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

National Insurance Contributions and Company Directors

National Insurance Contributions (NIC) and company directors Special rules apply to company directors when it comes to calculating their Class 1 National Insurance liabilities. Why the rules? Directors, particularly of personal and family compan...

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Leaving the VAT Flat Rate Scheme

Leaving the VAT Flat Rate Scheme The VAT Flat rate scheme is a simplified scheme for smaller businesses. Under the flat rate scheme, VAT-registered traders pay a fixed percentage of their VAT inclusive turnover to HM...

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Make the most of the dividend allowance until April

Make the most of the dividend allowance The 2020/21 tax year comes to an end on 5 April 2021. The last few months of the year are a good time to undertake a review and to ensure that your dividend allowance for the year is not wasted. Nature of the dividend al...

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What to do if you need to change your tax return

What to do if you need to change your tax return You made it and filed your self-assessment tax return for 2018/19 by the 31 January 2020. However, having felt pleased with yourself, you realise to your horror that you have made a mistake and need to correct your return. ...

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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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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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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...

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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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