Pre-trading expenses – Be aware of the rules
People set up in business for a variety of reasons. For some it is a dream that becomes a reality some years later. In working …
What to do if you receive one of HMRC’s nudge letters
HMRC believes that not everyone is paying the correct amount of tax, estimating what it terms as ‘the tax gap’ as being ‘4.8% of total …
Tax implications of buying a customer list
Many businesses begin by buying a customer list from another similar business, sending out marketing adverts rather than waiting to build their own client base …
Marriage allowance – A possible tax break for married couples or civil partnerships
Despite 4.2 million couples being eligible for the tax break, only 1.8 million are claiming the marriage allowance (MA) – a benefit worth £252 a …
PAYE settlement agreements – What are they and how do you set one up?
The usual method of declaring employees’ benefits in kind and taxable expenses is via the annual P11D form submission. Employers can also ‘payroll’ these benefits …
Is it time to disincorporate?
On 26 October 2023 one of the most significant pieces of company legislation came into being. The main thrust of the Economic Crime and Corporate …
Can mileage claims include loan interest?
The Approved Mileage Allowance Payment (AMAP) was introduced in 2002 as a statutory simplification to allow employers to make tax-free payments up to certain limits …
Redundancy – Taxation of payments
Making any employee redundant is a difficult decision and potentially distressing for all involved. Getting the process wrong could result in one or more employment …
Associated company rules – Implications post-1 April 2023
It is eight years since companies had to deal with two tax rates and marginal relief when calculating their corporation tax liability. That system has …
Exceeding VAT threshold temporarily – What can be done?
Most business owners know that VAT registration is a legal requirement should total taxable turnover for the previous 12 months exceed £85,000 or turnover is …
HMRC’s complaints process
Many taxpayers taxed under self assessment may not be aware that HMRC self assessment phone service was closed for three months, opening on 4 September. …
Alphabet shares
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