Category Archives: Tax Accountant

Director’s Loan And Tax

Entrepreneur’s Relief – Don’t Miss It

‘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 […]

Capital Gain Tax And Different Relief

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 […]

Government To Regulate Umbrella Companies

Government To Regulate Umbrella Companies

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 […]

Electric Charging Points – Is There a Tax Liability?

Electric Charging Points Is There a Tax Liability

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 […]

Income From Savings – What Is Tax-Free

income from savings

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 […]

Making Tax Digital For An Employee Part 6

Making Tax Digital report 2021

MTD for an Employee with more than £10,000 untaxed income Making Tax Digital for Business is a Government initiative also known as MTD.  This is a legal requirement implemented and monitored by HMRC – Her Majesty’s Revenue and Customs. Now that we know the meaning of understanding Making Tax Digital – MTD in Part 1 […]

Making Tax Digital For Small Companies Part 5

Making Tax Digital report 2021

MTD for Small Companies Making Tax Digital for Business is a Government initiative also known as MTD.  This is a legal requirement implemented and monitored by HMRC – Her Majesty’s Revenue and Customs. Now that we know the meaning of understanding Making Tax Digital – MTD in Part 1 to 4, this is Part 5 […]