Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
How to claim tax relief for employment expenses
How to claim tax relief for employment expenses If you are an employee and you personally incur expenses in carrying out your job, you may be able to claim tax relief for those expenses. Relief is only available for employment expenses that you must incur, rather ...
Use simplified expenses to save work
Use simplified expenses to save work A lot of time and paperwork can be saved by claiming expenses using the simplified rates, rather than recording and deducting actual costs. However, if the deduction is considerably higher using actual costs, the additional time investm...
Companies – claim extended loss relief online
Companies – claim extended loss relief online To help companies realising losses as a result of the Covid-19 pandemic, the loss relief rules were amended to provide for an extended carry-back window. Where companies are making a claim for relief under the extended carry-...
Relief for pre-trading expenses
Relief for pre-trading expenses When you start a business, you will need to incur costs before you are able to start trading which are often referred to as 'pre-trading expenses'. Did you know that you are able to claim tax relief for these? Relief is available for unin...
Identifying NIC increases on the payslip
Identifying NIC increases on the payslip For 2022/23 only, the rates of Class 1 (employer and employee) National Insurance contributions (NIC) are increased by 1.25 percentage points, along with the rates of Class 1A, Class 1B and Class 4 contributions. The NIC increases a...
Making Tax Digital (MTD) for VAT for all
MTD for VAT for all Under Making Tax Digital (MTD) for VAT, VAT-registered traders must keep electronic records and file their VAT returns electronically using software that is compatible with MTD for VAT. Prior to 1 April 2022, MTD for VAT was only mandatory for VAT-regis...
Filing 2021/22 expenses and benefits returns
Filing 2021/22 expenses and benefits returns Employers who provided their employees with taxable expenses and benefits in 2021/22 need to report these to HMRC by 6 July 2022, unless they have been payrolled or included within a PAYE Settlement Agreement. Taxable expense...
Have you claimed the Employment Allowance?
Have you claimed the Employment Allowance? The Employment Allowance is a National Insurance allowance that eligible employers can claim and set against their secondary Class 1 National Insurance liability. The allowance is set at £4,000 for 2021/22 (capped at the emplo...
The Spring Budget 2022 Our 2022 Spring Budget summary focuses on the tax measures which may affect you, your family and your business. To help you decipher what was said we have included our own comments. If you have any questions, please do not hesitate to ...
Corporation tax increases soon to take effect
Corporation tax increases soon to take effect Corporation tax is being reformed and companies with profits of more than £50,000 will pay corporation tax at a higher rate than they do now. While the changes do not come into effect for a year, applying from the financial ye...
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