The hidden tax on car benefits for employers

June 6th, 2017

Businesses that provide employees with taxable benefits: company cars, health insurance and so on, will be aware that a benefit in kind charge is added to the employee’s income and subjected to an income tax charge the same as their salary. Employers will also be aware that the cumulative sum of all the taxable benefits […]

Tax Diary June/July 2017

June 2nd, 2017

1 June 2017 – Due date for Corporation Tax due for the year ended 31 August 2016. 19 June 2017 – PAYE and NIC deductions due for month ended 5 June 2017. (If you pay your tax electronically the due date is 22 June 2017.) 19 June 2017 – Filing deadline for the CIS300 monthly […]

Claim back pre-registration VAT

June 2nd, 2017

It is possible to reclaim VAT you have paid on any business purchases before you have subsequently registered for VAT. In fact, once you have registered your business for VAT the first thing you should consider is the possibility of reclaiming input tax on purchases of goods and services prior to registration. This article summarises […]

When does a hobby become a trade

June 2nd, 2017

An example may illustrate the answer to this question. Harry updates his iPad and decides to sell his old one – he does not use the iPad for his employment or any business, it’s used purely for recreational purposes. He sets up an account on eBay and manages to sell for a reasonable price. Encouraged, […]

What happens if you can’t pay your tax on time

June 2nd, 2017

Following on from the previous article, we thought readers might be interested in the consequences if they fail to pay their Self Assessment tax on time. If you are facing cash-flow issues, and cannot see how you can afford to settle part, or all of your tax payment due 31 July 2017, what is the […]

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