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

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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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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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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Tax relief for pre-trading expenses

Tax relief for pre-trading expenses There is a lot of preparation involved in setting up a business, and costs will be incurred, which may be substantial. Tax legislation recognises that pre-trading expenses are inevitable for many businesses. Pre-trading expenses may incl...

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Electric charging points – Is there a tax liability?

Electric charging points – Is there a tax liability? As part of the Government’s push to encourage drivers to ‘go electric’, the Transport Secretary, Grant Shapps, announced an extension to a £50 million Government fund to install electric charge ...

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New reduced rate of VAT for hospitality and leisure

New reduced rate of VAT for hospitality and leisure The hospitality and leisure industry were particularly hard hit by the effects of the Covid-19 pandemic and associated lockdowns. To help the industry recover they benefitted from a reduced rate of VAT of 5% from 15 July ...

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How to keep your Christmas party tax free

Keeping the Christmas party tax-free Last year, the Covid-19 pandemic and national lockdown took the annual Christmas party (other than virtual ones) off the agenda. This year, there may be a temptation to make up for lost time. How can you celebrate the festive season wit...

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Disposing of an asset on which capital allowances have been claimed

Disposing of an asset on which capital allowances have been claimed Capital allowances are the tax equivalent of depreciation, and the mechanism of providing tax relief for certain items of capital expenditure. However, with the exception of cars, capital allowances are no...

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RTI penalties and period of grace

RTI penalties and period of grace Under real time information (RTI), employers are required to report pay and deductions information to HMRC ‘at or before’ the time that the payment is made to the employee. This is done by means of the full payment submission (FPS). Pe...

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Tax relief on loans to close companies

Tax relief on loans to close companies Family and personal companies are often ‘close’ companies. Broadly, this is one that is controlled by five or fewer shareholders or any number of shareholders all of whom are directors. In a ...

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