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‘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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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Do you need to file a personal tax return for 2024?

The 2023/24 personal tax year ended on 5th April and we are now in the 2024/25 tax year. Every year we are asked the same thing – ‘Do I need to fill in a personal tax return?’.  Here…

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UPDATE: The changes are being delayed – HMRC to close and reduce customer helplines

From the 8th April HMRC will be changing the operating hours of its customer support helplines – in some cases closing them entirely – in an attempt to push customers to use online services more. Self assessment –…

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