01 - May 2019
Employment allowance – upcoming changes
Posted by : Pro-Taxman
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The employment allowance (EA) was introduced from April 2014, potentially cutting every employer’s NIC payments by allowing businesses and charities to offset up to a pre-set annual threshold (£3,000 from April 2016, previously £2,000) against their employer PAYE NIC liabilities. Employers may generally claim the EA if they are a business (including a Community Amateur […]
01 - May 2019
The CGT annual exemption – use it or lose it!
Posted by : Pro-Taxman
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Capital gains tax (CGT) is normally paid when an item is either sold or given away. It is usually paid on profits made by selling various types of assets including properties (but generally not a main residence), stocks and shares, paintings, and other works of art, but it may also be payable in certain circumstances […]
01 - May 2019
Is tax payable on tips?
Posted by : Pro-Taxman
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The question of whether tips and gratuities are taxable and subject to National Insurance Contributions (NICs) often results in a lively debate. Broadly, their treatment will depend on how they are paid to the recipient. Cash tips handed to an employee, or say, left on the table at a restaurant and retained by the employee, […]
01 - May 2019
Director’s loan accounts: recording personal expenses
Posted by : Pro-Taxman
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HMRC commonly find errors in relation to directors’ loan accounts when making routine reviews of company tax returns. This article looks at the importance of maintaining proper records of cash and non-cash transactions between the company and the directors. Directors’ personal expenses A statutory rule states that a company may not deduct expenditure in computing […]
01 - May 2019
Year-end tax planning tips
Posted by : Pro-Taxman
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As the end of the 2018/19 tax year approaches, it is worthwhile taking time for some last-minute tax planning. Here are some simple tips that may save you money. Preserve your personal allowance: the personal allowance is reduced by £1 for every £2 by which income exceeds £100,000. For 2018/19, the personal tax allowance is […]