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Tax Tips and News

Tax-free Christmas parties

Newsletter issue - December 2019. Whilst the tax legislation does not include a specific allowance for an employer providing a Christmas party for employees, HMRC do allow limited tax relief against the cost of holding a social function for employees, providing certain conditions are met. Broadly, a social event - which of course, includes the…Read More

Proposals to pay doctors’ pension tax bills: update

Newsletter issue - December 2019. In an attempt to encourage working overtime shifts, doctors have been promised that their tax bills for higher rate pension relief will be covered by the NHS. This development follows the refusal by doctors to work overtime because of tax penalties received on their pensions due to the £40,000 annual…Read More

Should I register for VAT?

Newsletter issue - December 2019. In broad terms, and subject to certain exceptions, a business will be required to register to charge and pay VAT once annual sales reach a pre-set annual threshold, which is currently £85,000. This threshold is determined by total sales and is not the same as total profits (which is generally…Read More

Should I incorporate my business?

Newsletter issue - December 2019. As things currently stand, the expected cut in the main rate of corporation tax to 17% from April 2020 is unlikely to happen, but current corporation tax rates remain pretty favourable. There are also other areas where company formation may help save tax. The costs and regulations involved with running…Read More

December questions and answers

Newsletter issue - December 2019. Q. Do all assets qualify for the capital allowances Annual Investment Allowance? A. Unfortunately not all expenditure on plant and machinery will qualify for annual investment allowances (AIA). The most common examples of assets that are not eligible are cars and assets that have been used for some other purpose…Read More

December Key tax dates

Newsletter issue - December 2019. 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/12/2019 30 - Deadline for 2018/19 self-assessment online returns to be filed if you are an employee and want tax underpaid to be collected by adjustment to your 2020/21 PAYE code (for underpayments of up to £3,000 only)Read More

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