Can my limited company contribute to my pension scheme?
If you are director/shareholder of your own limited company, then yes, the company can make contributions to your private pension scheme, and this will be an allowable expense to deduct from profits before the calculation of corporation tax.…
Claiming expenses – the ‘wholly and exclusively’ concept
We are often asked by our clients what expenses are allowable and which are not for tax purposes. Unfortunately, there is no comprehensive or definitive list of what is or what isn’t claimable as each business is different,…
‘Trivial Benefits’ – tax free benefits you can give your employees
We are often asked what benefits a company owner can award themselves and staff, and what the tax implications of those benefits are. Most benefits will be taxable, and have to be included on a P11D form, with…
Do you have to pay tax on your redundancy pay?
The simple answer is no, redundancy pay is tax free up to £30,000. This is because it is not considered income but rather compensation for loss of position, therefore not subject to income tax. Anything over the £30k limit…
How to improve your business cash flow
When inflation rises and businesses are faced with increasing costs, cash flow can become a problem. There is more going out than coming in – but that cannot carry on forever. Most businesses that go bust do so…
Do I have to pay tax on my crypto gains?
Cryptocurrency, particularly Bitcoin, have risen in prominence over the last few years – with companies like Telsa accepting them as payment and countries like China banning them outright. Their value has risen, fallen and risen again, but investors…
Where can I find my company tax information?
If you do not already have one, you should set up an online HMRC account for your company so that you can see all your tax information in one place. Be aware that your accountant may have already done this…
Do you need to charge VAT on recharged expenses?
Clients often ask us if they need to charge VAT on the expenses that they recharge onto their own customers. The simple answer is yes, you charge VAT if you benefit from the expense, and no, you don’t charge if…
Information to keep for your personal tax return
The 2023/24 tax year ended on 5th April 2024, for which many of us will need to produce and file a personal tax return . To make things easier, here is our list of the information you need…
What is a P11D and do you need to file one?
What is a P11D? The P11D form is a statutory form required to be filed with HMRC by those businesses that provide benefits to their employees that do not go through the PAYE system. You will also need…