Company Car: The pros & cons of an electric car.

Despite the potentially high personal tax charge, many employees still enjoy and prefer the convenience of being offered the use of a company car by their employer. Those employers familiar with the benefit-in-kind tax rules will be aware the tax impact on the employee is much lower for those that choose lower-emission cars.  On 6 April[…]

Allowable Expenses – The costs you can reclaim.

If you’re self-employed, there are various costs which you are able to deduct as allowable expenses for your business in 2021/2022. By deducting these allowable expenses as part of calculating your business’s taxable profits, it’s possible for us to reduce your income tax bill in the process.  If your business has turnover of £50,000 in[…]

Making Tax Digital – HMRC to Prioritise MTD

In order to try and build public trust the HMRC charter has been upgraded and updated to clarify the standards of behaviour expected from both them and tax payers. The have also provided clearer guidance on Making Tax Digital, meaning it is more accessible and as clear and authoritative as possible. Support services will be[…]

HMRC to contact self-employed claimants for grant four SEISS applications

HMRC has confirmed that it will be contacting eligible self-employed individuals based on their tax returns in mid-April to give a date for making applications Individuals will be contacted by email, letter or within the online service and all claims must be made on or before 1 June 2021. The claim must be made by[…]

Construction sector: Reverse charge VAT

Those working in the UK’s construction industry will have to handle and pay VAT differently from 1 March 2021, unless there’s another last-minute Government U-turn. This is when the VAT domestic reverse charge for building and construction services, to use its full name, will finally take effect at the third time of asking. In this[…]

How to manage cashflow in your business

During what would normally be the busiest period of the year for businesses in retail, hospitality and other sectors, many will now be keeping a close eye on their cashflow as they deal with the impacts of COVID-19. While Government-backed schemes like furlough, grants and loans will provide some much-needed support, there could be additional[…]

Employer issues with automatic enrolment

Policy success, but headache for employers? Back in 2012, less than half of private-sector employees in the UK had a pension scheme. Today, that figure is 85% and this huge increase is due to the successful rollout of auto-enrolment. It started with the largest companies and now applies to employers of all sizes with staff[…]