Latest Thinking

Assets such as computers, televisions and bicycles that are made available to employees can create certain tax, National Insurance and reporting obligations. There is no requirement to report anything to...

Employers generally use payroll software or other payroll services to record employees pay, deductions and National Insurance contributions on or before each payday. They also need to consider other deductions...

Employees who are working from home may be able to claim tax relief for bills they pay that are work related. Employers may reimburse employees for the additional household expenses...

There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that...

There is a requirement to notify HMRC if you make any company cars available for private use by company directors or employees. The definition of ‘Private use’ includes employees’ journeys...

Industry leaders have welcomed the Government’s new Critical Imports and Supply Chain Strategy, safeguarding UK supplies of critical goods such as medicines, minerals and semiconductors. In a press release issued...

The Government has launched a new account on WhatsApp Channels, allowing members of the public to subscribe to receive important updates to their phones. As a trusted, verified account the...

The marriage allowance applies to married couples and those in a civil partnership where a spouse or civil partner does not pay tax or does not pay tax above the...

The term bed and breakfasting (sale and repurchase) of shares refers to transactions where shares are sold and bought back the next morning. This used to have Capital Gains Tax...

The VAT Flat Rate scheme allows businesses to pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The...

It is not that long until the current 2023-24 tax year comes to an end and there are a number of year end payroll chores that must be completed. This...

A reminder to readers that the full expensing 100% first-year capital allowance for qualifying plant and machinery assets came into effect last April. To qualify for full expensing, expenditure must...

Most gifts made during a person’s life are not subject to tax at the time of the gift. These lifetime transfers are known as ‘potentially exempt transfers’ or ‘PETs’. These...

The beginning of a new year is an opportune time to undertake basic business planning. One aspect that needs continuous management is to protect your business capital. The downturn in...

Before Brexit, the UK was unable to zero rate VAT on women’s sanitary products under EU rules and the items were subject to 5% VAT. Following the end of the...

1 February 2024 – Due date for Corporation Tax payable for the year ended 30 April 2023. 19 February 2024 – PAYE and NIC deductions due for month ended 5...

If you have reached the State Pension age and continue to work, in most cases, you no longer need to pay National Insurance Contributions (NICs). At State Pension age, the...

A number of reforms to tax reliefs for the creative sectors came into effect from 1 January 2024. Under the reformed system, a children’s TV production, animated TV production or...

Readers are reminded that if the dividends they draw from their company, when added to their other income, exceeds the basic rate Income Tax Band, then much higher rates of...

A new press release from HMRC has highlighted that 49,317 taxpayers took the time to file their tax returns online over the New Year holiday. It is estimated that over...

If you use your car or other vehicle to undertake business journeys on behalf of your employer, and your employer does not: Fully reimburse you for the business use, or...

The 31st of January is a key date for those of us who are registered for self-assessment. There are three deadlines: The closing date to file your 2022-23 tax return...

If using the VAT Flat Rate scheme, businesses pay VAT as a fixed percentage of their VAT inclusive turnover. The actual percentage used depends on the type of business. The...

Scotland’s Deputy First Minister and Finance Secretary, Shona Robison delivered her first Budget statement to the Scottish parliament on 19 December 2023. The Finance Secretary said that the ‘Managing the...

The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £85,000. The taxable turnover threshold that determines whether businesses can apply for deregistration is £83,000....

If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This...

We wanted to remind you of the Inheritance Tax (IHT) implications of making cash gifts during the current 2023-24 tax year that will end on 5 April 2024. You can...

The Chancellor of the Exchequer, Jeremy Hunt has confirmed that the next UK Budget will take place on Wednesday, 6 March 2024. This will be the Chancellor’s second Budget and...

The Welsh draft Budget for 2024-25 was published on 19 December 2023. The Budget sets out the Welsh government’s revenue and capital spending proposals, including detailed portfolio spending plans. There...

If your employer has reimbursed you in full for any work related expenses you will obviously be unable to make a claim for tax relief for those same expenses. But...