Find out how the Governments Eat Out to Help Out scheme can save you money on your next meal out. What is it? This is the new Government scheme where you can get a 50% discount between Monday and Wednesday each week. These discounts are capped at £10 per person each time. However, there is… Read more »
Posts Tagged: accountant role
Can Evolution and Innovation Reduce Tax?
Could you be missing out on tax relief by misinterpreting Evolution and Innovation? Are we Innovators? If you ask most business owners if their business is at the forefront of innovation they will probably say no. However, if you ask them whether the business has kept up with the market trends to keep commercially viable,… Read more »
Changes to Annual Investment Allowance
Find out how Annual Investment Allowance (AIA) is changing from 31st December 2020. AIA lets you deduct 100% of qualifying expenditure from your tax bill. It has been capped at £1,000,000 for the years 2019 and 2020. However, from 31st December 2020 the cap is being lowered to its previous level of £200,000. During the transition… Read more »
Avoiding the Pension Cap
Thousands of people may have unexpected tax bills, because they have contributed too much to there pension schemes. Most people are entitled to contribute up to £40,000 a year into a private pension tax-free. This cap applies across all of your pension schemes, and includes contributions made by employers, or on your behalf by someone… Read more »
Non staff entertainment: Claiming VAT on entertaining on Valentine’s Day
Claiming VAT on entertaining non-staff is usually not allowed, but there are certain times when you can do it. The input VAT is usually not claimable on the costs of entertaining non-staff. This rule also applies to staff whose role is to look after the guests and make sure they enjoy themselves. It is possible, however,… Read more »
Stripping away what a dancer can and can’t claim
When in dispute with HMRC case law can be helpful. Daniels v HMRC is one such case where HMRC took on an exotic dancer. Ms Daniels, the dancer in question, had been claiming all the expense incurred when travelling from her home to Stringfellows and back again. Travelling costs are only allowed between… Read more »
VAT credit note
New rules for credit notes came into effect in September 2019. Find out more about VAT credit notes and how they affect you. You are more likely to reduce the price of goods than increase them, for example if the goods are faulty. Credit notes can reduce the VAT accounted for on the original invoice…. Read more »
Is employing family tax efficient?
Putting family on your payroll can be tax efficient if HMRC allow it, but what happens if they challenge it? For an expense to be tax deductible it has to be incurred wholly and exclusively for business purposes. If you employ your family members, this may gain HMRC’s interest. HMRC will want to establish that… Read more »
Tax relief on personally owned equipment
If you have a personally owned asset which you sometimes use for business, are you entitled to a tax deduction? HMRC has a “wholly, exclusively, and necessarily” rule, which means you can’t get tax relief for expenses if there is any non-business use. However, this rule doesn’t apply in the same way to… Read more »
Long-term tax planning for children and shares
Your children might be too young to take over the family company, but can you reduce tax by giving your children shares now? Parents try to mitigate their tax bills by diverting income to their children that are under 18. These schemes fail because of HMRC’s anti-avoidance rules called settlements legislation. These make… Read more »