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Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
Annual investment allowance or writing down allowance?
Annual investment allowance or writing down allowance? The way in which relief for capital expenditure is given depends on the way in which the accounts are prepared. For companies, sole traders and partnerships not eligible to use the cash basis, accounts must be prepar...
What to do if you need to change your tax return
What to do if you need to change your tax return You made it and filed your self-assessment tax return for 2018/19 by the 31 January 2020. However, having felt pleased with yourself, you realise to your horror that you have made a mistake and need to correct your return. ...
Do you know about this tax exemption for business trips?
Incidental overnight expenses A tax exemption enables an employer to meet small personal expenses when an employee stays away from home for work, without the employee suffering a tax charge and without any need to report the expenses to HMRC. What are incident...
Making the most of pension tax allowances
Making the most of pension tax allowances There are many ways in which you can make the most of your pension tax allowances. Pension savings can be tax efficient, as contributions to registered pension schemes attract tax relief up to certain limits. Limit ...
Make use of the capital gains tax inter-spouse exemption
Make use of the capital gains tax inter-spouse exemption There are a number of tax concessions available to married couples and civil partners which recognise that their financial affairs may be interlinked. One of these concessions relates to the transfer of assets betwee...
Does the high-income child benefit charge apply to you?
Does the high-income child benefit charge apply to you? The high-income child benefit charge (HICBC) is in place to claw back child benefit from either the claimant or his or her partner where at least one of them has an income of £50,000 or more. The charge is perhaps...
Using company vans for tax-free home to work travel
Using company vans for tax-free home to work travel As a general rule, travel between home and work is regarded as private travel and if the employer meets the cost of that travel, a benefit-in-kind tax charge will be triggered. However, it is possible for employ...
Utilising the 2019/20 dividend allowance
Utilising the 2019/20 dividend allowance The dividend allowance is quite unusual in that it is available to everyone and everyone has the same allowance. For 2019/20 the allowance is set at £2,000. In common with many allowances, it is a case of use it or lose it. ...
Gift cards and the trivial benefits exemption
Gift cards and the trivial benefits exemption The trivial benefits exemption allows employers to ignore benefits in kind that cost £50 or less for tax purposes, as long as the conditions of the exempt...
Should an LLP partner be treated as a salaried partner?
Should an LLP partner be treated as a salaried partner? As a general rule, the individual partners in a partnership are treated as self-employed for tax purposes. Consequently, they pay tax under the self-assessment system and pay Class 2 and ...
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