Although designated as ‘trivial’ by the taxman, trivial benefits in kind can result in tax savings for you and your employees, which can be anything but trivial. The rules cover benefits such as taking employees out for meals or giving gifts at Christmas – costs which can quickly add up and might, over the course… Read more…

As part of the introduction of Making Tax Digital, HM Revenue & Customs (HMRC) has confirmed that it will extend the simplified cash basis of accounting for businesses with a turnover below £150,000. This expansion of cash basis accounting is likely to be welcomed, with an ounce of trepidation, by landlords, who will now be… Read more…

As the National Minimum Wage prepares to go up this month, the Department for Business, Energy and Industrial Strategy has released its latest ‘rogue’s gallery’ of under payers – and it is the biggest list to date. More than 350 employers were found to have failed to pay either the National Minimum Wage (NMW) or… Read more…

New research from the Bank of England has shown that Britain’s businesses are feeling more confident and are planning to invest more in the months ahead. According to the Bank’s most recent Agents’ Summary of Business Conditions, investment in research and development, renewable energy and automation is likely to increase later this year, despite fears… Read more…

While changes affecting private residential landlords have made headlines in recent years, the ATED regime is a significant cost for companies, LLPs and partnerships that own a UK residential property valued at more than £500,000. The ATED regime requires you to file a return and pay tax due for the 2017-18 tax year by 30… Read more…

With the clocks now having sprung forward and the new tax year upon us, what better time to give your business’ finances a spring clean? There are a number of steps you can take to ensure that you make the most of 2017-18 and to set your business up for future success. The most important… Read more…

HM Revenue & Customs (HMRC) is actively pursuing cash businesses to ensure that they properly account for VAT. Business owners often encounter overzealous HMRC officers, who try to extrapolate findings for certain days of trade over many years to estimate a liability. This extrapolation gives rise to large assessments, which are then followed by large… Read more…

Payments in Lieu of Notice (PILON), one aspect of a typical redundancy payment, alongside compensation for loss of employment, is set to lose its tax-free exemption, which currently applies to payments of up to £30,000, where it is not a contractual requirement. The changes, which are included in draft legislation and set to come into… Read more…

If you provide cars to your employees for their own private use, you will need to report this to HM Revenue & Customs (HMRC) using form P11D at the end of the tax year. The value you will need to list for any vehicles provided in this way is set by HMRC and reflects the… Read more…

Research published by FreeAgent has found that a fifth of the smallest business are unaware of Making Tax Digital (MTD) – HM Revenue & Customs’ (HMRC) flagship policy, which will introduce quarterly electronic reporting for most businesses. The FreeAgent survey also found that 84 per cent of micro-businesses thought the Government had not provided enough… Read more…