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Blog

Do you donate to charity?

Gift Aid

If you do, you know you can boost the money that reaches them by claiming Gift Aid on your donation? At no extra cost!

It’s a shame that not everyone knows they can do this – research shows that charities are potentially losing out on hundreds of millions of pounds in extra funding.

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Profit extraction: taking a salary

Profit extraction: taking a salary

There are various ways of taking money out of a company and each method has its own tax and National Insurance consequences, both for the company and the recipient. In this article, we will look at extracting money in the form of a salary.

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Correcting VAT errors

Correcting VAT errors

Making a mistake in your VAT return is easily done. Maybe you missed something out accidentally or added up some figures wrongly.

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Stamp Duty – how much will you pay?

 

Stamp duty land tax (SDLT) was the headline-grabbing measure in the Autumn Budget on 22 November 2017, with the announcement that first-time buyers will no longer have to pay SDLT on the first £300,000 when they buy their first home, as long as the purchase price does not exceed £500,000.

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Tax-free Christmas parties?

Christmas cheer

Moderation in all things is the taxman’s motto when it comes to tax-free Christmas parties. The tax legislation allows employees and their guests to enjoy a Christmas party or similar annual function without suffering a benefit in kind tax charge – as long as the event is reasonably modest. In this regard, this means the cost per head is not more than £150.

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Tax-free rental income of £8,500

 

By making the most of the rent-a-room relief and the £1,000 property income allowances, it is possible to receive tax-free rental income in 2018/19 of £8,500 (while utilising your personal allowance elsewhere).

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National Living Wage

NMW and sleep-in shifts

There has, historically, been some confusion as to whether, and when, the National Living Wage (NLW) or the National Minimum Wage (NMW) needs to be paid to workers while they are sleeping. HMRC have recently launched a new compliance scheme for social care employers who may have incorrectly paid workers below the legal minimum for sleep-in shifts.

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Protect your lifetime allowance

 

The pensions lifetime allowance places a cap on overall tax-relieved pension savings. Pension savings in excess of the lifetime allowance are subject to a lifetime allowance charge, which effectively claws back tax relief.

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Annual investment allowance

The annual investment allowance (AIA) is a capital allowance that enables a business to write off the cost of most items of plant and machinery in full against profits in the year in which the expenditure is incurred.

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Mileage payments

 

Employees and the self-employed alike often need to undertake business journeys and mileage payments are often made to cover the cost of fuel and, where the car used is the individual’s own rather than a company car, the associated running costs and an element of depreciation. However, all mileage allowance payments are not the same.

It should be noted here that business travel does not include home to work travel (except in very limited circumstances).

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