Few letters will strike fear into the heart of abusiness owner faster than one from HMRC stating their intention to begin an investigation into the firm.
While the problem of tax evasion or aggressive tax avoidance is hardly a new thing, it has perhaps never been as politicised as it is now, and there is a concerted effort on the part of HMRC to crack down – and to be seen to crack down – on those who play fast and loose with taxes.
One law firm claimed recently…
While some might complain about Christmas paraphernalia popping up in the shops earlier and earlier each year, the tax-savvy will tell you that planning ahead for the Christmas party is vital if you want to avoid giving HMRC an unplanned and costly gift.
The annual celebration is a time to relax and to toast the successes of the year.
And it is perhaps an opportunity to get reacquainted with colleagues on a more personal basis, after a year of simply nodding to them on the way in…
In the Summer Budget 2015, the government announced that the level of rent-a-room relief will be increased from the current level of £4,250 to £7,500 from April 2016. This means that from 6 April 2016, an individual will be able to receive up to £7,500 tax-free income from renting out a room or rooms in their only or main residential property. The relief also covers bed and breakfast receipts as long as the rooms are in the landlord’s main residence.
To qualify under the rent-a-room scheme, the accommodation has…
Once the dust has settled on what was a radical far reaching budget by Chancellor of the Exchequer George Osborne, one of the more unexpected changes was the reform that will be brought in to change the way that property landlords will be taxed in future. There were several changes which we will examine in this blog
Tax relief on mortgage interest
Currently where a loan or mortgage is taken out to purchase, or renovate an investment property full tax relief…
If you provide clothes for your staff to wear at work you need to be aware of the tax and VAT implications which may vary according to the items provided.
Where the items provided constitute a uniform or protective clothing which is needed to perform the job,the cost is tax deductible for the business and the VAT can be reclaimed. There is no taxable benefit in kind for the employee.
If the clothes are not considered to be a “uniform” and can’t qualify as protective clothing, the tax treatment depends…
A question we are often asked is, how can I reduce my tax bill?
A simple question on the face of it, but how simple is the UK tax system?
An income taxpayer might reasonably assume that there are only three rates of tax within the UK, basic rate tax at 20%, higher rate tax at 40% and the additional rate at 45%, and they would technically be correct. However the reality of the UK tax system is that your personal circumstances…
All small businesses will need to be aware of what Auto-Enrolment means for their business, and what their obligations are. Follow these easy steps to create an action plan.
Find out your business staging date
This depends on the number of employees in your PAYE scheme on 1 April 2012. Find out your exact staging date on The Pensions Regulator website, http://tinyurl.com/d946fkd, all you need is your business PAYE reference. This is the most crucial step to understand when you need to…