Expenses and benefits returns P11D and P11D(b) for 2020/21 need to be filed by 6 July 2021. Meeting this deadline is important as penalties may be charged for returns that are filed late. Form P11D A form P11D must be filed for every employee who has been provided with taxable…
Continue Reading
Furnished holiday lettings offer a number of tax advantages over longer lets. One of the key benefits is the availability of capital gains tax reliefs available to traders, including rollover relief and business asset disposal relief. Business asset rollover relief Business asset rollover relief is a significant benefit of having…
Continue Reading
A PAYE Settlement Agreement (PSA) enables an employer to meet the tax on certain benefits and expenses on the employee’s behalf. This can be useful to preserve the goodwill nature of a benefit. Not all benefits are suitable for inclusion within a PAYE Settlement Agreement (PSA). To qualify a benefit…
Continue Reading
Special rules apply to company directors when it comes to calculating their Class 1 National Insurance liabilities. Why the rules Directors, particularly of personal and family companies, can control how and when they are paid and, in the absence of special rules, would be able to reduce their Class 1…
Continue Reading
Could an employee ownership model help you to build a better business? Businesses such as John Lewis are famous for being pioneers of the employee ownership model. When employees own a stake in a company it can create a positive culture. Businesses tend to move to an employee-owned model at…
Continue Reading
Running a property business through a limited company rather than as an unincorporated business may be an attractive proposition; at 19% the rate of corporation tax is lower than the basic rate of income tax and interest and financing costs are fully deductible in computing taxable profits. However, the tax…
Continue Reading
Just before the start of this new 2021/22-tax year, HMRC announced changes to how crypto assets – those funds held in or earned through cryptocurrencies – are taxed. As a relatively new concept, there is a great deal of confusion about the legality and declaration requirements around crypto assets. Please…
Continue Reading
Sometimes a taxpayer may find themselves in a position whereby HMRC seem to be taking an inordinate amount of time to settle a particular issue or the service received as a ‘customer’ does not meet the standards expected or even that they feel they are being discriminated against. Although complaints…
Continue Reading
Every small business owner wants to maximize credit — and there is only one way – by reducing tax. Small businesses are privately owned corporations, partnership or sole proprietor that has fewer employees and/or less annual revenue than a regular-sized business or corporation. Businesses are defined as “small” in terms…
Continue Reading
Currently only VAT registered businesses making taxable supplies in excess of the £85,000 VAT registration threshold are mandated to comply with Making Tax Digital (MTD) rules. Those rules require the business to keep digital business records and send VAT returns using MTD-compatible software. MTD for VAT is now being rolled…
Continue Reading