The employment allowance (EA) was introduced from April 2014, potentially cutting every employer’s NIC payments by allowing businesses and charities to offset up to a pre-set annual threshold (£3,000 from April 2016, previously £2,000) against their employer PAYE NIC liabilities. Employers...
The new trading tax allowance for individuals of £1,000 was introduced from 6 April 2017 and applies for the 2017/18 tax year onwards. In broad terms, the allowance means that individuals with trading income below the annual threshold may not...
An increasing number of employees work from home some or all of the time. Where they do so, they may be able to claim tax relief for the costs that they incur from working at home, regardless of whether their...
In a personal or family company, the lines between the directors as individuals and the company are often blurred – the director may lend money to the company when cashflow is tight and the company may lend money to the...
To ensure that you pay the correct amount of tax and file correct tax returns with HMRC, it is vital that you keep complete and accurate records. This applies regardless of whether you are running a business as a sole...
Aside from the annual exemption and the exemptions for particular gifts (such as those out of income or in consideration of marriage), it is possible to make gifts free of inheritance tax – as long as you survive for at...
Ahead of the 2018 Budget there was some speculation that entrepreneurs’ relief may be scrapped. In the event, this did not happen. However, the relief made an appearance with the announcement of changes to the personal company test, applying from...
From 1 April 2019, VAT registered businesses earning above the current VAT threshold of £85,000 are mandated to keep digital records and submit VAT returns using Making Tax Digital (MTD)-compatible software. Are you prepared for Making Tax Digital? MTD means you...
Tax-free Christmas parties Although the tax legislation contains an exemption to prevent employees from suffering a benefit-in-kind tax charge on the staff Christmas party, the exemption is limited in scope and application. It is unwise to assume that there will be...
Get paid faster with Chaser – and Alextra are certified Chaser partners! If credit control is something you’ve been neglecting or you simply don’t have the resources, talk to us at Alextra. We are Chaser Certified partners! Chaser is a cloud-based credit...