The self-assessment deadline is looming. Self-assessment tax returns for the year to 5 April 2019 must be filed online by 31 January 2020 if a late filing penalty is to be avoided.Landlords will need to complete the property income pages. Particular care should be taken where the landlord has a loan or a mortgage as…
A PSA on PSAs and how and why you can create them as an employer
PAYE settlement agreements A PAYE Settlement Agreement (PSA) enables the employer to pay the tax and National Insurance instead of the employee on those benefits and expenses included within the PSA. This can be useful to preserve the beneficial nature of the benefit, for example in respect of a Christmas or other function falling outside…
Wanting to employ a family member? Read this first #familybusiness #tax
Employing family members It is permissible for a business to claim a tax deduction for the cost of a reasonable wage paid to a family member who helps in the business. Their duties could, for example, include answering the phone, going to the bank, bookkeeping and other administrative tasks. The tax legislation specifies that ‘in…
Tide Business Banking
Breaking News!! We are now proud Tide partners!! As a Tide partner, we can offer you a FREE business current account in minutes, straight from your phone, saving you time and money. This offer is open to existing clients, new clients, and individuals. Sign up with Tide Follow the link to open your FREE Tide…
Do you provide your employees with a van?
In this article, we explain the tax aspects of using a works van If an employee is able to use a work’s van for private use, which generally includes home-to-work travel, there will be a taxable benefit and a subsequent tax charge. From 6 April 2019, the flat-rate van benefit charge has risen from £3,350…
How to make your work’s summer barbeque tax-free!
A statutory exemption exists, which allows employers to meet the cost of certain social events for staff without triggering a liability to tax or NICs, providing certain conditions are met. The legislation refers to ‘an annual party or similar annual function’. Although HMRC does not seem to interpret this to mean that the same event…
Amending your tax return
The deadline for filing the 2017/18 self-assessment tax return of 31 January 2019 has now passed. You filed your return on time and paid the tax that you thought was due, but you know realise that you have made a mistake. Is it too late to correct it, and if not, how do you go…
Employees: tax-free benefits to keep them healthy
More than 25 million working days are lost annually due to work-related ill health matters, including the two leading causes of workplace absence, namely back injuries and stress, depression or anxiety. There are however, several areas where employers can use tax breaks and exemptions to help promote health and fitness at work. Gym facilities and…
Thinking of buying a doer upper as a buy-to-let? Get tax relief on the interest
Interest relief for renovation or development costs Often, when a property is purchased there is work to be done before it can be let out or sold. Where this work is financed by a mortgage or other loan, the way in which and the extent to which relief is available for the interest costs depends…
Did you know you can earn up to £7,500 tax-free from an Airbnb?
Renting out a room Rent-a-room relief was introduced to encourage people to let spare rooms in their own home in order to increase the supply of low-cost rental accommodation. In return, the recipient is able to earn up to £7,500 a year tax-free. Plans to restrict the relief so that it was only available where the occupation by…