Business entertainment Income tax, corporation tax and VAT legislation each contain a similar rule which blocks a tax deduction for “business entertainment” costs. This includes hospitality of any sort. A common example is where a business provides food and drink for an individual, say a customer. However, not all such supplies are business entertainment. Tip. The exception … Continue reading When is providing food and drink to customers deductible?
With a view to keeping you the right side of an HMRC penalty the deadlines for March 2020 are as follows: 1st March Last date to pay any self-assessment tax owing for 2018/19 before an automatic 5% late payment penalty applies. Tip: If you agree a "time to pay arrangement" before this date HMRC will … Continue reading HMRC March Deadlines
An increase to the NI threshold has been confirmed ahead of the budget on 11 March. How will this affect your clients? Whats changing? From 6th April 2020 taxpayers will enjoy an NI threshold of £9,500 per year. During the next tax year, employees will save £104 as a result of these changes, and the self-employed … Continue reading NI contributions threshold increased to £9,500
In 20 years the UK plans to ban the manufacture of petrol/diesel cars so that this switch is more a choice of when rather than if. There were just 3,500 electric cars registered in the Uk in 2013 and now there are 230,000 so the technology and infrastructure is rapidly developing to make owning an … Continue reading Should I go electric with my next car
We all know that when we get into property that we are in for the long haul. But have you ever stopped to think how long that will be and what you can do to extend it. Then do I have a treat for you "Why We Sleep: The New Science of Sleep and Dreams … Continue reading If I only had to recommend one book then this is it!
If you’re expecting a sizeable self-assessment tax bill for 31 January 2020. How and when can you reduce this, and if you can’t how can you manage the payment in the most cost-efficient way? HMRC’s pound of flesh If you’re late paying either of your January or July instalments of tax, HMRC will charge interest … Continue reading How to avoid late HMRC payment penalties and interest
With a view to keeping you this side of an HMRC penalty the deadlines for February 2020 are as follows: 1st February P46(car) deadline for the quarter to 5th January 2020. Tip: mThe form is only required when you first start to provide or permanently withdraw use of a car to an employee. 5th February … Continue reading HMRC February Deadlines
It's another New Year , but somethings never change as far as HMRC is concerned. Every month there are key deadlines and dates to remember. Overlook one and you risk incurring the wrath of HMRC. In January alone there are potentially nine things to get right, ranging from paying your corporation tax to filing a … Continue reading Never miss another tax deadline!
The Chancellor has announced the date for the first Budget in more than a year. What can you expect? What tax adjustments are expected? The Conservatives' manifesto mentioned a 1% increase to R&D tax credits and the structures and buildings allowance, along with a £1,000 increase to the employment allowance. The party promised that it … Continue reading The Budget has been set for 11 March 2020
HMRC’s reputation as a Scrooge isn’t always justified. For example, its rules allow for a little seasonal goodwill provided you’re not too generous. How does this apply to gifts for your staff and customers? Giving and receiving There are two sides to the equation for tax on Christmas gifts; one for the giver and the … Continue reading Seasonal gifts – the tax small print