The tax treatment of termination payments has changed significantly over recent years. The changes have aligned the rules for tax and secondary National Insurance contributions (employer (NICs)) by
Termination payments Read More »
1 September 2022 – Due date for Corporation Tax due for the year ended 30 November 2021.
19 September 2022 – PAYE and NIC deductions due for month ended 5 September 2022. (If you pay your tax
Tax Diary September/October 2022 Read More »
Here is a reminder of any duty payable and tax-free allowances if travelling abroad this summer.
If you are travelling from outside the UK and arriving home in Great Britain (England, Wales and
Duty free limits if you are travelling abroad Read More »
There is a benefit in kind (BiK) trivial exemption that applies to small non-cash benefits like a bottle of wine, or a bouquet of flowers given occasionally to employees or any other BiK classed as
Tax-free trivial benefits Read More »
The easiest way to ensure that no car-fuel benefit charge (for private journeys in a company car) is payable, is to use the advisory fuel rates published by HMRC to repay any private fuel costs to
Using Advisory Fuel rates Read More »
There is no statutory definition of ‘trade’. The only statutory reference to the term is that ‘trade’ includes a ‘venture in the nature of trade’. This absence of a formal definition decides if an
The Annual Investment Allowance (AIA) is a generous tax relief that was first introduced in 2008. The AIA allows for the total amount of qualifying expenditure on plant and machinery to be deducted
Using the Annual Investment Allowance Read More »
There are special rules known as the miscellaneous income sweep-up provisions that seek to charge tax on certain income. This unusual provision, which is broad in scope, catches income that would not
Miscellaneous income Read More »
Here are some highlights regarding key tax changes for the new tax year.
Key tax changes for 2022/23 Read More »