Savings income – how is it taxed?
The taxation of savings income can be complicated as there are various allowances and rates that come into play. However, most people are...
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Pro Tax Plus Accountants
Dec 25, 20193 min
Getting ready for MTD for VAT
The start date for Making Tax Digital (MTD) for VAT is fast approaching – from the start of your first VAT accounting period beginning on...
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Pro Tax Plus Accountants
Dec 25, 20192 min
Subsistence expenses – using the benchmark scale rate
The option to pay employees flat rate subsistence expenses tax-free can be an attractive one; the employees are clear on what expenses...
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Pro Tax Plus Accountants
Dec 25, 20192 min
Claim a deduction for pre-trading expenses
As a general rule, a deduction is allowed for expenses that are incurred wholly and exclusively for the purpose of the trade. Thus, for...
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Pro Tax Plus Accountants
Dec 25, 20192 min
`Relevant goods’ and the VAT flat rate scheme?
The VAT flat rate scheme is a simplified VAT scheme, which allows small traders (turnover of £150,000 excluding VAT) to account for the...
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Pro Tax Plus Accountants
Dec 25, 20193 min
Tax-free Christmas parties
Tax-free Christmas parties Although the tax legislation contains an exemption to prevent employees from suffering a benefit-in-kind tax...
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Pro Tax Plus Accountants
Dec 25, 20192 min
VAT capital goods scheme
The VAT capital goods scheme affects input tax recovery in relation to high value capital assets by partially exempt traders and...
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Pro Tax Plus Accountants
Dec 25, 20192 min
Claim a deduction for work clothing
Many employees are required to wear a uniform for work. Even where there is no set uniform as such, many employees have clothes that they...
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Pro Tax Plus Accountants
Dec 25, 20192 min
Rewarding staff suggestions in a tax-free manner
Many organisations operate a staff suggestion scheme and reward employees where a suggestion is adopted which will benefit the...
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Pro Tax Plus Accountants
Dec 25, 20192 min
Beware tax scams
HMRC regularly warn taxpayers to be alert to fraudsters purporting to be from HMRC. Recently, they announced that in the last year they...
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Pro Tax Plus Accountants
Dec 25, 20193 min
Corporation tax and trading losses
Relief may be available where you operate your business through a company and you make a loss. The loss may be set against total profits...
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