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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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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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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IR35 – What is it and am I affected?

IR35 is a concept that still causes confusion within the contracting sector. To help clients who may be affected by IR35 we have explained the ins and outs of the legislation. IR35 was introduced by the Government in 2000 and … 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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Government gets tough on employers failing to pay National minimum wage

Five employers who owed their workers thousands of pounds for failing to pay them the correct national minimum wage are the first to be named and shamed by the Government under the tougher naming and shaming scheme that came into … Continue reading

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