Entertainment and entertaining expenses

Section 45 of the Income Tax Act 2005 defines business entertainment as the provision of free of subsidised hospitality or entertainment. The person being entertained may be a customer, a potential customer or any other person. It is generally understood … Continue reading

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Travel expenses – allowable or not?

There is often some confusion about what travel expenses are allowable against a company’s profits. So we thought that is would be a good idea to provide a brief explanation on the most common travel expenses Mileage Any employee (including … Continue reading

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UK taxes: A brief guide

We are renowned for having a very complicated tax system so we thought that a brief guide of the main UK taxes may help a little. Income tax Income tax is the main tax which is paid by individuals (both … Continue reading

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Mobile phones – is yours in the company name?

Using a mobile phone has become essential in both our personal and business lives. The HMRC will allow you to deduct mobile phone costs against your profits but only if the contract is in the name of the company and … Continue reading

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National minimum wage increases from October 2014.

The Government has accepted the recommendations of the Low Pay Commission (LPC) and has approved an increase 3%  in the adult rate of the National Minimum Wage from £6.31 to £6.50 per hour from 1 October 2014. The other national … Continue reading

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Payroll giving

Payroll giving was introduced in 1997 to encourage employees to allow employers to deduct charitable donations from their pay before PAYE. The scheme allows taxpayers to make a tax free donation to charity directly from their pay or pension. Payroll … Continue reading

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Children & Families Act 2014

The Children & Families Bill has now received Royal Assent to become the Children and Families Act 2014. The act contains a number of employment law changes including a new system of shared parental leave and the extension of the … Continue reading

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Tax free gifts to staff

In the majority of cases any benefit which an employee receives from their employer will be taxable and will have to be declared on their respective p11d’s. The HMRC do however allow a few gifts to be considered as tax … Continue reading

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New company car tax rates from 2014/15

The company car benefit-in-kind charges for 2014/15 had been announced prior to the 2014 Budget. The minimum benefit is 5% for emissions between 1-75 g/km, from 76 g/km up to 94 g/km the rate is 11%. From 95 g/km to … Continue reading

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Class 2 National Insurance contributions

From April 2014, the HMRC can collect outstanding class 2 national insurance contributions by adjusting a taxpayers tax code or by passing the debt onto a specialist private debt collection company. Class 2 National insurance contributions (NICs) are paid by … Continue reading

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