Wokingham Accountants
A tax charge may arise under the benefit in kind legislation where a company van is available for an employee’s private use. If fuel is also provided for private journeys, a separate fuel benefit tax charge arises. The van and fuel benefit charges for 2023/24 have now been announced. Van benefit charge The van benefit … Read more
Bad debts are a fact of business life and most businesses will suffer a bad debt from time to time. This may be because the customer goes out of business after the work has been done or the goods have been supplied, or runs into financial difficulty resulting in them defaulting on the debt. Unfortunately, … Read more
You can deduct expenses incurred for the purposes of your business to arrive at your taxable profile. So which expenses are commonly deductible?
Capital allowances provide tax relief for expenditure on business cars. In this article we explain the different types of allowances available.
The VAT flat rate scheme can save you work, but it may cost you money. This article explains why it is not always a good idea.
If their profits are high enough, the self-employed pay two classes of National Insurance contribution – Class 2 and Class 4. Class 2 contributions are flat rate contributions of £3.15 per week for 2022/23. It is the payment of Class 2 contributions that enables a self-employed earner to build up entitlement to the state pension … Read more
Where an employee uses their own vehicle for business journeys, their employer can cover the associated costs by paying a mileage allowance. As long as the allowance does not exceed that payable at the approved rate, payment of the allowance is tax-free. Employers can instead reimburse the employee’s actual costs associated with using their own … Read more
Unincorporated businesses and companies planning capital expenditure projects need to be aware of some time-limited reliefs. Timing capital expenditure to benefit from these reliefs can be financially beneficial. Annual investment allowance The annual investment allowance (AIA) is available to both unincorporated business and to companies. It provides immediate 100% relief against profits for qualifying capital … Read more
The Covid-19 pandemic forced large numbers of employees to work from home for the first time. Having made the transition to homeworking, post-pandemic, many employees have continued to work from home some or all of the time. Household expenses Employees who work from home may incur costs as a result, such as increased household bills. … Read more
To help companies realising losses as a result of the Covid-19 pandemic, the loss relief rules were amended to provide for an extended carry-back window. Where companies are making a claim for relief under the extended carry-back rules, the claim can be made online rather than waiting until the company tax return is filed. Extended … Read more
