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November questions and answers

Q. I have recently set up my own business after having been employed for many years. Although I am hopeful that I will eventually make a profit, I anticipate that I am likely to make a small loss in each of my first three years of trading. What is the best way for me to utilise these losses for tax purposes?

A. If a business is being carried on on a commercial basis with a view to making a profit, it is generally possible to claim relief for a trading…

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How to Ensure a Smooth Business Exit

Even in the earliest honeymoon stages of their businesses the savviest business people have a sound exit strategy in place.

So we are pleased to have organised our first Business Breakfast on the subject of: Planning for a Successful Business Exit.

The event goes ahead at Swansea Marriott on November 3, in conjunction with HR Specialists Effective HRM and sponsored by HSBC Bank PLC.

This inaugural event is invitation-only, but please email: [email protected] if you would like to come along to the next one.

To give you a flavour of some of the topics…

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Boosting your finances ahead of the Year End

Are your business and personal financial arrangements as tax-efficient as possible? As the end of the tax year approaches, we can help to ensure that you are making the most of all of the available opportunities to save tax and improve your profitability.

Please take some time to read through our 2016/17 Year End Strategies Guide, which contains practical guidance and ideas to implement before 5 April 2017.

With our useful tips and expert assistance, we can help you and your business…

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Don’t Let Poor Planning Put Your SME, Or Your Nest Egg, at Risk.

Here at Morgan Hemp we are keen to share our expertise with the Swansea Bay community and beyond. So we are pleased to have organised our first Business Breakfast on the subject of: Planning for a Successful Business Exit.

The event goes ahead at Swansea Marriott on November 3, in conjunction with HR Specialists Effective HRM and sponsored by HSBC Bank PLC.

This inaugural event is invitation-only, but please email: [email protected] if you would like to come along to the next one.

To give you a flavour of…

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Planning to Reward Staff With Some Christmas Vouchers?

Q. I am keen to give my employees some vouchers from a high street retailer as an added Christmas bonus this year. Are there any tax implications?

A. Planning ahead is key as the answer could be yes or no depending on the amount and type of voucher.

No – If the voucher is worth £50 or less and meets certain other criteria, then it can be given tax-free to the employee.

Yes – If you give incentives – either as cash or as redeemable vouchers – then you may be…

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October Key Tax Dates

1 – Due date for payment of Corporation Tax for the year ended 31 December 2015

5 – If a Tax Return has not been received, individuals and trustees must notify HMRC of new sources of income and chargeability in 2015/16

14 – Return and payment of CT61 tax due for quarter to 30 September 2016

19 – Tax and Class 1B national insurance due on PAYE settlements for 2015/16

19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/10/2016 or quarter 2 of 2016/17 for small employers

31 -…

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October Questions and answers

Q. I have recently started a new job and, for the first time in my career, I have been provided with a company car. I have to pay for fuel for private use but my employer says I can claim mileage for business journeys. Will I have to pay tax on fuel payments?

A. In addition to the company car benefit charge, employees have to pay tax on any fuel their employer provides that is used for private mileage. For 2016-17 you would calculate this amount by multiplying the…

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September Key Tax Dates

19/22 – PAYE/NIC, student loan and CIS deductions due for month to 5/9/2016

30 -Closing date to claim Small Business Rate Relief for 2015/16 in England

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September Questions and answers

Q. I have recently changed jobs and need to use my car to make business journeys. Will I have to pay tax on the mileage expenses my employer reimburses me for these trips?

A. Employers can pay employees a tax-free and national insurance-free amount for every mile they drive on business duties, currently:

– 45p per mile for the first 10,000 miles
– 25p per mile for each subsequent mile
– 24p per mile for motorcycles
– 20p per mile for bicycles
– 5p per mile extra for each passenger carried on work-related journeys

If…

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EU consultation on ending VAT on eBooks

The future of the chargeable rate of VAT on digital publications and eBooks is under review as the European Commission (EC) has launched a two-month consultation with a view to abolishing the current full rate VAT.

Member States currently have the option to tax printed books, newspapers and publications at a reduced rate (minimum 5%) and some Member States were granted the applications of VAT rates lower than 5% (super-reduced rates) including exemptions with a deductions right of VAT at the preceding stage (so called zero rates) to certain…

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