Making tax digital is the government’s plan to take information for tax purposes directly from business owners’ online accounting software with no recourse to their accountant. This explains why HMRC are so keen to work with Xero, QuickBooks and FreeAgent. This move was foreseeable, and should be less of a shock to forward-thinking business owners…
Tag: Tax Tips
Don’t be caught out by the new Annual Investment Allowance limits
The annual investment allowance (AIA) allows expenditure up to a set limit on most types of plant and equipment (but not cars) to be written off for tax purposes in the first year. It is very useful, because full tax relief for such expenditure might otherwise not be obtained for many years.…
PAYE
HMRC is now issuing the 2016/17 PAYE notices of coding. Around 11 million taxpayers will receive a PAYE coding notice (P2) with an insert directing them to gov.uk/taxcodehelp. This will enable them to see details online of their coding for 2016/17 and is designed to encourage people to use their Personal Tax Account. This also…
Advance Assurance scheme for R&D tax credits
HMRC has recently launched a new scheme that is meant to help first time small company claimants of Research & Development (R&D) tax relief.…
The taxation treatment of directors’ loan accounts
This paper has been prepared using HMRC’s toolkit for advisers on directors’ loans. A copy of the HMRC toolkit can be found here. Overview A director may receive a loan advance from his own company provided that it is not in financial difficulty and subject to adherence to the provisions of the company’s articles and…
Eight employment expenses you may be able to claim against tax
Many employees incur expenses doing their job that they don’t reclaim from their employer. You can reclaim these costs against tax going back up to 4 years. Here are some suggestions.…
