News and Updates
Employees mileage reclaim
Mileage Allowance Relief Where an employer does not pay a mileage allowance to an employee who uses his or her own car for work or pays an allowance which is less than the approved amount, the employee can claim tax relief for the shortfall. This can be done in the...
Land Remediation Relief
Tax relief There are many different tax reliefs available but you need to know about them to make sure that you receive the benefit. A lesser known tax relief is 'Land Remediation Relief'' which I thought I would briefly outline to help make landlords, builders,...
Directors Loans
Friend or foe? I often spend time with directors of their new Limited Companies explaining the methods of extraction of funds from the company. One of the aims is to help them avoid getting into the situation of an overdrawn directors loan account which then involves...
Renewals Allowance Scrapped
Wear and Tear or Renewals? Before 1 April 2013 for Companies and 6 April 2013 for other residential property owners, landlords of furnished residential properties had the following options: Renewals allowance - claim the cost of replacing items such as cookers,...
VAT record keeping
What records to keep? For any business it is vital to keep evidence to support all transactions for tax purposes. Records will needed by the bookkeeper, business owner to refer back to and also HMRC. However for VAT purposes HMRC are not always looking for a full VAT...
Tax Free Child Care Scheme
Employer Supported Childcare (ESC) The Childcare Vouchers scheme currently in place is due to be replaced by the tax free childcare scheme from Autumn 2015. The new scheme will eventually be worth up to £1,200 per child and so save a typical working family with two...
Budget 2013
Main Tax Proposals Personal allowance £10,000 from April 2014 Employment allowance £2,000 per year New scheme for tax free childcare Reduction in main rate of corporation ta to 20% from 1 April 2015 Employee-shareholder contracts will be exempt from income tax and NIC...
Tax planning
5 April 2013 Once again we are approaching the end of the tax year. At this time of year it is important to look at the annual tax reliefs available and make sure that where possible we have utilised these as many will be lost as soon as we reach 6 April 2013. ISA...
Universal Credit
Universal credit is the new support payment for those looking for work or on a low income. It replaces: Child tax credits; Working tax credits; Income support; Housing benefit; Income-based job seeker's allowance; Income-related employment and support allowance. It...
Finance
There are numerous sources of finance available but actually securing it and ensuring it is the right source of finance can be a major challenge. The following aims to provide an overview of some of the sources and some of the considerations when raising finance. The...