by AJN Accountants | Jul 28, 2022 | Advice, FAQs, Financial planning, News
When completing the annual expenses and benefits return (P11D) you need to know what company-provided vehicles each employee and director used in the tax year. A problem can arise when deciding whether small commercial vehicles should be treated as vans or as cars....
by AJN Accountants | Dec 13, 2021 | Accounting, FAQs, Freelancers, Small Businesses, Tax planning
Making tax digital for income tax self assessment (MTD ITSA) will replace the self assessment tax return for unincorporated businesses from April 2024 for sole traders and from April 2025 for most partnerships. The MTD ITSA regulations will require you to keep records...
by AJN Accountants | Nov 8, 2021 | Accounting, Business, FAQs, Small Businesses
Research and development (R&D) tax reliefs can be very generous for small companies, giving a deduction of 230% of qualifying costs. However the categories of expenditure which qualify for R&D relief were defined over 20 years ago and do not include costs of a...
by AJN Accountants | Nov 6, 2021 | Accounting, FAQs, Financial planning
In the March 2021 Budget the Chancellor announced a super-deduction scheme that provides a 130% deduction for the cost of new plant or equipment if it is purchased by a company before 1.4.23. Expenditure on other new assets such as fixtures and integral features in...
by AJN Accountants | Nov 24, 2020 | Advice, Contractors, FAQs, Tax planning
Under the Construction Industry Scheme there are essentially 3 payment statuses. A payment status dictates how a subcontractor is paid; Income taxed 20% at source by contractorIncome taxed 30% at source by contractorGross Payment Status CIS Gross payment status allows...
by AJN Accountants | Nov 8, 2020 | Accounting, Advice, Business, FAQs, News, Small Businesses, Tax planning, Uncategorised
It is almost certain as a reader of this blog you will have made some further changes to your daily routine as we head into our second national lock-down which is scheduled to end 2nd December – although this may be extended dependent on the situation at the...