Newsletters
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Tax planning for equipment purchases
Within limits, businesses are entitled to tax relief on equipment for the financial year in which they purchase it. However, purchases through HP and similar contracts are exceptions to this rule. How can you ensure the earliest tax relief for these?
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Tax relief for losses on incorporation
A sole trader is considering incorporating, which makes commercial sense. However, they have a loss for the current tax period due to coronavirus. Will the new company be able to utilise this?
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The right way to correct mistakes in employee expenses
When preparing figures for your P11D returns for 2022/23 your bookkeeper noticed PAYE tax and NI hadn’t been deducted from expenses not covered by the general exemption. How can you correct the problem at this late stage?
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When does the reverse charge apply to expenses?
You know about “reverse charge” accounting, where your business accounts for VAT as the customer on some goods and services that you buy rather than your supplier. But are you correctly applying it to all relevant transactions?
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Turn a tax trap into a tax-efficient golden handshake
You’ve heard that £30,000 of any lump sum payment on termination of a job can be paid tax and NI free. Is that correct, and can this tax break be used to reward a long-standing employee who’s due to retire shortly?
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How to avoid a common mistake with mileage payments
Several of your employees use their personally owned vehicles for work, for which you pay a mileage allowance at HMRC’s approved rates. But there’s a potential trap that could land you with a tax and NI bill. How can you avoid it?
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