A reminder of ways you can pay tax due
18/01/2018 – Last week we confirmed that as from 13 January 2018, HMRC will not accept personal credit cards for payment of tax or penalties. We have listed below the payment options you still have available to you:
Electronic payment. HMRC’s preferred method of payment is by electronic bank transfer using Faster Payments, CHAPS or BACS. In order … More...
Buying a rental property?
18/01/2018 – The removal of the 10% wear and tear allowance that allowed landlords to reduce the tax they paid on furnished property lets (after the end of the 2015-16 tax year) was a significant loss for many landlords. The 10% deduction was available to landlords regardless of whether furnishings in their property were replaced or not.
The wear … More...
Projects that count as R & D for tax purposes
18/01/2018 – Research and Development (R&D) tax credits were introduced for small and medium sized enterprises (SMEs) in 2000 and for large companies in 2002. R&D credits are a Corporation Tax relief to encourage innovation and enterprise within the UK economy.
Small and medium-sized enterprises (SME) can claim SME R&D tax deductions … More...
Salary sacrifice examples of tax consequences
18/01/2018 – The tax and NIC advantages of certain benefits provided as part of a salary sacrifice arrangement were removed from 6 April 2017. The new rules effectively remove the Income Tax and employer NIC advantages of certain benefits provided as part of salary sacrifice arrangements such as mobile phones and workplace parking.
When the changes … More...
What to consider when employing family, young people and volunteers
18/01/2018 – When a new employee is added to the payroll it is the employers’ responsibility to ensure they meet the employees’ rights and deduct the correct amount of tax from their salary. This includes any employees who are family members.
HMRC’s guidance is clear that if you hire family members you must:
avoid special treatment in terms of … More...
What is the herd basis?
18/01/2018 – There are special rules which can apply to farmers and market gardeners that prepare their accounts on an accruals basis. This includes special rules for farmers’ averaging relief, dealing with losses and the treatment of compensation for compulsory slaughter.
The special rules also refer to the use of the herd basis. The herd basis is … More...
Holiday let property – reminder to check your occupancy stats
10/01/2018 – The Furnished Holiday Let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade and therefore qualify for additional tax benefits.
In order to qualify as a FHL, the following criteria need to be met:
The property must be let on a commercial basis with a view to the realisation of … More...
Who is entitled to claim statutory maternity pay?
10/01/2018 – Employees that are pregnant are eligible to take up to 26 weeks of maternity leave (known as ordinary maternity leave) plus an additional 26 weeks (known as additional maternity leave). This means that an employee can take up to a full year of maternity leave once they give their employers the correct notice. All women employees are … More...
The end of credit card payment surcharges?
10/01/2018 – From 13 January 2018, it will become illegal for any business to charge a fee in addition to the advertised price of a transaction to consumers (widely known as surcharging). For example, a travel company charging more to use a credit card rather than a debit card or cash.
This change is being brought about by the introduction of the EU … More...
Basic monthly tasks if you run your own payroll
10/01/2018 – One of the most time-consuming admin tasks associated with the running a small business can be dealing with the payroll.
Generally speaking, you can:
Run your own in-house payroll, or
Hire your accountant to do the work for you.
If you operate your own payroll, there are a multitude of tasks that must be completed each tax month. … More...