Taking goods temporarily out of…

Posted on 7th Sep 2023

There are special rules that must be followed when goods are taken temporarily outside of Great Britain (England, Scotland and Wales). As a general rule, when goods are moved, they must be declared, and any duty owed must be paid. You can usually claim relief...[more]

Tax on trivial benefits

Posted on 7th Sep 2023

There is a benefit-in-kind (BiK) trivial exemption that applies to small non-cash benefits like a bottle of wine, or a bouquet of flowers given occasionally to employees, or any other BiK classed as 'trivial' that falls within the exemption. By taking advantage of the exemption...[more]

Back to school – help with…

Posted on 7th Sep 2023

As children return to school after the summer break, HMRC is reminding parents that they may be eligible to use the Tax-Free Childcare (TFC) scheme to help pay for any approved childcare. The TFC scheme can help parents of children aged up to 11 years...[more]

Companies urged to file accounts early

Posted on 4th Sep 2023

Companies House has issued a news update targeted at companies who are due to file accounts by the end of September 2023. Generally, this would be for accounts ending 31 December 2022. In their update they said: All limited companies, whether they trade or not,...[more]

Tracking down lost pension details

Posted on 4th Sep 2023

Ever had a nagging feeling that you have a pension pot somewhere but have no idea how to track it down? Well, there is a solution. There is a search link on the GOV.UK website at https://www.gov.uk/find-pension-contact-details that will help. The service will help you...[more]

Reducing self-assessment payments on account

Posted on 31st Aug 2023

Self-assessment taxpayers are usually required to pay their income tax liabilities in three instalments each year. The first two payments are due on: 31 January during the tax year e.g., for 2022-23 the first payment on account was due on 31 January 2023. 31 July...[more]

Share buy-back clearance applications

Posted on 31st Aug 2023

Most payments a company makes to its shareholders, in respect of their shares, will be qualifying distributions and be subject to Income Tax. However, if certain conditions are met, the payment can be treated as an exempt distribution. An exempt distribution is a payment that...[more]

Current capital allowances for car purchases

Posted on 31st Aug 2023

If you are thinking about purchasing a company car through a limited company, there are many issues that need to be considered. In this short article we will point out some of the main issues, but it is important to research this area and weigh up...[more]

Higher rate tax relief on gifts…

Posted on 31st Aug 2023

The gift aid scheme, which was originally introduced in 1990, allows charities to reclaim from HMRC the basic rate of Income Tax deducted from qualifying donations by UK taxpayers. This means that where a basic rate taxpayer claims gift aid on a £100 donation, the charity...[more]

Pension tax relief at source

Posted on 31st Aug 2023

You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance for 2022-23 was £40,000. You can claim tax relief on private pension contributions worth...[more]

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