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 the employee is required to work later than usual…
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 view follows on from a basic principle established…
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…
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…
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…
The Autumn Statement announcement last week delivered some destructive news to the UK contractor community, particularly those working in the public sector. There had been discussions around the topic of contractor tax in the Budget, however, the concerns have now materialised as the government push ahead with their plans. How does this affect you?
