Tax News

Summer Childcare Costs – Tax Relief Available

Summer Childcare Costs – Tax Relief Available

Date posted: 11th Jul 2022

If you have children under 12 who attend a nursery, after school club, play scheme, childminder or you are considering sending them to a summer camp, you should…

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SEISS grants – penalties and reporting

SEISS grants – penalties and reporting

Date posted: 11th Jul 2022

HMRC are reminding sole traders and partners who have received Self-Employed Income Support Scheme (SEISS) grants that there are potentially penalties of up to 100% of amounts over…

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Company cars – is the list price always the P11D price?

Company cars – is the list price always the P11D price?

Date posted: 11th Jul 2022

As a general rule, when completing forms P11D to declare a company car, it is the original list price of the company car that is declared rather than…

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BAD relief – HMRC nudging taxpayers

BAD relief – HMRC nudging taxpayers

Date posted: 11th Jul 2022

It is believed that HMRC are checking 2020/21 tax returns and nudging taxpayers to double check if they have exceeded their lifetime allowance for business asset disposal (BAD)…

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Associated companies – how does it work?

Associated companies – how does it work?

Date posted: 11th Jul 2022

As we mentioned in our April tax news (https://www.cliveowen.com/2022/04/corporation-tax-increases-april-2023/) corporation tax rates are rising from April 2023. The issue of associated companies rears its head after an eight…

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MORE PEOPLE TO FACE FINANCIAL SQUEEZE DUE TO TAX THRESHOLD FREEZE

MORE PEOPLE TO FACE FINANCIAL SQUEEZE DUE TO TAX THRESHOLD FREEZE

Date posted: 23rd Jun 2022

More people will be pulled into higher tax brackets in the wake of tax allowances and thresholds being frozen, according to a Northern-based tax expert. Lee Watson, of…

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Property businesses – what expenditure can be claimed?

Property businesses – what expenditure can be claimed?

Date posted: 21st Jun 2022

In common with other types of businesses, expenses are unavoidable when running a property business. However, subject to certain conditions, it is possible to obtain tax relief for…

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The end of the solvent company’s life – what are the tax implications?

The end of the solvent company’s life – what are the tax implications?

Date posted: 21st Jun 2022

All good things, must come to the end. If you are operating your own limited company and looking to retire or cease trading, then you will need to…

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‘Trivial benefits’ – what is trivial?

‘Trivial benefits’ – what is trivial?

Date posted: 21st Jun 2022

Legislation around ‘Trivial Benefits’ was introduced a few years ago, to save employers from having to report relatively small amounts given to employees as taxable on a form…

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Filing your tax return early – what are the benefits?

Filing your tax return early – what are the benefits?

Date posted: 21st Jun 2022

A lot of taxpayers are under the impression that if they file their tax return earlier than the January deadline, they will be required to pay the tax…

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