BUSINESS
Trivial benefits in kind and NIC
Broadly, to qualify for treatment as a trivial BinK the following musts be met: A – must not be cash or a cash voucher B - must cost £50 or less C – must not be provided as...
Auto-enrolment – ignore at your peril!
Automatic £400 penalties for non-compliance are on the increase, primarily for failing to submit a declaration of compliance which given that all other administrative matters...
Research & Development (R & D) advance assurance scheme
This enables successful applicants with an assurance that their claims for R & D tax relief will not be subject to an HMRC enquiry and that HMRC will accept their first...
Corporation tax – reducing paperwork further
Acknowledgements to corporation tax returns filed will no longer be issued in paper form either to the company’s registered office or the agent acting. The acceptance of the...
Parking fines – Allowable against taxable profits?
Can parking fines be allowable against taxable profits? Something we all dislike and for some businesses they are just unavoidable for example when delivering or collecting...
Salary sacrifice schemes
The tax and national insurance savings will be removed for all benefits provided this way apart from those relating to pensions (including advice), childcare, cycle to work...
Changes to the VAT flat rate scheme from 1 April 2017
HMRC believes that small businesses have been abusing the VAT flat rate scheme (FRS). When reporting VAT payable the business ignores VAT on purchases with the exception of...
Advisory fuel rates from 1 December 2016
The latest advisory fuel rates, effective from 1 December 2016, are as follows; Up to 1400cc – petrol 11p (10p), LPG 7p (7p) 1401cc to 2000cc - petrol 14p (13p), LPG 9p (9p)...
Research and development (R & D) claim
More of our clients are making these claims which can be very valuable. For small and medium enterprises, valid claims can result in an additional deduction from profits of...
Liquidating a company
If you are reaching retirement and you no longer wish to trade you have a choice. If the total value of the company is less than £25,000 payments from the company can be taxed...
Group VAT registration
These can be quite useful, particularly if there are lots of sales between group members as it removes the need for VAT to be charged. If a taxpayer is deregistered under its...
National minimum wage from 1 October 2016
In case you missed it the rates went up again from 1 October 2016! For workers aged 21 and over it has risen to £6.95 per hour, persons aged between 18 and 20 now must receive...