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Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency

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...

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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. ...

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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...

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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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Entertaining expenses are complicated, make sure you know the facts!

Can we deduct entertaining expenses? The tax rules on the deductibility of entertaining expenses are harsh and often misunderstood. The fact that the expenditure is incurred for business purposes does not...

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Is it time to go electric? Zero charge for zero emissions car!

Zero charge for zero emission cars From 6 April 2020, the way in which carbon dioxide emissions for cars are measured is changing – moving from the New European Driving Cycle (NEDC) (used for cars registered prior to 6 April 2020) to the Worldwide Light Testing Procedure...

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Does your business trade with the EU? You’ll need an EORI number after Brexit.

What is an EORI number and who needs one? An Economic Operator Registration and Identification (EORI) number will be needed for UK businesses to be able to continue to trade with the EU after the UK leaves the EU. If there is a no-deal Brexit In...

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Don’t assume HMRC is right – check your tax calculation

Check your tax calculation Each year HMRC undertake a PAYE reconciliation for employed individuals who are not required to submit a tax return to check that the correct amount of tax has been paid. Where it has not, HMRC will send out either a P800 tax calculation or a PA3...

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Directors’ loan accounts – avoiding the risks

Directors’ loan accounts – avoiding the risks HMRC produce a series of toolkits which set out common errors that they find in returns. The hope is that by being familiar with the mistakes that are routinely made, you can take the necessary steps to...

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Tax credits – do I have to tell HMRC if my circumstances change?

Tax credits – do I have to tell HMRC if my circumstances change? Tax credits are benefit payments that are paid to people in work who are on a low income or have children. There are two tax credits – working tax credit (for those working but on a low income) and child ...

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