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…
Category: General
Package holiday refunds
Package holiday companies have been instructed to respect the refund rights of holidaymakers ahead of the summer period. In a recent press release, this is what the Competition and Markets Authority (CMA) said: The CMA has published a further open letter to the sector and…
Charity – using a subsidiary trading company
One or more charities can set up a subsidiary trading company to trade on their behalf. This may be a useful strategy if your charity: Makes profits on trading that is not linked to its primary purpose Makes a profit that comes close to or…
UK residence and tax
Your UK residence status affects whether you need to pay tax in the UK on your foreign income. For example, non-residents only pay tax on their UK income – they do not pay UK tax on their foreign income. Whereas UK residents normally pay UK tax…
Self-employed grants claim process now open
Since 13 May 2020, it has been possible to use online processes, accessed via the gov.uk website, to either: Clarify if you are eligible to apply for the Self-Employed Income Support Scheme Lodge your claim. Payment should usually be in your bank account within 6…
Self-Employed Income Support Scheme
The long-awaited statement from the Chancellor, Rishi Sunak regarding COVID-19 support for the self-employed has been announced. The Chancellor said that the scheme will benefit some 95% of people whose main income source is derived from self-employment. A list of the scheme features as…
COVID-19 Business Support Update - 20 March 2020
On Friday, the Chancellor went significantly further than in the history of this great county, with a series of unprecedented announcements in the Government’s support of businesses, employees and individuals. The range of measures for UK businesses is significant and now includes the following: a…
Flood support
At the time this article was written, mid-November, there was no specific financial support being offered to victims of recent flooding in the UK apart from the farming sector. See comment below. The government announced on 13 November that it will extend its Farming…
Taxing aspects of electric cars for your business
This article does not cover the risks of owning an electric car, depreciation rates etc. Instead, it discusses the tax implications if you buy an electric car for business purposes. As electric cars have zero carbon emissions for tax purposes it should be possible…