Tax-Free Benefits for Small Business Employees? Big Businesses may Reward Staff? MONTHLY FOCUS: PROVIDING TAX-FREE BENEFITS TO EMPLOYEES Page Content:- Benchmark subsistence rates Childcare Christmas parties and annual functions Cycle to work schemes Eye tests and spectacles Providing benefits that are exempt from income tax is a great way to reward employees in a tax-efficient ... Read More
Small Business Election Tax-related promises? Any Tax-related promises for Enterprise Businesses? With three weeks to go until the election, the main parties have been making tax-related promises. What do we know so far? Speculating about tax changes can be a fruitless exercise, e.g. before Budget day. However, with a number of tax policies being a ... Read More
Small Investors Gains & Losses will be recorded Large Investors may be affected too? Changes to the self-assessment tax return signal HMRC’s intention to go after those buying and selling cryptoassets. What’s the full story? Warning for cryptoasset investors HMRC has already set out its design for self-assessment tax returns for 2024/25. The return will ... Read More
Non-dom Reform, small business staff will have to wait to find out? Big Business Non-doms may be delayed? After announcing an early election, the government rushed to have the Finance Bill with the 2024 Spring Budget measures passed into law. However, one of the most notable of the reforms was missing. What’s going on? Non-dom ... Read More
Distinguish between small business property letting and big business trading? How might your Business be affected? The furnished holiday lettings regime is due be abolished next year. HMRC has recently dismissed the introduction of a simple test to distinguish between property letting and trading. How might you be affected, and what does the announcement of ... Read More
New interactive tool for transition period profit reporting published If you are a sole trader, or a partner, reporting your profits could be more complicated this year due to the basis period reform. How can a new online tool help? For 2023/24, basis period reform will start to kick in – meaning unincorporated businesses that have ... Read More
Tax breaks for work-related training Training your employees well is generally good for your business but there are tax and NI breaks that can sweeten the pot. What are they and how can you qualify for them? Exemption for learning or training Tucked away in the dusty pages of the tax legislation is an exemption ... Read More
MONTHLY FOCUS: SECONDARY INCOMES In 2023 it was revealed that HMRC would enjoy new data-sharing information from online selling platforms from 1 January 2024, including eBay, Etsy, etc. This led to media speculation that innocent people selling second-hand items would soon be hearing from a tax inspector. In this monthly focus, we look at the ... Read More
New guidance on commuting expenses for hybrid workers You probably know that you can’t claim tax relief for the expenses associated with travelling to your usual place of work. However, what is the position if you’re a “hybrid” worker? The guidance on this has recently been updated for clarity, so what’s the answer? The rules ... Read More
Back-door company loans – is there a problem? You’re starting a new business in partnership with a colleague. If your existing business, which operates through a company, provides start-up cash in the form of a loan, are there tax consequences? Directors’ loan tax charge You’re probably aware of the tax charge that can apply if ... Read More
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