Clive Owen LLP, leading accountants and business advisers, with offices in Darlington, York, Durham, and Middlesbrough, is informing businesses to be mindful of potential tax implications associated with staff Christmas parties. As the festive season approaches, the firm is highlighting the importance of understanding the tax rules to avoid unwelcome surprises in the New Year. […]
Year: 2023
Autumn Statement 2023
Autumn Statement 2023 On Wednesday 22nd November 2023, the Chancellor, Jeremy Hunt unveiled his Autumn Statement. If you have any questions regarding any of the announcements made in the Autumn Statement, contact a member of our tax team here. Income tax rates The government has stated that the basic rate will remain at 20%, the […]
Charging electric cars at home – a change in the rules
HMRC have recently clarified their view of the tax treatment of the reimbursement of electricity costs where employees charge their electric company cars at home. HMRC now accepts that reimbursing part of a domestic energy bill, which is used to charge a company car or van, is exempt from income tax. Their previous view was […]
Trivial benefits – to tax or not to tax?
The trivial benefits legislation came into force on 6 April 2016 and allows employers to provide trivial benefits to employees without the employee incurring tax liabilities. However, for the benefit to qualify as trivial, a number of conditions must be met which are that: The benefit is not cash or a cash voucher. The benefit […]
Associated company rules – Implications post 1 April 2023 on the amount of tax and payment dates
It is eight years since companies had to deal with two tax rates and marginal relief when calculating their corporation tax liability. That system has now been reinstated and, as of 1 April 2023, the amount of corporation tax will depend on a company’s profits as follows: under £50,000 – small profits rate of 19% […]
VAT – Exceeding threshold temporarily – What can be done?
Most business owners are aware that VAT registration is a legal requirement should total taxable turnover for the previous 12 months exceed £85,000 or turnover is expected to exceed £85,000 in the next 30 days. Once a business becomes liable, that liability ceases should HMRC be satisfied that the business is not expected to exceed […]
Mortgage interest tax relief – a re-cap
There are different tax reliefs available, that depend upon the type of property letting business. This may be a serious consideration, particularly as landlords coming to the end of their fixed rate mortgage deal are likely to be paying considerably more in interest when they remortgage. Unincorporated landlord and residential lets Unincorporated landlords letting residential […]
Relief for pre-trading expenses
In setting up a trade it is inevitable that expenses will be incurred before the trade actually commences and income is received. Expenses may be incurred on acquiring premises and kitting them out, on buying stock, on office supplies, on professional advice, on marketing, on software, on setting up a website, on legal fees and […]
Separating couples and child benefit
The High-Income Child Benefit Charge (HICBC) was introduced in 2013 to stop those with higher earnings, from receiving entitlement to child benefit. The charge applies where the claimant (or his or her partner) have an adjusted net income of at least £50,000. Where both parties have income in excess of this, the charge is levied […]
Development comes first at Clive Owen LLP
By Caroline Pigg, Recruitment and Training Advisor At Clive Owen LLP, we believe that supporting and upskilling our teams is crucial to our success. In my role as recruitment and training advisor, I see day-to-day the impact that our training programme has on all members of the team, from those who have been with us […]