
The TFC scheme can help parents
Interest rates on student loans from September 2022
Student loans are part of the government’s financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying. It is
UK residence and tax
UK Income Tax is generally payable on taxable income received by individuals including earnings from employment, earnings from self-employment, pensions income, interest on most savings, dividend
Accommodation expenses and benefits
There are special rules for the provision of living accommodation to employees under certain circumstances. In most cases, employees will pay tax on any living accommodation provided by an employer
Tackling the cost-of-living crisis
The new Prime Minister, Liz Truss has, as promised, sought to tackle the cost-of-living crisis in her first few days in office. She is the fourth Conservative Prime Minister to govern the UK in a
VAT Capital Goods Scheme
The VAT Capital Goods Scheme (CGS) is a means of adjusting the initial VAT recovery in respect of certain assets over either 5 or 10 years. The scheme seeks to agree a fair and reasonable attribution
Company Share Option Plans
There are a number of government approved share schemes which offer tax advantages to employees. One of these schemes is known as the Company Share Option Plans (CSOP). Under a CSOP, employees do not
Overdrawn director’s loan account
An overdrawn director’s loan account is created when a director (or other close family member) ‘borrows’ money from their company. Many companies, particularly ‘close’ private companies, pay for
Farming – using the herd basis
There are special rules which can apply to farmers and market gardeners that prepare their accounts on accruals basis. This includes special rules for farmers’ averaging relief, dealing with losses
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