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Tax

Motor Expenses: Is your workplace permanent or temporary?

In our recent article, we covered how the business owner can claim back the cost of their business trips. When claiming motoring costs, you must also consider which journeys made can be classified as business, and which are private. Travel to a permanent workplace is...

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Limited Company – the Pros and Cons of Incorporation

When considering the most appropriate and advantageous structure for a business, it is important not to focus purely on the headline direct tax position, although of course this is a significant consideration. Apart from the annual corporation tax/income tax...

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Can I claim for my motoring costs?

You can claim ‘allowable business expenses’ for vehicle insurance, repairs and servicing, fuel, parking, hire charges, vehicle licence fees and breakdown cover. You can not claim for non-business driving or travel costs, fines or travel between home and work There are...

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Can I claim tax relief on what I wear for work?

There seems to be a lot of confusion when it comes to what can be claimed as workwear/clothing costs when it comes to most businesses.  The simple HMRC rule basically boils down to if the item of clothing can also be worn for non-related work occasions, tax relief...

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Can I Claim Tax Relief on Food & Drink?

Self-employed For a self-employed person, the general rule is that there is no relief for subsistence costs – this case has been tested in the courts – unless it is an incidental part of the job. So, lunch whilst you are working would not count as you need to eat to...

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Can I claim tax relief for working from my home?

One of the questions we are often asked or discussing with our clients. Here are our thoughts in our latest ‘Can I claim…..’ article. Self-employed If you are self-employed you can either calculate a proportion of your household bills or...

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Spring Statement 2018

Our Technical Director, Alan Sowden, provides his usual overview and some planning points for your consideration. Chancellor Philip Hammond presented his first Spring Statement on 13th March 2018.  As announced in the Autumn Statement 2016, the Spring Statement will...

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A guide to Income Tax Self-Assessment

Increasing numbers of tax payers are affected by self-assessment, including the self-employed and paid company directors. If you are one of them, there is no need to be concerned. As long as you keep detailed financial records and meet the deadlines for completing the...

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Childcare vouchers and Tax Free Childcare

Childcare vouchers are being phased out in favour of the new Tax Free Childcare scheme: From April 2018 childcare vouchers will be closed to new entrants: if parents are not already signed up for vouchers at that time they will not be able to claim them in the future....

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Avoid the cost of a HMRC Tax Investigation

As a result of recent increases in investigation activity by HMRC, many business owners are considering the impact of any potential cost of a possible investigation. The investigation process can be extremely stressful as you are required to ‘prove your innocence’ to...

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Capital Gain Tax (CGT) in brief

Who is liable to CGT? CGT is payable by UK resident individuals and trustees (incl. personal representatives).  It is also payable by non-residents on disposal of UK residential property. Partnership gains are apportioned to the partners.  Limited companies pay...

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Making Tax Digital – in preparation of

Making Tax Digital (MTD) is proposed to help bring the tax system into the 21st century by providing businesses with a modern, streamlined system to keep their tax records and provide information to HMRC. The roll out for MTD has been amended to ensure businesses have...

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Snippets from our Tax Seminar

Last month, July 17, our Technical Director, Alan Sowden delivered a Tax Seminar, that covered many areas in relation to planning to pay less tax. If you were unable to join us or would like a refresh of the content, then please see three video snippets below.  ...

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Making Tax Digital delayed until 2020

The launch of HMRC’s Making Tax Digital for Business programme has been pushed back for many businesses until 2020, although VAT registered businesses have responsibilities from April 2019. HMRC had planned to mandate the use of digital tax records for businesses by...

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Changes to the taxation of employment termination payments

Are you considering the termination of any employment contracts? If so, please note the potential changes from April 2018. Draft legislation that is expected to come into effect from April 2018, means that Employer NI (currently 13.8%) must be paid on all sums over...

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Research and Development tax credits – an outline

Research and Development (R&D) tax credits is an area where we are experiencing an increase in enquiries from our clients. This article provides an overview of the schemes and what is included within a claim. R&D tax credits are only available to Companies...

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The Limited Company and Tax

When setting up a new business, you have to decide what format your business will take. If you decide to form your business as a limited company, there are some requirements you will need to follow to notify the right people (Companies House). However, why do you need...

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Pension contributions & tax relief for higher earners

For tax years up to and including 2015/16 (i.e. up until 5th April 2016), individuals with taxable income in excess of £150,000 pay income tax at 45% (or 37.5% for dividends), and receive tax relief at their marginal rates on money purchase pension contributions up to...

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Save tax on your commercial property

What is the opportunity? There is an opportunity to have a FREE review undertaken to identify any parts of your commercial property qualifying for capital allowances.  CRM can arrange this on a no upfront charge and no win/no fee basis – you only pay a small...

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Don’t get caught by fraudsters offering tax rebate

HM Revenue & Customs (HMRC) have recently announced that they have become aware of a new attempted phishing fraud occurring, which revolves around an e-mail supposedly from HMRC advising that you are due a refund. If you receive unexpected correspondence from...

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HMRC funding for employee tax refunds

The increase to the 2008–09 personal allowance that takes effect on 7 September 2008 may mean that employers have to provide some employees with a tax refund. If necessary, employers (or agents on their behalf) can claim funding from HMRC to cover the cost of these...

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Self Assessment tax payment options

The 31st January deadline for Self Assessment returns and payments to reach HM Revenue & Customs (HMRC) is rapidly approaching. There are a number of ways you can pay your tax to avoid interest charges. You can pay by post or at your bank if you have a...

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How to save money when the taxman calls

Chapman Robinson & Moore (CRM) have launched their new Tax Investigations Fee Protection Service. This is open to all people for whom we prepare tax returns, whether personal, partnership, company or trust. Taking advantage of this opportunity means that in the...

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Top tax myths exposed

Myths about tax are adding to an already confusing tax system, the Institute of Chartered Accountants in England & Wales (ICAEW) has claimed. As taxpayers prepare tax returns to meet the 30 September deadline, the last opportunity for sending tax returns back to...

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