blog

Tax on trivial benefits

Tax on trivial benefits

There is a benefit-in-kind (BiK) trivial exemption that applies to small non-cash benefits like a bottle of wine, or a bouquet of flowers given occasionally to employees, or any other BiK classed as

read more
Tracking down lost pension details

Tracking down lost pension details

Ever had a nagging feeling that you have a pension pot somewhere but have no idea how to track it down?

Well, there is a solution.

There is a search link on the GOV.UK website at

read more
Companies urged to file accounts early

Companies urged to file accounts early

Companies House has issued a news update targeted at companies who are due to file accounts by the end of September 2023. Generally, this would be for accounts ending 31 December 2022.

In their

read more
Self-Assessment threshold change

Self-Assessment threshold change

The £100,000 threshold for Self-Assessment change for taxpayers taxed through PAYE only, increased from £100,000 to £150,000 with effect from 6 April 2023. However, the Self-Assessment for 2022-23 tax

read more
Share buy-back clearance applications

Share buy-back clearance applications

Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions and be subject to Income Tax.

However, if certain conditions are met, the payment can

read more
Current capital allowances for car purchases

Current capital allowances for car purchases

If you are thinking about purchasing a company car through a limited company, there are many issues that need to be considered. In this short article we will point out some of the main issues, but it

read more
Pension tax relief at source

Pension tax relief at source

You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance for

read more
Higher rate tax relief on gifts to charities

Higher rate tax relief on gifts to charities

The gift aid scheme, which was originally introduced in 1990, allows charities to reclaim from HMRC the basic rate of Income Tax deducted from qualifying donations by UK taxpayers. This means that

read more
Are you a company director?

Are you a company director?

There is more to being appointed a company director than accepting the title.

According to Companies House directors formal, statutory duties and responsibilities include:

filing an annual

read more
Checking your Simple Assessment tax bill

Checking your Simple Assessment tax bill

Simple Assessment is a method by which HMRC can assess where additional Income Tax is due by a taxpayer. A Simple Assessment letter is usually issued to taxpayers with reasonable straight forward tax

read more
Giving money to charity in your Will

Giving money to charity in your Will

A reduced rate of Inheritance Tax (IHT) of 36% (reduced from 40%) applies where 10% or more of a deceased’s net estate is left to charity. The lower rate applies where 10% or more of the ‘net value’

read more
Class 2 and 4 NIC for the self-employed

Class 2 and 4 NIC for the self-employed

There are two types of National Insurance contributions (NICs) payable by most self-employed people. These are known as Class 2 NICs and Class 4 NICs.

Class 2 NICs are paid by all self-employed

read more
On your bike tax-free

On your bike tax-free

The Cycle to Work scheme was introduced over 20 years ago to help promote the use of environmentally friendly modes of transport.

The scheme allows employers to provide bicycles and cyclists’ safety

read more

Small Business - Smart Thinking - because YOUR ACCOUNTS MATTER