If you are entitled to Working Tax Credit or are receiving Universal Credit, or know someone who is, then this could be for you. The “Help to Save” is a type of savings account; it allows people who are entitled to Working Tax Credit or receiving Universal Credit to get a bonus of 50p for every £1… Continue reading Get help with saving.
Restaurant owners are now banned from deducting money from tips earned by waiters and other staff. Tips can be paid to employees using the following methods: Cash received direct from a customer This is an allowable method of receiving tips, however the person receiving the tip is responsible for declaring and paying tax on the… Continue reading Law changes on tips for waiters
Changes were announced to capital allowances in the Autumn Budget. These include an increase in the Annual Investment Allowance (AIA) available. Make sure your business does not fall foul of the transitional rules which apply. Increased AIA from 1 January 2019 You will no doubt be aware that the maximum AIA has been set at… Continue reading Hot Topic! Maximise your capital allowances
When someone makes a donation, you might want to give the donor something in return (an item or service) to say thank you. This is known as a ‘benefit’. Literature that tells donors what your charity does eg a newsletter, or a simple plaque to thank a donor, doesn’t count as a benefit. The value… Continue reading Gift Aid – The benefit rule
A married couple or civil partnership can apply to transfer 10% of the income tax personal allowance from one to the other. Although called the marriage ‘allowance’, it is a transfer rather than an additional allowance. To qualify for the allowance, neither of the partners can be higher rate taxpayers and cannot be claiming the… Continue reading Have you taken advantage of the Marriage Allowance?
BUSINESS TRAVEL As we approach the time when employers have to deal with P11d returns, it is worth having a recap on the general principles of what is allowable. Travel expenses have specific tests which must be satisfied in order for an employee to gain a deduction. These rules are different from the general rule… Continue reading P11d returns – Recap on the general principles of what is allowable.
It is that time of year again when your organisation’s P11D forms will need to be prepared and submitted to the Inland Revenue. The most common entries being the car or van benefit, with or without fuel for private use. In addition to the above, directors/employees are sometimes provided with private health insurance. The best… Continue reading P11Ds – Return of Expenses and Benefits