BUSINESS
Pitfall with cars – No 2 – to lease or not to lease
Leasing a car through a company can seem like a cost-effective way to provide employees or directors with a vehicle. However, there are key company car lease tax pitfalls that...
Pitfall with cars – No 1 – pooled cars (not pedalos!)
It is very difficult to make a company car a pool car and thereby avoid the benefit in kind provisions. To be exempt from such charges the car; Must actually be used by more...
Enhanced Capital allowances – making the most!
From 1 January 2016 the annual investment allowance reduced from £500,000 to £200,000. If you find that your capital expenditure already exceeds the allowance available look a...
National Insurance Employment Allowance
The National Insurance Employment Allowance is a valuable relief that allows eligible businesses to reduce their Employer’s National Insurance Contributions (NICs). From 6...
Starter checklist for new employees
When a new employee does not have a P45, HMRC advises that they should complete a starter checklist for new employees. This ensures they are placed on the correct tax code...
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
When moving a property from a company, many assume the transfer must be treated as a benefit in kind or a standard sale. However, there is a more tax-efficient option:...
Employment allowance for national insurance purposes
From 6 April 2016, the Employment Allowance for National Insurance increases from £2,000 to £3,000. This allowance helps businesses by reducing their Employer’s National...
Diesel cars
Understanding the Benefit in Kind Supplement for Company Diesel Cars The benefit in kind (BIK) supplement for company diesel cars is an important consideration for businesses...
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...