by Karen | Jan 12, 2021 | Accounting, Business Costs, Financial planning, Tax
The 2020/21 tax year comes to an end on 5 April 2021. The last few months of the year are a good time to undertake a review and to ensure that allowance for the year is not wasted. So think about the dividend allowance. Nature of the dividend allowance One allowance...
by Karen | Jan 5, 2021 | Accounting, HMRC, Self Assessment, Tax
What tax do I need to pay by 31 January 2021? The self-assessment tax return for 2019/20 must be filed by midnight on 31 January 2021. If you miss this deadline, you will automatically receive a late filing penalty of £100, regardless of whether you owe any tax,...
by Karen | Nov 13, 2020 | Accounting, Covid-19, Tax
Where a family company has cash in the bank but profits have been adversely affected by the pandemic, directors of a family company may wish to take a short term loan to enable them to meet personal bills, with a view to clearing the loan with a dividend payment when...
by Karen | Jan 27, 2020 | Accounting, HMRC, Tax
As a general rule, travel between home and work is regarded as private travel and if the employer meets the cost of that travel, a benefit-in-kind tax charge will be triggered. However, it is possible for employees with a company van to use that van to travel between...
by Karen | Jan 3, 2020 | Accounting, HMRC, Tax
The dividend allowance is quite unusual in that it is available to everyone and everyone has the same allowance. For 2019/20 the allowance is set at £2,000. In common with many allowances, it is a case of use it or lose it. As the end of the 2019/20 tax year draws...
by Karen | Dec 23, 2019 | Accounting, Business Costs, HMRC, Tax
Employees frequently use their cars for work and may be paid a mileage allowance by their employer for doing so. Employers are generally familiar with the rates that can be paid tax-free; however, it is easy to assume (wrongly as it happens) that the same rules apply...
