News Items
What expenses can you deduct?
To ensure that a business does not pay more income tax than it needs to, it is important that a deduction is claimed for all allowable expenses. The rules on what constitutes deductible expenditure can be confusing. They also depend on whether the accounts are...
Cycle to work tax-free
As the cost-of-living crisis deepens, many employees are looking to save money. One option is to cut the cost of the commute by cycling to work. There can be tax benefits for this too. Exemption for employer-provided cycles Employees can enjoy the use of...
Paying back a director’s loan – beware of the anti-avoidance rules
Transactions between a director and his or her personal or family company are common and a director’s loan account is simply an account for recording the transactions that occur between the two. However, there are tax consequences for the company if the director owes...
Capital Gains Tax – using your annual exempt amount for 2021/22
All individuals are entitled to an annual exempt amount for capital gains tax purposes. Net gains (chargeable gains less allowable losses) for the tax year are free of capital gain tax to the extent that they are covered by the annual exempt amount. For 2021/22, the...
Payments on account – Who needs to pay and how are they calculated?
The self-assessment tax return for 2020/21 must be filed online by midnight on 31 January 2022 if a late filing penalty is to be avoided. The exception to this is where a notice to file a return for 2020/21 was issued after 31 October 2021, in which case the filing...
Struggling to pay tax – What should you do?
The January self-assessment payment deadline is not well timed, falling as it does in a month when people may be already struggling to pay their Christmas credit card bills. However unpalatable the 31 January tax deadline is, it is not one that should be ignored....
Do I need to top up my pension?
A full single tier state pension is payable to people who have 35 qualifying years. Individuals who have less than 35 qualifying years, but at least 10 qualifying years are entitled to a reduced state pension. A person builds up qualifying years by paying sufficient...
Report SEISS Payments or Repay Grants in Full, HMRC Warns Self-Employed Taxpayers
Self-employed workers who received coronavirus support but did not accurately complete or file a 2019/20 tax return may be asked to repay their grants, it has been revealed. It comes after HM Revenue & Customs (HMRC) wrote to thousands of individuals who claimed...