As most drivers of a company car will be aware, if you have any private use of the vehicle this will result in a significant Income Tax charge. The benefit charge is the way that HMRC levy tax on this benefit in kind; and the…
Year: 2021
Tax Diary September/October 2021
1 September 2021 – Due date for Corporation Tax due for the year ended 30 November 2020. 19 September 2021 – PAYE and NIC deductions due for month ended 5 September 2021. (If you pay your tax electronically the due date is 22 September 2021)…
Business entertaining and tax relief
Expenditure on business entertainment is not allowable as a deduction against profits. Nor may a deduction be made for any expenditure which is incidental to business entertainment. The meaning of ‘incidental’ is not defined by HMRC but should be interpreted to mean any expenditure that…
Sponsoring a charity
Charity sponsorship payments are different from donations because your company gets something related to your business in return. Typically, your business brand would be promoted by the charity in some way. You can deduct sponsorship payments from your business profits before you pay tax by…
Tax-free property and trading income
You can claim up to £1,000 each tax year in tax-free allowances for property or trading income. If you have both types of income, you will qualify for a £1,000 allowance for each. If your annual gross property income is £1,000 or less, from one…
VAT - Second-hand cars - using the Margin Scheme
If you sell second-hand vehicles and you were not charged VAT when you purchased the vehicle, using the Margin Scheme will save you money. If you did not use the VAT Margin Scheme, you would have to account for VAT on the full selling price…
Tax Diary August/September 2021
1 August 2021 – Due date for Corporation Tax due for the year ended 31 October 2020. 19 August 2021 – PAYE and NIC deductions due for month ended 5 August 2021. (If you pay your tax electronically the due date is 22 August 2021)…
Taking goods abroad to sell?
You must declare goods that you take with you to sell outside the UK – for example if they are in your baggage or in a private vehicle. There is a different process if you take goods abroad temporarily (for example samples for a trade…
July 19th, normality to be resumed?
Release from social distancing restrictions in England, is deferred until 19 July 2021, which for most of us, means no change up to that date. We are still required to work from home when we can and maintain the other Step 3 social distancing provisions.…
What is the Unclaimed Estates List?
If an individual dies and for whatever reason executors or the Treasury Solicitor’s department are unable to track down beneficiaries, the unclaimed estate falls under the care of the Bona Vacantia and Government Legal Department. The Division publishes a list of unclaimed estates which have…