Working From Home – What You Need To Know About Tax Relief

Working From Home – What You Need To Know About Tax Relief

December 28, 2018 | No Comments

These days it’s common to work from home at least some of the week. With busy schedules and a lot of places saying goodbye to the standard 9-5, there’s no wonder really. As well as this, lots of companies give their employees the opportunity to work remotely and are much more flexible with location arrangements.  However, this leads to a lot of our clients wondering whether there’s any tax relief for those than work from home to cover the costs of doing so. It can be hard to get your head around the ins and outs of what you can
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The Real Cost of Christmas For Business Owners

The Real Cost of Christmas For Business Owners

December 15, 2018 | No Comments

Christmas is all about happiness, joy and often giving to those you appreciate. For employers it can be difficult to decide how generous you really can afford to be over the festive period. There has been research conducted surrounding the ways in which employers make use of the opportunity of Christmas. Research has also been looking into the impact that the tax system has on acts of generosity over Christmas. Generosity, how far should you go? When employers were asked whether they took into consideration the cost if income tax and NICs when crafting Christmas reward schemes, only a tiny
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Self-Assessment Questions & Answers

Self-Assessment Questions & Answers

January 8, 2015 | No Comments

There are usually tons of questions being asked during January about Self-Assessment. As the strap-line goes ‘tax doesn’t have to be taxing’ but unfortunately it often is for many, and as accountants we can see why! We have answered some of the common questions below but if you have any others then fire away and we will answer them for you. How do I pay the tax and National Insurance (NI) due? You have to make sure your payment reaches HMRC by the deadline, which is the 31st January. The time you need to allow depends on your choice of
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What is Self Assessment and when should you go Limited?

What is Self Assessment and when should you go Limited?

August 5, 2014 | No Comments

What is it? Or rather: what is it other than a phrase that terrifies many, stresses out more, and bores or baffles everybody else?   It is mainly for the self-employed so whether on your own or in a partnership. It also affects directors of limited companies, some pensioners, subcontractors, people who have rental properties, and those people who are employed but fortunate enough to be paying high rate tax.   How do I even begin to approach Self-Assessment? If you are in business make sure you keep accurate and up-to-date business records, an accountant can help you in this
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IR35 put simply

IR35 put simply

June 19, 2014 | No Comments

This is a tedious subject, I know, but HMRC seem to have caused plenty of confusion with their complex guidance once again. So here are the simple facts about IR35. Why? The IR35 legislation’s main purpose is to act as a deterrent to those knowingly avoiding tax and NI contributions. HMRC announced that to abolish IR35 would lead directly to a £550m estimated loss in revenue. Ultimately, HMRC is increasing the financial burden on contractors with a confusing system – who knows why they do what they do? Who does it effect? All contractors who do not meet the Inland
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Why as a nation were we outraged with Starbucks…but not Amazon?

Why as a nation were we outraged with Starbucks…but not Amazon?

May 23, 2014 | No Comments

£167bn makes income tax the government’s main area of revenue. It contributes to the £648bn total of incoming receipts. This compares with £732bn which is the government’s total expenditure. The gap is bridged with £84bn of borrowing. So how does Starbucks fit into all that? It is only one company after all. When reports emerged in 2012 showing that the coffee giants had paid little to no tax the British public reacted with venom. There was national animosity, protests and many chose to boycott them and are continuing to do so. This was admirable and moving – voting with your
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What do we think about the 2014 budget then?

What do we think about the 2014 budget then?

March 20, 2014 | No Comments

Firstly, we had good news in the fact that the economy is recovering at a faster rate than was previously expected. Yes, it is still in recovery but there is room for optimism here it seems. The UK is growing at a faster rate than other economies including Germany, Japan and the US. Hooray! Of course if the economies surrounding the UK, particularly the Eurozone, are recovering at a slower pace then high commodity prices will make the UK’s outlook sensibly cautious at best. Then came the expected announcement that the £1 coin will be replaced in three years’ time
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Pre-budget predictions: Any good news?

Pre-budget predictions: Any good news?

March 17, 2014 | No Comments

With the budget around the corner it is time to take stock of what has been and what will arrive in its place. There are three topical areas where we can state with reasonable certainty what is set to change because of published draft clauses for the 2014 Financial Bill. These are personal tax, capital gains tax and business tax. For personal tax the expectations are: Individuals born after 5 April 1948 will be entitled to a personal tax allowance of £10,000. Employees will be able to increase the maximum value of shares acquired under Share Incentive Plans (SIP) and
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