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.
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.