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Tax News

Tax planning a new year priority says Darlington tax expert

Tax planning a new year priority says Darlington tax expert

Date posted: 5th Dec 2019

As the new year approaches, many people turn their minds to resolutions, healthy eating, exercise and filing their tax return! However, in the view of Lee Watson, tax…

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Member’s voluntary liquidations – important tax update

Date posted: 5th Dec 2019

It is usually the case that, when a company enters a member’s voluntary liquidation (“MVL”), any proceeds subsequently distributed to the shareholders are treated for tax purposes as…

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CYCLE TO WORK SCHEME. GET ON YOUR BIKE!

Date posted: 5th Dec 2019

The government has recently announced that the previous £1,000 limit on the cost of a bicycle provided under the cycle to work scheme has been removed. This will…

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Tax Free CHRISTMAS GIFTS TO EMPLOYEES?

Tax Free CHRISTMAS GIFTS TO EMPLOYEES?

Date posted: 5th Dec 2019

Remember that certain Christmas gifts to staff are tax-free if structured correctly. Ever since April 2016 employers are allowed to provide their directors and employees with certain “trivial”…

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Gifts to Charity

Date posted: 5th Dec 2019

Where possible higher rate taxpayers should “Gift Aid” any payments to charity to provide additional benefit to the charity and for the individual to obtain additional tax relief…

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Furnished Holiday Lettings Businesses Qualify for Capital Gains Tax Relief

Furnished Holiday Lettings Businesses Qualify for Capital Gains Tax Relief

Date posted: 6th Nov 2019

As mentioned above furnished holiday lettings businesses are eligible for capital allowances on equipment in the property. Where the business incurs finance costs such as mortgage interest the…

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Customs Changes – Government Funding to help you prepare

Customs Changes – Government Funding to help you prepare

Date posted: 6th Nov 2019

£16m in new government funding is now available to help businesses train staff in making customs declarations and to help businesses who support others who trade goods to…

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Director’s Loan Account – Keep the Details and Keep it in Credit

Director’s Loan Account – Keep the Details and Keep it in Credit

Date posted: 6th Nov 2019

In a recent Tax Tribunal case the judge agreed with HMRC that a detailed breakdown of director’s loan account transactions is required, including dates. The significance is that…

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Collecting Unpaid Tax for 2018/2019 through your Paye Coding

Collecting Unpaid Tax for 2018/2019 through your Paye Coding

Date posted: 6th Nov 2019

Under certain circumstances, it is possible to arrange the collection of unpaid tax through your PAYE coding rather than making a balancing payment on 31 January. This will…

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No Capital Allowances for Equipment in a “Dwelling House”

No Capital Allowances for Equipment in a “Dwelling House”

Date posted: 6th Nov 2019

As a general rule, there are no capital allowances available for expenditure on plant and machinery in a dwelling house. In a recent Tax Tribunal case it was…

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