Category: Tax

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It’s Christmas time…are parties deductible ?

It’s Christmas time…so what is deductible ?, and what isn’t ?. I am glad you asked !. HMRC are not keen on people claiming food and drink as a deduction. Here are some exceptions; – ‘Annual’ and recurring Christmas parties: you can spend up to £150 per year per employee (inclusive of VAT) – Meeting refreshments: Drinks, […]

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MTD update (“Making Tax Digital”)

“Making Tax Digital” – what is it ?… Making Tax Digital is a UK Government initiative that sets out a vision for ‘a transformed tax system and the end of the tax return’ by 2020″.   Here is an updated timetable; How will the initiative be implemented ?. As MTD is rolled out, a number of changes will be implemented. Here […]

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3 quick items of interest

Just a three quick items of interest if you are self-employed, or are self-assessed taxpayer…. Class 2 NIC’s It was announced in the recent 2016 budget, that Class 2 National Insurance Contributions would be scrapped from April 2018. Yes…you read that correctly !. Currently you are paying £2.80 per week if you earn a PROFIT […]

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What is a tax return going to look like in 2020 ?

Answer ?…no one knows; not even HMRC I think. In the March 2015 Budget the Chancellor (known as the “Treasurer” in  most countries), raised the issue of the ‘end of the tax return’. The future focus will be on ‘digital tax accounts’, which appear to be a digital portal into HMRC containing all relevant tax details for […]

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Class 2 NIC changes

What are NIC’s ? “National Insurance Contributions” (NIC’s) contributes towards your state pension and certain other benefits; the amount of contributions you make during your working lifetime affects the level of pension you receive. If you are employed on a payroll, you pay Class 1 NIC which get taken automatically via PAYE. Class 2 and […]

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The end of yearly tax returns…but not tax !.

Annual tax returns will soon be a thing of the past! Taxes themselves are not going away; you still have to pay taxes. The method used to file them at the end of the year will be different. In fact, the new tax filing method will be so different and so much easier to access, […]

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Dividends and ISA’s

There is a wee bit of confusion when it comes to taxation on ISA dividends. Aren’t they tax free ?. Well sort of… An ISA (Individual Savings Account in the U.K.) is a “tax-efficient” investment, but it is not tax free in all cases. Regarding dividends, the dividend is paid with a 10% tax deduction […]

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Shared parental leave and pay

Where a child is due to be born (or adopted) on or after 5 April 2015, its parents will be entitled to share the 52 weeks of maternity leave and 39 weeks of maternity pay or maternity allowance which is currently available only to the mother. As an employer you need to be ready to […]

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Withdrawal of pensions

You will be able to make any withdrawals you wish from your pension fund after 5 April 2015. Before that date there are restrictions over how much you can withdraw, but you can still take 25% of your fund as a tax-free lump sum. Any amount taken in excess of the 25% tax-free lump sum (before or after 5 April 2015) […]

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Do Company donations qualify for Gift Aid ?

Companies can make charitable donations under Gift Aid, but those gifts are made without deduction of tax, so the charity does not reclaim tax on the gift. The company’s gift is treated as an expense and deductible from its profits as long as the company has profits for the accounting year in which the gift […]

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