The Employment Allowance is a means for SMEs to reduce the tax burden of employing staff at critical points in their growth and help avoid cash flow crises, via a reduction in National Insurance Contributions (NICs).
Continue readingCategory Archives: Finance
Higher rate taxpayer? How to prepare for the end of the tax year
The end of the financial year is coming. 5 April is crunch time for making businesses and individual estates as tax efficient as possible.
Continue readingHMRC U-turns on its double cab pickups tax decision
HMRC surprised all taxpayers who own a double cab pickup as a company vehicle on 12 February by announcing that these vehicles would be classified as cars and not vans, which would have led to higher National Insurance Contributions (NICs) for owners.
Continue readingLoophole closed: Pickups are now classed as cars (NOT vans)
A dispute between Coca-Cola and HM Revenue & Customs (HMRC) has closed the loophole that previously defined double-cab pickups as vans and now means they will be classed as cars.
Continue readingFive Self-Assessment deductions you didn’t know you could claim
With the Self-Assessment deadline passing on 31 January, it’s clear that many sole traders and business owners aren’t using allowable expenses and deductions to their full potential.
Continue readingGovernment to change tax law twice before election – How to prepare
The Chair of the Conservatives, Richard Holden, has said that there could be two more changes to UK tax law before the election – which is expected to be called in the latter part of this year.
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