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Keeping you up to date with the latest news and happenings in the worlds of accounting, tax and insolvency
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-...
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...
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...
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...
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...
Directors’ loans – which loan should you repay first?
Directors’ loans – which loan should you repay first? In a personal or family company the director will often borrow money from the company, this is known as a 'Directors Loan'. This can be an easy source of finance, and also one that can be tax efficient as, if you ti...
What are the rules when paying back a director’s loan?
Paying back a director’s loan – beware of the anti-avoidance rules Transactions between a director and his or her personal or family company are common and a director’s loan account is simply an account for recording the transactions that occur between the two. Ho...
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