Business gifts for Christmas
Are you thinking of giving a business gift for Christmas? If so, make sure you know the tax implications before it ends up costing you more than you originally thought. Christmas is not that far away and you…
Autumn Budget 2024
This week saw the first Labour Budget in over a decade, and the first ever delivered by a female Chancellor. Many of the announcements did not come as a surprise whilst some others did. Not all of the…
Is there VAT on public transport?
We are often asked by clients what VAT is applied to public transport, and what they can claim back on their VAT returns as input VAT. The short answer is, usually nothing. Trains and buses Trains and public…
Can you borrow money from your limited company?
The simple answer is yes you can borrow money from your limited company, but there are tax consequences so it’s important you understand what you are doing. From time to time directors of a company may wish to…
Is the Christmas party tax allowable?
It may only be October, but many of us will have already booked our work Christmas parties and functions to celebrate. But what are the costs to your business of the Christmas party and what is tax allowable…
What’s the difference between a realised and an unrealised gain or loss?
Many businesses deal in more than one currency these days, both buying and selling, and this results in realised or unrealised gains or losses in their accounts. But what is the difference between realised and unrealised, and how…
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…