Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
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...
Tax Savings – when is a car a pool car?
Tax Savings - when is a car a pool car? Rather than allocating specific cars to particular employees, some employers find it preferable to operate a carpool and have several cars available for use by employees when they need to undertake a business journey. From a tax pe...
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 ...
Here’s how to apply for tax-free childcare
Government childcare scheme – tax-free top-up Working parents can receive a tax-free top up from the Government to help with their childcare costs. The top up is worth £500 every three months (£2,000 a year). A higher top-up of £4,000 a year (£1,000 every three mon...
Closing a business – when a Members Voluntary Liquidation is beneficial
Closing a business – when a Members Voluntary Liquidation is beneficial Members Voluntary Liquidation (MVL) Although it is possible to strike off a company and for distributions made prior to dissolution to be treated as capital rather th...
Student loan deductions Employers fulfil many collection roles for HMRC, one of which is the collection of student loan repayments. There are now three types of student loans for which employer...
Electricity for electric cars – a tax-free benefit
Electric cars - a tax-free benefit. The Government is keen to encourage drivers to make environmentally friendly choices when it comes to choosing a car. As far as the company car tax market is concerned, the tax policy is used to drive behaviour. Therefore, rewarding driv...
Could you benefit from the marriage allowance?
The marriage allowance can be beneficial to married couples and civil partners on lower incomes. Claiming the marriage allowance is worth up to £238 in 2018/19 and £250 in 2019/20. Nature of the allowance The marriage allowance...
Tax relief when you donate to a charity
Tax relief for charitable donations Individuals who donate to charity can do so tax-free. There are various ways of making tax-deductible gifts to charity. The way in which the relief works depends on how the donation was made. Donations can be made in a numbe...
Did you know frequent gifts can be free of inheritance tax?
Did you know frequent gifts can be free of inheritance tax? Give from income to save inheritance tax Within a family scenario, there are many situations in which one family member may make a gift to other family members. However, the way in which...
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