Fines and penalties are not a tax deductible expenses, meaning the business will not receive tax deduction when incurring them. Read on to find out whether or not your business can reclaim VAT on parking fines.
Director/shareholders can at times find themselves in a situation where they have used business cash to fund personal purchases. It is important to record such transactions adequately in the company books to avoid potential issues with HMRC.
The 2018 Budget increased the tax and NI bands from April 2019. They won’t be increased again until April 2021. Therefore, the resulting tax saving has the appearance of being more generous than it actually is as there are changes to NI contributions to factor in.
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.
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.
It isn't so commonly known that employees are able to claim tax relief on work related expenses. These are expenses that are incurred for work purposes and are not reimbursed by the employer. To get tax relief on these expenses a claim must be submitted to HMRC. This can be done using form P87.