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Our News page is updated daily and the news feed is supplied by Sift media who are well respected writers in the industry. If you are interested in new laws, guidance and reports on anything that is happening in Government that could affect your business, these posts -will be useful. You can also sign up to receive them in your inbox.
What you should consider when charging VAT to an overseas client
Charging VAT or not depends on various things: Are you invoicing for goods or for services? Where is your customer based? UK, EU, outside the EU? Is your customer a business or a consumer? The answers will dictate whether your sale is: Standard rated (i.e. 20% VAT...
Non Tax Deductible Expenses
There are some common expenses that business owners mistakenly try to claim for but which aren’t actually tax deductible. The most common ones claimed in error are: clothing - which is only acceptable in very specific...
What is the 24 month rule when working overseas
The basic 24 month rule applies – if you are an employee or director and work, or know you will work, at a temporary workplace for 40% plus of your working hours for over 24 months - you are caught by the ‘24 month rule’ and can no longer get tax relief on related...
The tax timetable for electric cars
Because of quite large tax advantages compared to diesel and petrol cars, a lot more electric cars are being bought by companies for their director/shareholders. One advantage, in particular, is the low benefit-in-kind tax charge that applies to electric cars. In...
I drive a Company van. Will I get taxed as though it’s a Company car?
It depends. If your employer or your own Limited Company provides you with a van, HMRC usually assume it will also be used for personal journeys. They will tax you personally on £3,600 (2022/23) for use of the van as a ‘benefit in kind’ (and a form P11D will need...
Can I claim Statutory Maternity Pay if I’m a director?
You probably can. In order to qualify for Statutory Maternity Pay you must have been continuously employed by the same employer (in this case your Company) in the 26 weeks going into the qualifying week of your maternity, (around 15 weeks before the due date). You...
Can child benefit be taken back by HMRC
Any household where a parent or their partner has an individual income of more than £50,000 will see some of their child benefit clawed back due to the High Income Child Benefit charge (assuming they claim the benefit). If you have chosen to continue receiving child...
What is a Qualifying Year for state pension purposes?
To get the maximum Basic State Pension, you must have 35 qualifying years (which means you must have made National Insurance contributions for 35 years). For the current tax year – 2022/23 – this would mean a salary of more than £6,396. Above this figure, you start...
Tax relief on Pension lump sum withdrawals
If you are thinking of taking a lump sum from your pension fund, you should definitely talk to your accountant to go through the tax issues. Pension lump sums are taxable income so it is important to minimise the tax you...
Do I need CIS if I employ a friend?
The wide range of work covered by the Construction Industry Scheme (CIS) includes things like installing conservatories. The rules say, if you pay your friends as employees, (deducting PAYE and National Insurance) you don’t need to register for the CIS scheme. But, if...
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