Blog

The real tax cost of benefits in kind


June 13th, 2019

There is a sting in the tail for companies that provide their directors or employees with taxable benefits as part of their remuneration package. Obviously, the directors or employees that receive the benefits will pay additional income tax if the benefits provided are chargeable to tax: for example, the use of a company car. The […]


E-bike cycle to work scheme announced


June 11th, 2019

Readers who have been tempted to cycle to work but are challenged by fitness issues or really can’t afford the bike they would like, might be interested in the recent announcement that has extended the existing Cycle to work scheme to include the use of so-called e-bikes. These are bikes with electric motors that assist […]


Did you know income rates can be as high as 60 percent?


June 6th, 2019

Most of us know that income tax is charged at three main rates: 20%, 40% and 45%. Unfortunately, there are certain levels of income that trigger a loss of benefits or allowances as well as a charge to income tax. Because of this, the percentage rate of tax charged can be higher than the underlying […]


Tax Diary June/July 2019


June 5th, 2019

1 June 2019 – Due date for Corporation Tax due for the year ended 31 August 2018. 19 June 2019 – PAYE and NIC deductions due for month ended 5 June 2019. (If you pay your tax electronically the due date is 22 June 2019) 19 June 2019 – Filing deadline for the CIS300 monthly […]


Employing students in the summer break


June 5th, 2019

If you employ students to manage your staff needs over the summer break period, you will need to add them to your payroll and apply PAYE and NIC rules. Students should be advised that they will pay tax and NIC if: they earn more than £1,042 a month on average, and pay NIC if they […]


Tax free perk before annual leave


June 5th, 2019

It is possible to make small tax-free payments to employees, including directors, and this might be an appropriate time to make a small tax-free bonus in advance of the annual holidays. Employers and employees don’t have to pay tax on such a benefit if all of the following apply: it cost you £50 or less […]


Holiday entitlements


June 5th, 2019

As we are approaching the annual holiday season it would seem to be a suitable time to set out employees’ rights to receive holiday pay. Almost all workers are legally entitled to 5.6 weeks’ paid holiday per year (known as statutory leave entitlement or annual leave). An employer can include bank holidays as part of […]


Do you own a holiday let property?


June 5th, 2019

There are a number of tax incentives that you can take advantage of if you own and let a Furnished Holiday Lets property (FHL). They include: you can claim Capital Gains Tax reliefs for traders (Business Asset Rollover Relief, Entrepreneurs’ Relief, relief for gifts of business assets and relief for loans to traders), you are […]


Mileage rates and tax relief


June 4th, 2019

If your employer asks you to use your own car or van to undertake a journey on their behalf, you may be entitled to a payment from your employer to cover your petrol and wear and tear costs. Let’s say that your employer pays you 35p per mile. You may feel that this is an […]


Brexit – don\’t take your eye off this ball


May 29th, 2019

There is no doubt that many of us are heartily tired of the drawn-out Brexit debate, and yet we should not ignore this topic completely. Opinion seems to be hardening for the so-called “hard” Brexit: where we leave at the end of October 2019 with no agreement. Ignoring the political arguments, this would have an […]


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