Claim full expensing or 50% FYA
Full expensing allows for a 100% first-year capital allowance for qualifying plant and machinery assets and came into effect last April. To qualify for full expensing, expenditure must be incurred on
Late night taxi for an employee
There is no specific requirement for employers to provide employees with transport home. Nevertheless, an employer has a duty of care to their employees, which means that they should take all steps
Income Tax in Scotland
The Scottish rate of income tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers.
The definition of a Scottish taxpayer is based on whether the
What your tax code means
The letters in your tax code signify your entitlement (or not) to the annual tax free personal allowance. The tax codes are updated annually and help employers work out how much tax to deduct from an
CGT Incorporation Relief
Where a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to arise if the business is converted into a company by reference to the market value of the business
Extracting profits from a small, limited company
It is pretty much universally accepted that shareholders (usually directors) of small companies take out their remuneration as a small salary – a salary pitched high enough to secure NIC benefits but
Translation
If you receive documents from overseas customers or suppliers and you need to translate text into English, have you used Google Translate?
It’s a free, but incredibly powerful facility.
You can
Tax Diary August/September 2024
1 August 2024 – Due date for corporation tax due for the year ended 31 October 2023.
19 August 2024 – PAYE and NIC deductions due for month ended 5 August 2024. (If you pay your tax electronically
Private rental deposits
There are special rules under the Tenancy Deposit Scheme that limits the amount of deposit that landlords in England can request. There are also further limitations on what landlords and agents can
How to check a UK VAT number
The online service for checking a UK VAT number is available at: www.gov.uk/check-uk-vat-number.
This service can be used to check:
if a UK VAT registration number is valid; and
the name and
