07 - June 2019
Do you run a business? Should you register for VAT? What are the conditions? We answer all these questions here
Posted by : Pro-Taxman
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All traders – whether sole traders, partnerships, or limited companies – are obliged to register to charge and pay VAT once annual sales reach a pre-set annual threshold. This threshold remains at £85,000 for the year commencing 1 April 2019. The annual VAT threshold is determined by total sales and is not the same as […]
05 - June 2019
Today’s blog covers the things you need to know about entrepreneur’s relief to reduce capital gains tax.
Posted by : Pro-Taxman
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Entrepreneurs’ relief is intended to reduce the rate of capital gains tax to a flat rate of 10% on certain qualifying business disposals. Certain aspects of the relief have recently changed, and this may affect any subsequent tax liability. A qualifying business disposal must include a material disposal of business assets. For these purposes, a […]
03 - June 2019
Here are some tax planning tips for workplace pensions if you have employees.
Posted by : Pro-Taxman
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An increase in the minimum contributions employers and their staff must pay into their automatic enrolment workplace pension scheme took effect from 6 April 2019. From that date, the employer minimum contribution has risen from 2% to 3%, while the staff contribution also increased from 3% to 5%. As part of the ‘phasing’ process, the […]
21 - May 2019
Employing family members
Posted by : Pro-Taxman
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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 calculating the profits […]
11 - May 2019
Tax aspects of using a work’s van
Posted by : Pro-Taxman
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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 to £3,430, representing a small increase in real terms to a basic rate […]