AKA: Can you claim back on drinks? Michele is a former HMRC Higher Officer who worked for HMRC from ‘88 to ‘16. She has the rare ability to explain to laymen and experts alike, in as simple terms or as detailed as her audience would like. She was recently asked a question regarding staff entertainment. Given…
You Have To Comply With GDPR As of 25 May 2018, businesses that store the personal data of staff, customers, suppliers and business contacts has needed to comply with the General Data Protection Regulation (GDPR). Basically, you will need to know what personal data you keep, where you keep it, who you share it with…
When it comes to Tax Return rules, you probably asking one thing. Should you or shouldn’t you? Well, we’ll give you some tax return advice. According to HMRC, you are required to send in a tax return in the last tax year if: you were self-employed – you can deduct allowable expenses you got £2,500 or…
There was much speculation prior to the budget last month, that the tax relief for higher rate tax payers was going to be scrapped, or reduced. Many pundits were expecting a flat-rate tax deduction of 33% rather than tax relief for higher rate taxpayers of 40%. Fortunately, for those who may have been affected by…
Before the Autumn Budget, the capital gains tax (CGT) calculations of companies included a relief called the indexation allowance. Basically, this allowed a company to increase the acquisition cost of an asset by the annual rate of inflation. Without this relief, any CGT payable on the sale of the asset would increase. Instead of deducting…
The government are considering plans to offer people with serious debt issues time to consider their options. They are seeking views to develop a way to provide individuals in debt with up to six weeks free from further interest, charges and enforcement action. This period would give those affected time to act by seeking financial advice about…
You may be missing out on a tax rebate. If one party to a marriage or civil partnership has earnings below the personal tax allowance (£11,500 for 2017-18) and their spouse does not pay tax at the higher 40% rate, then they should be claiming the Marriage Allowance. For 2017-18 this tax break is worth…
The government seems to be taking steps to streamline the process of buying and selling property. In particular, they are seeking views on ending the practice known as gazumping: where an offer can be accepted and then disregarded when a higher offer is received. In many countries this is illegal, once an offer is accepted…
If you’re lending money to your own company here are the tax implications There is a whole raft of legislation that seeks to penalise directors and shareholders if they’re borrowing or lending money from or to their company. These regulations include possible benefit in kind charges for the director/shareholder, and additional corporation tax payments of…
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