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

Tax-free savings income

Tax-free savings income There are various ways to enjoy savings income tax-free. However, not all routes are open to all taxpayers – the options depend on the nature of the savings and the saver’s other earnings and marginal rate of tax. Savings Allowance...

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Is paying mileage allowances at the approved rate still a good idea?

Is paying mileage allowances at the approved rate still a good idea? Where an employee uses their own vehicle for business journeys, their employer can cover the associated costs by paying a mileage allowance. As long as the allowance does not exceed that payable at the ap...

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National Insurance changes for the self-employed

National Insurance changes for the self-employed Self-employed people will pay two classes of National Insurance contribution, Class 2 and Class 4, should their profits be high enough. Class 2 contributions are flat rate contributions of £3.15 per week for 2022/23. It ...

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Loans to directors – beware of the higher section 455 charge

Loans to directors – beware of the higher section 455 charge Section 455 tax is payable by a company where a director’s loan remains outstanding at the corporation tax due date. Directors and shareholders in close companies are often able to influence the payments t...

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Should I change my accounting date?

Should I change my accounting date? It is possible to change your accounting reference date to make your company's financial year longer or shorter than 12 months. However there are certain considerations to take into account. In preparation of the introduction of MTD f...

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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 ...

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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...

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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...

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Is it worthwhile making additional pension contributions before 6 April 2022?

Is it worthwhile making additional pension contributions before 6 April 2022? It is prudent to plan ahead for retirement and tax breaks are available to encourage savings into a registered pension scheme. Contributions into a registered pension scheme attract tax relief...

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Gifts – beware capital gains tax may be payable

Gifts – beware capital gains tax may be payable The nature of a gift is that it is something that is given to some without receiving a payment in return. Consequently, as nothing is received in return it would, at first sight, seem unlikely that making a gift could trigg...

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