Business owners

Employees with a company car are taxed – often quite heavily – for the privilege. The charge is on the benefit which the employee derives from being able to use their company car for private journeys. The rates are different if it’s a diesel car.

As part of its efforts to encourage us all to choose more environmentally friendly ways to travel the Government has put in place some beneficial tax arrangements for users of electric cars.

Some small businesses can choose to use the ‘cash basis’ when calculating taxable income, under which participants are taxed on the basis of the cash that passes through their books, rather than being asked to undertake complex and time-consuming calculations designed for big businesses.

If you have an entrepreneurial spirit and are starting a business, tax is often the last thing on your mind. Here we set out some of the things that need to be considered from a HMRC tax perspective

If a member of staff regularly visits other offices or is seconded to a different workplace they maybe able to benefit from claiming tax free travel expenses.

HMRC has updated its guidance for R&D expenditure credit (RDEC) which replaced the large company scheme in April 2016.

Entrepreneurs’ relief is there to reduce the rate of capital gains tax to a flat rate of 10% on certain qualifying business disposals. Selling shares in the business that has been nurtured and grown over the years can be an emotional experience as well as it being a significant asset – quite often it can be more valuable than the family home so it’s important to apply Entrepreneurs’ relief correctly.

Where employees were provided with taxable benefits and expenses in 2018/19, these must be notified to HMRC and the July deadline is rapidly approaching.

Did you know the the National Living Wage (NLW) and National Minimum Wage (NMW) increased from 1 April 2019? From that date, the NLW, payable to workers aged 25 and over, is set at £8.21 per hour.

In the interests of keeping their staff happy and engaged, some employers organise a summer party. It’s worth considering the statutory exemption which exists and potentially makes it a tax-free benefit.