As you may know, the tax return deadline is getting closer with the final date of submission and payment for electronically submitted tax returns being 31 January 2017. Collect tax through PAYE code: When filing a tax return you can opt to pay your overdue tax by collecting it through PAYE (This means your tax… Continue reading Tax return deadlines – Are you ready?
On Wednesday 23 November 2016 our new Chancellor of the Exchequer, Philip Hammond, delivered his first (and last) Autumn Statement. “No other major economy makes hundreds of tax changes twice a year, and neither should we” – this is perhaps the most welcome measure announced in the Autumn Statement. In recent years the Autumn Statement… Continue reading Autumn Statement 2016
If you are looking to buy a car through your VAT registered business then there are several things to consider; it can be a great tax saving idea however you must consider all of the implications. The most important point is that the VAT on the purchase of the vehicle can only be claimed back… Continue reading VAT on Company Vehicles
Trivial benefits provided by employers - ITEPA 2003, s 323A Normally if something is trivial you would ignore it, however in this case trivial is in the eye of HMRC, not the director or employee! From 6 April 2016 an employer can give an employee a present without putting it on a P11d (Return of… Continue reading Some good news from HMRC – that makes a change!
Before any purchase takes place you should always take advice as tax savings are there to be made. In many cases the contract drawn up by solicitors will need to be worded carefully to ensure tax savings can be considered. The Capital Allowances Act 2001 entitles a purchaser to claim tax relief in respect of… Continue reading Thinking of buying commercial property?