Capital allowances are an expenditure a business may claim against its taxable profit. When a business incurs costs, such as salary payments, it can usually deduct them as expenses from its taxable profits. This reduces the tax due. However, when it buys assets for operational purposes, things are not quite so straightforward. There are HMRC[…]
If you’re self-employed, there are costs which you are able to deduct as allowable expenses for your business in 2021/2022. Deducting these allowable expenses as part of your business’s taxable profits, allows us to reduce your income tax. If your business has turnover of £50,000 in 2021/22, and you have £15,000 in allowable expenses, your[…]
VAT is a business tax on the supply of goods and services. VAT is charged at varying rates depending on what is being supplied. It also depends on who it is being supplied to and where it is being supplied to. With Brexit, temporary rate changes due to COVID-19, the rollout of Making Tax Digital[…]
Your obligations for reporting travel expenses Many employees need to travel as part of their job for various reasons, whether it’s acquiring new customers, working with current ones or attending conferences and events. The system of benefits and taxation surrounding this essential economic activity is classed as ‘travel and subsistence’ in the eyes of the[…]
This guide looks at employee benefits relating to travel and how they relate to the taxes that a business is liable for For many businesses, regular employee travel is an essential part of their operations. Whether it is generating new customers, servicing existing ones or attending conferences and other events, travelling often generates a number[…]