There are special rules in place when a limited company gives to charity. This can include Corporation Tax relief for qualifying donations made to registered charities or community amateur sports clubs (CASC) as including capital allowances for
There are special rules to help ensure that goods sent from abroad are taxed appropriately and do not disadvantage UK businesses supplying goods in the UK. For example, by having to compete with VAT free imports. This includes goods that are new or
The pension savings annual allowance for tax relief on pensions has been fixed at £40,000 since 6 April 2014. The annual allowance is further reduced for high earners. Since 6 April 2020, the tapered annual allowance increased from £150,000 to
HMRC’s Shared Workspace is a service that allows businesses and tax agents to share sensitive data, for example, accounts or employee information, with HMRC.
According to HMRC, the service allows members to ‘share’ information in a ‘space’ where
Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable and which are tax-free.
HMRC’s guidance provides the following list of the most common state benefits that are taxable i.e., Income Tax
A PAYE Settlement Agreement (PSA) allows employers to make one annual payment to cover all the tax and National Insurance due on small or irregular taxable expenses or benefits for employees.
The expenses or benefits included in a PSA must be
As children have returned to school, HMRC is reminding parents that they may be eligible for Tax-Free Childcare (TFC) to help pay for breakfast and after school clubs.
The TFC scheme can help parents of children aged up to 11 years old (17 for those
Student loans are part of the government’s financial support package for students in higher education in the UK. They are available to help students meet their expenses while they are studying. It is HMRC’s responsibility to collect repayments where
UK Income Tax is generally payable on taxable income received by individuals including earnings from employment, earnings from self-employment, pensions income, interest on most savings, dividend income, rental income and trust income. The tax rules
The VAT Capital Goods Scheme (CGS) is a means of adjusting the initial VAT recovery in respect of certain assets over either 5 or 10 years. The scheme seeks to agree a fair and reasonable attribution of VAT to taxable supplies and non-taxable
The new Prime Minister, Liz Truss has, as promised, sought to tackle the cost-of-living crisis in her first few days in office. She is the fourth Conservative Prime Minister to govern the UK in a little over six years. The government has seen many
There are special rules for the provision of living accommodation to employees under certain circumstances. In most cases, employees will pay tax on any living accommodation provided by an employer unless they qualify for an exception. However, where
An overdrawn director’s loan account is created when a director (or other close family member) ‘borrows’ money from their company. Many companies, particularly ‘close’ private companies, pay for personal expenses of directors using company funds.
There are special rules which can apply to farmers and market gardeners that prepare their accounts on accruals basis. This includes special rules for farmers’ averaging relief, dealing with losses and the treatment of compensation for compulsory
There is still time to claim the super-deduction allowance that offers 130% first-year tax relief. The deduction is available to companies until March 2023. The super-deduction is designed to help incorporated businesses finance expansion in the wake
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