Tag Archives: Tax

How Business Asset Disposal Relief could save you Capital Gains Tax

Business blog header

There are many, various reasons why people start up their own businesses – you may have a genius idea that you think could really take off, you might want a better work-life balance, or for some a favourite hobby becomes an excellent income stream. However, owning a business comes with many potential struggles and one […]

What does the Spring Statement 2022 Mean for You?

Spring Statement blog header

On Wednesday 23rd March, Rishi Sunak presented his Spring Statement 2022. He opened with his acknowledgement of increased living costs, which have been fuelled by supply chain issues and the invasion of Ukraine. Here we summarise the main points covered in the Statement.  The Statement was based on a three-part tax plan to strengthen the […]

Why you should consider payrolling benefits in kind

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If you provide staff with benefits in kind, such as company cars, medical insurance etc., you must report these annually to HMRC using forms P11D and P11d(b).  There’s another way to report benefits in kind – this is taxing them monthly through payroll instead. It’s called payrolling benefits in kind. Here are the main advantages […]

What is a Benefit in Kind?

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If you employ people in your business, it’s likely you’ve heard the term “benefit in kind” batted around. It’s defined as… “A benefit in kind is any non-cash benefit of monetary value that you provide for your employee” – But what does that actually mean?  Essentially it’s when a company provides employees with job “perks” […]

What is Marriage Allowance?

Marriage allowance blog header

We all love to save money on tax where we can and one way to do this is through Marriage allowance tax relief but what is Marriage Allowance, who is eligible and how does it work? Who is eligible? Although it is called Marriage allowance, you do not have to be married to benefit. It […]

Tax and VAT implications on gifts

Tax and VAT implications on gifts

It’s that time of year again when we all start to think about the dreaded “C” word and plan our festive season. For some businesses, it is a time where they like to take the opportunity to acknowledge, thank or reward some of their customers and/or employees by giving gifts. But what are the tax […]

What are Depreciation and Capital Allowances?

Depreciation & Capital Allowance

As I talk you through your accounts you will see depreciation in the statutory accounts for Companies House, but when it comes to the corporation tax computation for HMRC it is disallowed, why’s that?   When a company purchases a fixed asset (ie machinery, computer equipment, furniture, vehicles etc) HMRC and Companies House will deal with […]

Can I pay my personal tax bill through my limited company?

Can I pay my personal tax bill through my limited company?

We often get asked this question, and the official answer is you should either save up personal funds to pay your tax bill, or withdraw the funds from your business as a dividend.  Then pay your tax bill to HMRC from your personal account. However, we do know in reality this is a bit of […]

Can I put food and drink through my limited company?

can I put food and drink

What’s your favourite food? Is it a tea or coffee you need to keep your eyes open for your commute in the morning? Or on a night out, what’s your cheeky cocktail of choice? Now, how much better do all of those things taste when you know they’re being paid for through the business, reducing […]

Is my Christmas party tax deductible?

Is our christmas party tax deductible

Sorry to mention the C word in early September, but I know I’m not the only business owner already thinking ahead to booking a Christmas do!  I’ve seen the local venues advertising their festive events – and already panicking we may be too late to book the do of our choice! But before you go […]