Change to Company Accounts filing
21/09/2023 – The Economic Crime and Corporate Transparency Bill has completed its initial journey through the House of Commons and the House of Lords and is now at the stage known as, consideration of amendments. This is where the second House’s amendments are considered, and the Bill may go back and forth until both Houses agree on the Bill. The Bill … More...
Activities subject to the scope of VAT
21/09/2023 – There are a number of conditions that must be satisfied for an activity to be within the scope of UK VAT.
An activity will fall within the scope of VAT when all the following conditions are met:
it is done for consideration;
it is a supply of goods or services;
the supply is made in the UK;
it is made by a taxable person; or
it is … More...
Tax on incentive rewards
21/09/2023 – Companies may use incentive award schemes to encourage their employees in various ways. For example, to sell more of their own goods and services. The award can be in forms including cash, vouchers or other gifts.
Where an employer meets the tax payable on a non-cash incentive award given to a direct employee, by entering into a PAYE … More...
Utilising Capital Gains Tax losses
21/09/2023 – Usually, if you sell an asset for less than you paid for it you would make a capital loss. As a general rule, if the asset would have been liable to CGT had a gain taken place, then the loss should be an allowable deduction.
The exact treatment of losses depends on whether they are:
losses of the same year of assessment as the … More...
No gain - no loss transfers in groups of companies
21/09/2023 – There are special rules concerning the transfer of assets in groups of companies. In most cases, this means that where assets are moved around group companies, there are no immediate capital gains consequences. This effectively allows for a tax neutral, no gain - no loss transfer opportunity.
HMRC’s manuals states that:
This is achieved … More...
Repairs or replacement of business assets
21/09/2023 – The term 'capital allowances' is used to describe the allowances available to businesses to secure tax relief for certain capital expenditure. The rules that govern the purchase of capital equipment such as computer equipment, vehicles and machinery by businesses are different to those for day to day business expenses that can be deducted … More...
Changes afoot at Companies House
19/09/2023 – Due to new legislation working its way through Parliament, Companies House will be making a number of significant changes. In a recent blog post, they made the following announcement:
We’re approaching a pivotal moment in the history of Companies House. This legislation, The Economic Crime and Transparency Bill, will fundamentally change … More...
Calculate tax on company cars
14/09/2023 – Where an employee with a company car is provided with fuel for their own private use by their employers, the default position is that the employee is required to pay the car fuel benefit charge. The charge is determined by reference to the CO2 rating of the car applied to a fixed amount, currently £27,800. For example, a CO2 rating of … More...
Paying tax by debit card or business credit card
14/09/2023 – It is possible to pay HMRC by corporate credit card or corporate debit cards. The use of these cards is subject to a fee. Payment by personal debit cards is currently fee-free. There is also no charge for payment by Direct Debit, bank transfer or cheque.
HMRC has not accepted personal credit cards since January 2018 when credit card … More...
Checking your National Insurance record
14/09/2023 – HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, you will need to have a Government Gateway account. If you don't have an account, you can apply to set one up online.
By signing in to the 'Check your National Insurance record' service you will also activate … More...