BUSINESS
National Insurance Employment Allowance
With effect from 6 April 2016 this will increase from £2,000 to £3,000 but will no longer be available to companies where a director is the sole employee. Where there is more...
Starter checklist for new employees
HMRC advise that it is good practice for starters to complete a starter checklist, which replaced the P46, where they do not have a P45 to give to their new employer. This...
Trivial benefits in kind (BiK) – Relief from 6 April 2016
Legislation will be introduced in Finance Bill 2016 to amend Chapter 11 of Part 4 of ITEPA to provide a statutory definition of a trivial BiK. The exemption sets out a number...
Moving a property from a company
Dividends from a company do not always have to be in cash form. They can be in specie. Provided the correct paperwork is drawn up there will be no stamp duty land tax on the...
Employment allowance for national insurance purposes
The allowance goes up from £2,000 to £3,000 from 6 April 2016. It is given as a deduction against the employer’s national insurance bill. However there is a snag. From 6 April...
Diesel cars
The 3% supplement on the benefit in kind on company diesel cars is to be continued up to and including 2020/21.
Buy to let through a company
With the restriction of the relief for interest paid on a buy to let property to basic rate only where owned by unincorporated entities it might be worth considering acquiring...
Payrolling benefits in kind
Employers who wish to use this service to payroll employee expenses and benefits instead of submitting forms P11D must register before 5 April 2016. This hopefully will reduce...
Apprentices
From 6 April 2016 the rate of employers NIC for certain apprentices under age 25 will be zero up to the new ‘Apprentice Upper Secondary Threshold (AUST) which for this coming...
Mainstream corporation tax rate reduced to 20%
With effect from 1 April 2015 there is one main rate of 20% applying to the majority of UK companies irrespective of their level of profit. At the same time the rules for...
Research and Development Tax Credit
We are doing an increasing range of R and D tax credit claims, which are very valuable to our clients. However one question we often get asked is, what happens if HMRC think...
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