Tax Briefings & News - Page 31 of 47

Jun 10 2019

Prepare for Changes To IR35

By admin HMRC, IR35, Potts & Co Accountancy & Business Advice News

The IR35 rules are designed to discourage avoidance of payroll taxes by organisations who engage workers through personal service companies (PSC)s or other intermediaries rather than taking them on to the payroll. The IR35 rules were altered from 6 April 2017 for public sector contracts and they will change again…

Jun 09 2019

Healthy Staff Are Happy Staff

By admin Potts & Co Accountancy & Business Advice News

It pays to look after your staff, including ensuring they get necessary treatment for injuries incurred whilst working. However if you pay for physiotherapy to help with an injury which was not work-related this will be taxable benefit for the employee. The tax rules relating to health treatments for employees…

Jun 08 2019

Best Start for New Employees

By admin PAYE, Potts & Co Accountancy & Business Advice News

Do you use the HMRC approved starter checklist when taking on new employees? This form is not optional; all new employees should complete it even if they present a completed form P45. Page one of the starter checklist asks the individual to tick box A, B or C next to…

Jun 07 2019

Employee Travel Expenses

By admin Expenses, HMRC, Potts & Co Accountancy & Business Advice News

Employees travelling on business need to eat. Keeping track of expense claims for meals taken whilst work ing away from the office can be a total pain. You can simplify matters by telling HMRC you will pay a standardised daily subsistence rate to your employees when they work out of…

Jun 06 2019

Selling a Let Property

By admin Income Tax, Potts & Co Accountancy & Business Advice News, Property, Welsh Land Taxes

Many landlords are deciding to sell their residential properties. From 6 April 2020 none of the interest and finance charges relating to those properties can be deducted from the rental income. Instead the landlord receives a tax credit equal to 20% of the interest to set against their income tax…

Jun 05 2019

Paying The Right NIC

By admin HMRC, National Insurance, Pensions, Personal Tax, Potts & Co Accountancy & Business Advice News

Your workforce may include people of all ages from school leavers to those past state pension age, with some working part time or holding down two jobs concurrently. The national insurance contributions (NICs) payable differ, so it is important to get the calculations right. Employers' NICs are not due on…

Mar 14 2019

Loan Charge

By admin HMRC, Potts & Co Accountancy & Business Advice News

Sometimes past decisions can come back to haunt you. If you were persuaded to take a loan in place of part of your pay in the past and you have not repaid it, you may now be liable to pay a new tax called the loan charge. This charge applies…

Mar 13 2019

Structures & Buildings Allowances

By admin HMRC, Potts & Co Accountancy & Business Advice News, Structures & Buildings Allowance (SBA)

The cost of acquiring your business premises may be written off in your accounts, but for many years those costs have been disallowed for tax purposes so there is no tax relief until you sell the building. In October 2018 the government introduced a new structures and buildings allowance (SBA)…

Mar 12 2019

Live-In Workers

By admin HMRC, Potts & Co Accountancy & Business Advice News

Where it is necessary for a member of staff to live at his place of work, such as a housemaster in a boarding school, the provision of accommodation is not treated as a taxable benefit for the employee. However, where it is only customary rather than necessary for a member…

Mar 11 2019

New VAT Rules For Building Firms

By admin HMRC, Potts & Co Accountancy & Business Advice News, VAT

In just over six months, builders, contractors and other trades associated with the building industry will have to get to grips with a new way of accounting for VAT. Essentially, building firms will be required to charge themselves VAT when they buy building related services from other firms. This is…