Assets such as computers, televisions and bicycles that are made available to employees can create certain tax, National Insurance and reporting obligations. There is no requirement to report anything
Assets made available to an employee
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Tax and working from home
Employees who are working from home may be able to claim tax relief for bills they pay that are work related.
Employers may reimburse employees for the additional household expenses incurred through
Government steps to secure UK supply chains
Industry leaders have welcomed the Government’s new Critical Imports and Supply Chain Strategy, safeguarding UK supplies of critical goods such as medicines, minerals and semiconductors.
In a press
Government launches new WhatsApp channel
The Government has launched a new account on WhatsApp Channels, allowing members of the public to subscribe to receive important updates to their phones.
As a trusted, verified account the UK
Reminder to claim the Marriage Allowance
The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or does not pay tax above the basic rate threshold for Income Tax
Full expensing of capital purchases
A reminder to readers that the full expensing 100% first-year capital allowance for qualifying plant and machinery assets came into effect last April. To qualify for full expensing, expenditure must
IHT gifts – 7 year limit
Most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime transfers are known as ‘potentially exempt transfers’ or ‘PETs’. These gifts or transfers achieve
Bed and breakfast share sales
The term bed and breakfasting (sale and repurchase) of shares refers to transactions where shares are sold and bought back the next morning. This used to have Capital Gains Tax (CGT) benefits by
Year end payroll reporting
It is not that long until the current 2023-24 tax year comes to an end and there are a number of year end payroll chores that must be completed. This includes sending a final PAYE submission for the
Using the VAT Flat Rate Scheme
The VAT Flat Rate scheme allows businesses to pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to
A reminder to protect your business capital
The beginning of a new year is an opportune time to undertake basic business planning. One aspect that needs continuous management is to protect your business capital.
The downturn in global trade
Tax Diary February/March 2024
1 February 2024 – Due date for Corporation Tax payable for the year ended 30 April 2023.
19 February 2024 – PAYE and NIC deductions due for month ended 5 February 2024. (If you pay your tax
Business Asset Disposal Relief
Business Asset Disposal Relief (BADR) is available on the sale of a business, disposal of shares in a trading company or an individual’s interest in a trading partnership. Where this relief is
VAT on period products scrapped
Before Brexit, the UK was unable to zero rate VAT on women’s sanitary products under EU rules and the items were subject to 5% VAT. Following the end of the transition period the UK was no longer
Less than one month to tax return filing deadline
A new press release from HMRC has highlighted that 49,317 taxpayers took the time to file their tax returns online over the New Year holiday. It is estimated that over 6.5 million taxpayers have
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