Tax
My business prioritises sustainability – Can I claim tax reliefs?
Mar 05, 2024
Investing in Environmental, Social and Governance objectives (ESG) and sustainability is becoming more popular for business owners at every level. However, overhauling business processes and purchasing new, greener assets can present a significant cost to SMEs and businesses without large cash ...
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Understanding VAT for limited companies and unincorporated businesses
Feb 29, 2024
For both limited companies and unincorporated businesses, managing Value Added Tax (VAT) can be a significant challenge, affecting a broad spectrum of business activities. Understanding VAT is crucial for business owners, as it not only affects how they price their products ...
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Can I claim Employment Allowance for my business?
Feb 22, 2024
The Employment Allowance is a means for SMEs to reduce the tax burden of employing staff at critical points in their growth and help avoid cash flow crises, via a reduction in National Insurance Contributions (NICs). What is the Employment Allowance? The ...
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HMRC U-turns on its double cab pickups tax decision
Feb 20, 2024
HMRC surprised all taxpayers who own a double cab pickup as a company vehicle on 12 February by announcing that these vehicles would be classified as cars and not vans, which would have led to higher National Insurance Contributions (NICs) ...
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Loophole closed: Pickups are now classed as cars (NOT vans)
Feb 15, 2024
A dispute between Coca-Cola and HM Revenue & Customs (HMRC) has closed the loophole that previously defined double-cab pickups as vans and now means they will be classed as cars. Historically, a double-cab pickup with a payload of one tonne (1,000kg) ...
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Government to change tax law twice before election – How to prepare
Feb 01, 2024
The Chair of the Conservatives, Richard Holden, has said that there could be two more changes to UK tax law before the election – which is expected to be called in the latter part of this year. The Guardian reported: “Rishi ...
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Attention UK Taxpayers – do you understand the 500T tax code?
Jan 31, 2024
The 500T tax code in the UK is a temporary, non-cumulative code used by HMRC when they lack information. They use this code to assign a standard tax code, usually in new employment, complex tax situations, or as an emergency measure. HMRC’s ...
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New payrolling of Benefits-in-Kind (BIK) system: A guide for SMEs
Jan 25, 2024
From April 2026, small and medium-sized businesses will be required to report and pay taxes on employee benefits like company cars and accommodation directly through their payroll software. This change eliminates the need for separate paperwork and simplifies the process. Ultimately, the ...
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So, you want an electric company car? The tax perspective
Jan 19, 2024
Environmental consciousness is becoming more and more aligned with business operations, and electric vehicles (EVs) are becoming a popular choice for company cars as a result. This shift is as much about saving the planet as it is about the significant ...
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Payroll tax obligations – Have you got it covered?
Jan 16, 2024
If you employ one or more people for paid work, it’s essential that you have a properly managed payroll. Representing a significant cost to businesses and of high importance to employees, labour costs must be managed correctly – which includes paying ...
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