21
Dec
22
Oct
Employed or self-employed – which one are you?
The status of your employment goes a long way in dictating your tax obligations and the relevant expenses and losses that are legally deductible.
10
Sep
The Challenges with paying for childcare
Recent Government introduction of Tax Free Childcare has led to parents assessing their current arrangements. There is still a lot of confusion regarding which option may be best suited to individual circumstances.
29
Aug
Medical Check-ups and treatment, tax free?
Medical check-ups and treatment can become exempt from tax and NI in certain circumstances. It is essential to know and follow the regulations of when this may be possible.
21:04 /
Accounting / Advice / Business / FAQs / Financial planning / News / Small Businesses / Tax planning
21
Jun
Are the costs of an eye test tax deductible?
For many of us, spending a considerable amount of time in front of computer screens is part of our daily routine. When you use a Visual Display Unit (VDU) required by your role, the company (employer) can provide eye tests, contact lenses or glasses tax and NIC free subject to certain conditions and in line with Health and Safety regulations.
23
May
Non-Taxable Payments and Benefits
The following is a summary of ten common expenses payments and benefits that are non-taxable as a benefit in kind. 1. Late-night taxis. The cost of a late-night taxi provided by an employer to an employee for a journey from home to work will be exempt if...
11:57 /
Accounting / Advice / Business / FAQs / Financial planning / News / Small Businesses / Tax planning
16
May
Tax Relief on Clothing
A very common question for most business owners is whether or not they can claim tax relief on clothing. The basic principle for an expense to be allowed is that it must be incurred wholly and exclusively for business, i.e. for work purposes. HMRC’s Stand Point HMRC’s...
06
Jun
Election Manifestos – Points on Tax
The 2017 general election, called just a matter of weeks ago by Conservative party leader Teresa May, is just days away. The polls are suggesting that the initial Tories lead has diminished as the gap closes, making the result unpredictable. If there isn't a clear victory then a hung parliament will certainly require compromise and trade-offs regarding the differing opinions of each party. Here we look at the main tax related points from each manifesto.
26
May
Should I change my director’s salary this tax year?
With the change from one tax year to the next comes a range of different tax rates, allowances and thresholds that can change the way in which you manage your taxes. A company director is typically paid a salary from the limited company, which is calculated very specifically to maximise tax-efficiency. Should you therefore increase or decrease your salary in this new tax year?
24
May
My friend told me to incorporate. Is it still worth it for tax?
It is natural for friends and family to want the best for you, and quite often they take the opportunity to give advice based on their own circumstances. Once upon a time incorporation was, more often than not, the sensible option for a business once it's profits reached a certain level. However, in recent years changes to tax legislation means that many of the tax breaks no longer exist. Are there any remaining related tax benefits?- 1
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