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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Transferrable tax allowances for married couples and civil partners

From April 2015, a spouse or civil partner who is not liable to income tax above the basic rate will be able to transfer up to £1,000 of their personal allowance to their spouse or civil partner provided that the … 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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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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So what is fee protection and as it really needed?

Fee protection is a service which is offered by the majority of clients including us and it is designed to protect clients for HMRC enquiries. Clients can subscribe to the service and obtain the benefits described below. The service is … 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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Main ways to extract money from the company

If you are an owner director of a company there are a number of ways that you can extract money from the company. Sensible tax planning is essential to finding out the best mix for you. Salary Assuming that you … 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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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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Special Budget blog 2014: Income tax rates and allowances

In the budget, the Chancellor announced that from April 2015, the basic personal allowance for taxpayers born after 5 April 1948 will rise to £10,500. At the same time the basic rate limit will be reduced to £31,785. Taxpayers’ personal … Continue reading

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