Trivial benefits are exempt from income tax and Class 1A NIC and therefore not reportable on a P11D. With the P11D deadline of 6th July fast approaching, I thought now would be the perfect time to review exactly what criteria needs to be met in order to qualify as ‘trivial’. Benefits are exempt from tax…
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MAPs are what you pay your employees for using their own vehicle for business journeys. You can pay your employees an approved amount of MAPs each year without having to report them to HMRC. To work out the approved amount, multiply your employee’s business travel miles for the year by the rate per mile for…
As the world becomes more digital, it leaves us wondering where further efficiencies could be achieved through switching to more high-tech methods. One possible area for auditors is stocktaking. For an audited entity with significant levels of stock at the year end, it is likely the auditor will want to perform test counts of the…
It is common for entities who undertake research and development to receive grant funding for projects that they undertake. Grants will often be paid on the basis of expenditure incurred or a proportion thereon and may be awarded with certain conditions attached. One such condition for grants above a certain level will be the…
Use AFR’s to work out mileage costs if you provide company cars to your employees. These rates apply from 1 June 2019. Advisory fuel rates from 1 June 2019 Engine size Petrol LPG – amount per mile 1400cc or less 12p 8p 1401cc to 2000cc 15p 9p Over 2000cc 22p 14p Engine size…
It will probably be apparent to the casual observer, let alone the business owner or high net worth individual, that the tax climate has changed markedly over the last 10 years. As part of the raft of measures to tackle austerity within western developed nations, with the aim of collecting higher tax revenues, governments have…
The government is consulting on proposals to significantly change the role of Companies House, with the aim of ‘increasing the transparency of UK corporate entities and helping combat economic crime’. The consultation considers reform to: the information that companies are required to disclose increasing the checks on the information disclosed measures to improve the…
With the new tax year in full swing, we set out below some of the changes to various allowances and tax bands that affect how much tax you are paying: The personal allowance (the amount you can earn before you begin paying tax) has increased from £11,850 to £12,500. The basic rate tax band has…
Shortly following the last autumn budget, I published a blog “CGT Reliefs – Hit with Both Barrels!”, regarding the changes announced to the Principal Private Residence Relief (PPR) and letting relief rules. HMRC have now published a consultation document, which can be found here: https://www.gov.uk/government/consultations/capital-gains-tax-private-residence-relief-changes-to-the-ancillary-reliefs The consultation period closes at 11:45pm on 1…
How can you increase your chances of a successful investment in equities/stocks and shares ? Please find attached a short paper by Fidelity International on this question. One of the other most important points is the value in getting advice and making sure any investments chosen are appropriate to your individual…
