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.
If an employee uses a work’s van for private use, which usually means home-to-work travel, there’s a taxable benefit and a subsequent tax charge.
As an employer do you ever provide your employees with a taxi either to or from work? Possibly for special occasions or related to late night working? Did you know doing so they could trigger a tax liability?
VAT registered businesses with VATable turnover above the VAT registration threshold of £85,000 are required to comply with the requirements of MTD for VAT from the start of their first VAT accounting period beginning on or after 1 April 2019.
Under the self-assessment system, a taxpayer is required to make payments on account to HMRC – advance payments towards the eventual tax and National Insurance liability for the given year.
The cash basis is a simpler way of working out taxable profits compared to the traditional accruals method. The cash basis takes account only of money in and money out – income is recognised when received and expenses are recognised when paid.
The non-cumulative nature for calculating National Insurance Contributions (NICs) makes it possible to manipulate earnings to reduce the overall amount payable.
Many small businesses are run from home. Where a business is run from home, household costs will be incurred which are attributable to the business.