Category Archives: Tax Accountant

‘Bed and breakfasting rules’ – Director’s loan account – borrowing, repaying and then borrowing again – ‘arrangements’ Throughout an accounting period, a director will withdraw monies from the company against the director’s loan account (DLA), the withdrawals being satisfied usually by the taking of a salary and/or bonus) and/or dividends (dividends being preferable as no […]

Different ways of deferring CGT by selling or gifting a business asset – hold-over relief, roll-over relief etc. Capital gains tax (CGT) is levied on capital gains made on the disposal (including gifts) of most assets. However, if the disposal is of ‘business assets’ by a trader (including a personal trading company) then it is […]

The government plans to introduce legislation to regulate umbrella companies to protect workers and clamp down on tax avoidance. The 40-page consultation document published yesterday aimed at providing an ‘up-to-date and well-informed view’ of how umbrellas operate with the aim to develop rules to regulate the market’s practices. It also aims to make sure the […]

In today’s blog, we look at the question ‘does a tax charge arise if an employer provides a charging point to enable employees to charge their own cars at work?’ If you’re planning to help your employees go electric, have a read by following the link below. As part of the Government’s push to encourage […]

Not all types of income are equal from a tax perspective, and savings income enjoys dedicated allowances, tax rates and reliefs which allow a taxpayer to enjoy some or all of their savings income tax-free. Personal allowance The personal allowance for both 2021/22 and 2022/23 is set at £12,570. Any savings income that is sheltered […]

HM Revenue and Customs are giving one extra month to file Self Assessment and make payment for 2020 to 2021 tax return and tax payment. The deadline to file and pay remains 31 January 2022. The penalty waivers will mean that: anyone who cannot file their return by the 31 January deadline will not receive […]

Working from home during the Coronavirus pandemic created a range of tax issues, not least where private bills, such as for internet usage, were paid for by the company. If your company is paying private bills for employees, here are some things to be aware of. Tax and NIC implications of private bills being paid […]