CORONA - COVID-19: support for businesses
CORONA - COVID-19: support for businesses PLEASE FOLLOW OUR PAGE FOR REGULAR UPDATES FOR OUR CLIENTS, INCLUDING GOVERNMENT SUPPORT FOR...
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Pro Tax Plus Accountants
Mar 21, 20201 min read
VAT payments deferral - Corona Covid-19 Update
VAT For VAT, the deferral will apply from 20 March 2020 until 30 June 2020. Eligibility All UK businesses are eligible. How to access the...
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Pro Tax Plus Accountants
Dec 25, 20193 min read
Take advantage of the Annual Investment Allowance
The annual investment allowance (AIA) allows businesses to obtain an immediate deduction against profits for capital expenditure up to...
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Pro Tax Plus Accountants
Dec 25, 20192 min read
Give away £3,000 IHT-free each year.
There are various exemptions for inheritance tax purposes which enable a person to make tax-free gifts. One of the more useful is the...
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Pro Tax Plus Accountants
Dec 25, 20192 min read
Savings income – how is it taxed?
The taxation of savings income can be complicated as there are various allowances and rates that come into play. However, most people are...
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Pro Tax Plus Accountants
Dec 25, 20193 min read
Getting ready for MTD for VAT
The start date for Making Tax Digital (MTD) for VAT is fast approaching – from the start of your first VAT accounting period beginning on...
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Pro Tax Plus Accountants
Dec 25, 20192 min read
Subsistence expenses – using the benchmark scale rate
The option to pay employees flat rate subsistence expenses tax-free can be an attractive one; the employees are clear on what expenses...
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Pro Tax Plus Accountants
Dec 25, 20192 min read
Claim a deduction for pre-trading expenses
As a general rule, a deduction is allowed for expenses that are incurred wholly and exclusively for the purpose of the trade. Thus, for...
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Pro Tax Plus Accountants
Dec 25, 20193 min read
Inheritance tax – making tax-free gifts
There are various exemptions, and potential exemptions, which make it possible to make gifts free of inheritance tax. Making tax-free...
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Pro Tax Plus Accountants
Dec 25, 20192 min read
Cash basis for landlords – when does it apply?
The cash basis simply takes account of money in and money out – there is no need to worry about debtors and creditors and prepayments and...
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Pro Tax Plus Accountants
Dec 25, 20192 min read
`Relevant goods’ and the VAT flat rate scheme?
The VAT flat rate scheme is a simplified VAT scheme, which allows small traders (turnover of £150,000 excluding VAT) to account for the...
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Pro Tax Plus Accountants
Dec 25, 20193 min read
Residence nil rate band
Residence NIL Rate Band and downsizing The residence nil rate band (RNRB) is an additional nil rate band, which is available where a...
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Pro Tax Plus Accountants
Dec 25, 20193 min read
Tax-free Christmas parties
Tax-free Christmas parties Although the tax legislation contains an exemption to prevent employees from suffering a benefit-in-kind tax...
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Pro Tax Plus Accountants
Dec 25, 20192 min read
Private lettings relief
Lettings relief potentially shelters some of the gain from capital gains tax on the disposal of a property which has been an only or main...
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Pro Tax Plus Accountants
Dec 25, 20192 min read
VAT capital goods scheme
The VAT capital goods scheme affects input tax recovery in relation to high value capital assets by partially exempt traders and...
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Pro Tax Plus Accountants
Dec 25, 20192 min read
Claim a deduction for work clothing
Many employees are required to wear a uniform for work. Even where there is no set uniform as such, many employees have clothes that they...
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Pro Tax Plus Accountants
Dec 25, 20192 min read
Rewarding staff suggestions in a tax-free manner
Many organisations operate a staff suggestion scheme and reward employees where a suggestion is adopted which will benefit the...
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Pro Tax Plus Accountants
Dec 25, 20192 min read
Tax-free mileage allowances
Employees often use their own cars for work, usually claiming expenses in the form of a mileage allowance to cover the costs. While it is...
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Pro Tax Plus Accountants
Dec 25, 20192 min read
Beware tax scams
HMRC regularly warn taxpayers to be alert to fraudsters purporting to be from HMRC. Recently, they announced that in the last year they...
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Pro Tax Plus Accountants
Dec 25, 20192 min read
A quick overview of capital gains tax
Capital gains tax is payable on net gains to the extent that they exceed the annual exempt amount. Capital gains tax is a tax on the...
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