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25 Oct 23

Tax free annual party

The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax purposes. If you meet the various criteria outlined below, then there is no

25 Oct 23

Replacement of domestic items relief

The replacement of domestic items relief enables landlords to claim tax relief when they replace movable furniture, furnishings, household appliances and kitchenware in a rental

25 Oct 23

Loss of personal tax allowance

If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that

23 Oct 23

New company reporting regulation withdrawn

The Government has withdrawn draft regulations after consultation with companies raised concerns about imposing additional reporting requirements. Instead, the Government will

23 Oct 23

Cash flow v customer credit limits

If your business grants a customer time to pay - say 30 days - after the services or goods supplied have been delivered, effectively, your money stays in their bank account for 30

19 Oct 23

Electric charging of company vehicles at home base

HMRC has published revised guidance concerning the charging of company cars and vans at residential properties. HMRC had previously maintained that the reimbursement of costs in

19 Oct 23

Reporting early payment of wages before Christmas

There is a permanent easement in place for employers to report PAYE information in real time over the Christmas period. This can be for a number of reasons, for example, during the

19 Oct 23

Increase in National Living Wage

The Chancellor of the Exchequer, Jeremy Hunt, confirmed that the government has committed to the proposals of the Low Pay Commission for increasing minimum wage rates from 1 April

19 Oct 23

Accounting periods for Corporation Tax

Companies often have two different company accounting periods. This is because there are different rules for Companies House filings and for returns sent to HMRC. The accounting

19 Oct 23

How dividends are taxed

Dividends received are taxed as income but the rates of tax applied are different to the formal Income Tax rates. Also, individuals can receive dividends up to the annual dividend

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