BUSINESS
Transferring stock or work in progress to a limited company
If you incorporate a business stock or work in progress should be valued at the higher of cost or market value. This could trigger a large tax bill on unrealised profits. It...
Employing your children?
Employing your children can provide tax benefits while giving them valuable work experience. If structured correctly, it is a legitimate and tax-efficient business expense. To...
Losses and transfer of trade
Sometimes a loss making sole trader will incorporate in the expectation that the corner has been turned and the business becomes profitable or the protection of limited...
Changing lanes to get the answer they want
The Court of Appeal decided that cars leased by an employer to its employees on arm’s length terms did not constitute a taxable benefit in kind. HMRC had argued that the...
Construction Industry scheme Changes
From 6 April 2016, HMRC abolished monthly paper returns for the Construction Industry Scheme (CIS). All submissions must now be made electronically. So, we'd thought we'd...
Tax on Reimbursed Interview Travel: How Mean Can HMRC Get?
When an employer reimburses an employee’s travel costs for interviews, promotion boards, or grievance panels, the payment is subject to both income tax and National Insurance....
VAT and tax point rules
VAT tax point rules determine when VAT becomes due on a transaction. The tax point is the date that establishes when VAT must be accounted for, ensuring compliance with HMRC...
R&D tax relief for directors – pension contributions considered
Companies investing in innovation can claim R&D tax relief to reduce their tax liability. This relief applies to eligible staff costs, which include salaries, employer...
Free fuel for a company car
Just a reminder that you should really do the calculations to see if the provision of free fuel for private motoring is worthwhile. In virtually all cases unless there is high...
Losses from share dealing
Ordinarily one would expect HMRC to not allow such losses as trading losses, only as capital losses. However a recent first tier tribunal has ruled that in the case of A Ali...
Payrolling benefits
Mentioned before we believe but a reminder that if you have an informal agreement to payroll benefits in kind, you need to reapply before 6 April 2016 to do so for the year...
Rolling stones gather no MOSS!
Nothing to do with nature! HMRC have issued guidance as to simplification measures for UK businesses trading below the VAT registration threshold (currently £82,000), that...