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Remember that certain gifts to staff at Christmas are also tax free if structured correctly. Employers are allowed to provide their directors and employees with certain “trivial” benefits in kind tax free.
Where possible taxpayers should “Gift Aid” any payments to charity to provide a further benefit to the charity.
Another tax planning strategy that is still available despite rumours that it would be closed in the Budget was the CGT hold over relief when assets are transferred into or out of a trust.
Many were expecting the chancellor to announce changes to inheritance tax (IHT) in his Autumn Budget, However, like capital gains tax (CGT),
An employer may spend up to £150 per head (inclusive of VAT) per year, in providing annual functions and events to entertain its staff.
In 4 weeks time, it is Christmas Jumper day! In the 20 working days leading up to the day our team will be taking on the challenge of 20,000 press ups
We have compiled a list of tax-free benefits and perks you can provide an employee. These perks are completely free of tax and National Insurance Contributions (NICs).
With more employees going back to work after the end of CJRS furlough support, they need to start thinking about childcare if they have children.
Please see below for the diary of main tax events October/November 2021. If you have any questions, please feel free to contact our team.
Having listened to stakeholder feedback from businesses and the accounting profession, the government have announced that they will introduce Making Tax Digital (MTD)
The capital allowance legislation specifically denies tax relief for plant and machinery installed in a dwelling house. However, plant and machinery installed in the common areas of blocks of flats such as hallways, stairs and lift shafts would qualify as the flats themselves are the dwellings not the building as a whole.
The Prime Minister announced on 7th September that the government will introduce a new 1.25% Levy to provide an extra £12 bn a year to support the NHS and social care.
Check out the diary of main tax events for September/October 2021 below. Any questions do not hesitate to get in touch with our team.
If you are notifying HMRC of a decision to opt to tax land and buildings, you are normally required to notify HMRC within 30 days. The 30 day deadline was temporarily extended to 90 days to help businesses and agents during
HMRC have recently updated their guidance on accounting for VAT on goods imported from outside the UK which, since Brexit, includes the European Union.
Last month we mentioned that draft legislation has been published to change the basis periods for the assessment of self-employed profits to coincide with the tax year.
The temporary 5% VAT rate that has applied to supplies made in the tourism and hospitality sector since the start of the pandemic comes to an end at the end of September.
The Government are pulling the plug on support to employers for furloughed staff at the end of September as they anticipate that the economy will be back to normal by October.
Please see below for the diary of main tax events for August / September 2021. We are here to help you meet these deadlines.
Making tax Digital coming soon for income tax:
VAT registered business making taxable supplies above the £85,000 registration threshold have been grappling with Making Tax Digital (MTD) since April 2019. The next roll-out will be the introduction of MTD for income tax which is scheduled to start in April 2023.
HMRC suggest organisations use their Check Employment Status for Tax (CEST) tool on their website to check the worker’s status, although that is not obligatory.
The fifth (and final) SEISS grant will be available for the self-employed to claim towards the end of July. HMRC will contact those traders that may be eligible with their claim date.
Please see below for the diary of main tax events July / August 2021 and if you have any questions we are here to help.
HMRC are currently attacking a marketed tax avoidance scheme using unfunded pension arrangements to avoid Corporation Tax,