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Business expenses when costs have a private element
Self-employed people can deduct allowable business expenses when calculating their taxable profits. However, where a cost has both a business and private element, only the business proportion can
Could simplified expenses save you time and money?
Self-employed people can choose to use simplified expenses to calculate certain business costs using flat rates rather than working out their actual expenses.
The system can save time and make record
Are you paying your staff the correct minimum wage?
Employers must make sure their staff receive at least the National Minimum Wage or National Living Wage rate that applies to them. The correct rate depends on the worker’s age and, in some cases,
When is a company dormant for Corporation Tax?
A company does not have to be formally closed to become dormant for Corporation Tax. A company is usually considered dormant if it has stopped trading and has no other income, such as investment
When can a trading loss generate a tax refund
Making a trading loss whilst not ideal can sometimes generate a tax refund. If you are a self-employed individual or a member of a trading partnerships, a trading loss can potentially be set against
Is your company paying Corporation Tax at the right rate?
The rate of Corporation Tax payable depends mainly on the level of a company’s taxable profits. The main rate is 25% and applies where profits exceed £250,000. Companies with profits of £50,000 or
Could company dividend rules be changing?
The Government has announced plans to consider major changes to the rules governing when companies can make distributions to shareholder.
As part of a wider corporate reporting overhaul announced on
Nearly 660 employers named for minimum wage failures
The Government has named nearly 660 employers for failing to pay workers the National Minimum Wage, highlighting how costly National Minimum Wage compliance failures can become.
The latest naming
Is your VAT control system strong enough?
A strong VAT control system should clearly identify who is responsible for VAT, document the processes involved and regularly check that controls are working. HMRC also recommends keeping procedures
Could company distribution rules change?
The tax rules concerning what constitutes a distribution for tax purposes have remained largely unchanged since Corporation Tax was introduced in 1965. HMRC has recently published a consultation
Predevelopment costs on major developments
Businesses planning major infrastructure and development projects should be aware of a new government consultation on the tax treatment of predevelopment costs.
The consultation follows the
UK employers with overseas employees
UK employers with employees who normally work overseas may have PAYE and National Insurance obligations when those employees come to the UK to carry out their duties in the UK on a short-term
