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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...
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 ...
Get clued up for claiming tax relief for trading losses
Relief for trading losses In the event that a loss arises in a trade or profession, consideration should be given as how best to obtain relief for that loss. A...
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...
The last thing you want for Christmas is an inheritance tax liability!
Beware of triggering an IHT bill on Christmas gifts When deciding what to give as Christmas gifts, the possibility of triggering an unintended inheritance tax liability is not one that immediately springs to mind. However, t...
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...
Have you heard of ‘bed and breakfasting’ a director’s loan?
Directors’ loans – Beware of ‘bed and breakfasting’ It can make sense financially for directors of personal and family companies to borrow money, in the form of a director's loan, from the company, rather than from a commercial lender. Depending on when in the fina...
Wondering what chattels are and how they relate to Capital gains tax? Wonder no more!
Capital gains tax and chattels (an item of tangible movable property) For capital gains tax purposes, not all chattels are equal. In some cases, it is possible to realise a profit on the disposal of a chattel and enjoy that profit tax free, whereas in other cases, capital ...
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