As a company Director, can you lend your company money and charge interest on the loan? As a company Director you are able to provide a loan to your company and claim interest, here's what to do and the tax implications. The first thing you will need to do is check [...]
Yes you can, here's what to do! If you are in full-time employment, you can potentially claim expenses from your employer if you haven't already been reimbursed. One example of this is mileage. If your employer pays you a flat rate of 20p per mile, you can go to the HMRC [...]
Very often we get asked about directors’ salaries and why they should be taken, so what should you take for 2019-20? Very often we get asked about directors’ salaries and why they should be taken, so what should you take for 2019-20? I must make you aware that this is just [...]
This tax year you can invest up to £20,000 in ISAs. Today is the end of the tax year, did you know you could invest up to £20k in ISAs? You're free to split your ISA allowance across a Stocks and Shares ISA, Cash ISA, Lifetime ISA (maximum of £4,000) and [...]
In 2015 UK Government had a vision for the “end of the tax return” and a “transformed tax system” by 2020. HMRC states that it’s main goal of MTD is to make tax administration more effective. HMRC’s Tax Gap figures suggest that £8billion of the tax lost per year as a result of avoidable taxpayer [...]
Ok, that’s not quite what we mean, but essentially the message is the same! If you’re still spending vast amounts of time entering your expenses into a formulated spreadsheet, then it’s time for you to stop and read this. Ask yourself these two quick questions; 1, how long do you spend [...]
What are the timelines for the MTD (Making Tax Digital) roll-out April 2019- Who does this affect? VAT registered businesses with turnover above the VAT threshold, currently £85,000 (net of VAT). MTD does not apply to voluntarily registered VAT businesses (below the threshold), however, you can apply to voluntarily join the [...]
When was the last time your business had a review? Any good accountant worth his salt will complete a business review for his client on a regular basis. The purpose of any business review could be to identify opportunities for tax reductions or look at other various aspects of the business [...]
We often get asked by employers if they have to issue payslips to employees. Well, issuing regular pay slips is a serious matter referring to the Payment of Wages Act 1991. Failure to, or having a problem in issuing the payslip would have legal repercussions. We would advise to take special care of what [...]
First introduced by the government in 2015, the Making Tax Digital (MTD) initiative is meant to improve the efficiency of the UK tax system. According to the latest tax gap figures, most customers want to get their tax right, but many find the system difficult to navigate. It is estimated that [...]
