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Are expenses reimbursed to employees exempt from PAYE & NI?

17/04/2019

Expenses which to any degree are not 'wholly & exclusively' for business, are entirely taxable e.g. payments for home to work travel. Splitting between taxable and exempt is not required; if an employee disagrees, they can claim tax relief directly from HMRC. It is down to the employers to decide if expenses are exempt or taxable. If...

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QuickBooks or Xero for Making Tax Digital

30/10/2018

Making Tax Digital (MTD) is expected to affect most tax payers at some stage. MTD is a Government initiative designed to transform tax administration and inevitably means change is coming Any business that is VAT registered and has a taxable turnover of £85k or more will need to submit VAT returns using commercial software...

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Flexible accounts department and financial director service

07/08/2018

As your business grows and develops, Astrum can provide you with an experienced accounts and finance team on a flexible basis; in essence, Astrum can be your very own accounts department as and when you need it. We provide services like these to a range of businesses from small, single director companies to multi-million pound...

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ICO issues notices of intention to fine BA and Marriott

18/07/2019

Following an extensive investigation, the Information Commissioner’s Office (ICO) has announced that it has issued a notice of its intention to fine British Airways (BA) £183.39 million for infringements of the General Data Protection Regulation (GDPR). If imposed, the fine will be a record amount in the UK for breach of data...

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Reminder to sign up for Making Tax Digital before August

17/07/2019

VAT registered businesses with a turnover above the VAT threshold, need to be ready to keep digital records for VAT purposes using Making Tax Digital (MTD). This means that businesses must keep their records digitally (for VAT purposes only) and provide their VAT return information to HMRC through MTD functional compatible software. Many...

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Will you have to repay Child Benefit for 2018-19?

17/07/2019

The High Income Child Benefit charge applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of Child Benefit. The charge claws back the financial benefit of receiving Child Benefit either by reducing or removing the benefit entirely. If you or your partner have exceeded the £50,000 threshold...

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Be wary of 60% Income Tax charge

17/07/2019

For high earning taxpayers the personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt that takes income over £100,000 will result in a reduction in personal tax allowances. Your adjusted net income is your total...

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Tax simplification for self-employed

17/07/2019

The Office of Tax Simplification (OTS) was established in July 2010 to provide advice to the Chancellor on simplifying the UK tax system. The OTS has recently published a new document setting out the scope of a project looking at simplifying tax reporting and payment arrangements for the self-employed and for landlords of private...

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Rules for off-payroll working from April 2020

17/07/2019

The rules for individuals providing services to the public sector via an intermediary such as a Personal Service Company (PSC) changed from April 2017. The new rules shifted the responsibility for deciding whether the intermediaries’ legislation applies, known as IR35, from the intermediary itself to the public sector receiving the...

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Corporate Capital Loss Restriction

17/07/2019

Under current rules up to 100% of chargeable gains can be set against carried-forward capital losses. For accounting periods ending on or after 1 April 2020, large companies and unincorporated associations who accrue chargeable capital gains will only be able to offset up to 50% of those gains using carried-forward allowable (capital)...

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Draft legislation for Finance Bill 2019-20

17/07/2019

The Government has published the draft legislation for Finance Bill 2019-20, along with accompanying explanatory notes, tax information and impact notes, responses to consultations and other supporting documents. The Bill will contain the legislation for some of the tax measures that were announced by the Government at Autumn Budget 2018...

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Reminder to renew your tax credit claim

17/07/2019

Families and individuals that receive tax credits should ensure that they renew their tax credit claims by 31 July 2019. Claimants who do not renew on-time may have their payments stopped. HMRC has sent tax credits renewal packs to tax credit claimants and is encouraging recipients to renew their tax credits claim online. All renewal...

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Home to work travel that may be allowed

10/07/2019

Whilst there is usually no tax relief for ordinary commuting - home to work - there are a number of exceptions. The term 'ordinary commuting' is defined to mean travel between a permanent workplace and home, or any other place that is not a workplace. Case law has established the principle that travelling between your home and a...

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Its still possible to claim 100% tax allowance for electric vehicles

10/07/2019

First Year Allowances (FYA’s) are available for expenditure on new unused electric vehicles and other cars within the threshold for low CO2 emissions. Businesses can claim FYA of 100% in the year they purchase qualifying low emissions or electrically propelled cars. These measures were put in place to help encourage the use of low...

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When you can’t reclaim VAT

10/07/2019

For most fully taxable businesses, VAT can be reclaimed on goods and services used in the business. This means that businesses must consider where there is any personal or private use of goods or services purchased for the business as the business can only reclaim the business proportion of the VAT. For example, VAT is recoverable on all...

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Disposal of goodwill – capital or income

10/07/2019

The First-Tier Tribunal (FTT), in the case of Villar v Revenue and Customs examined whether the disposal of goodwill was capital or income in nature. The taxpayer in this case was a renowned orthopaedic surgeon specialising in hip arthroscopic procedures. The taxpayer sold his business in return for a payment of £1m, this payment...

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OpRA’s defined

10/07/2019

The Optional Remuneration Arrangements (OpRA) legislation was introduced with effect from 6 April 2017. The legislation counters the tax and NIC advantages of benefits where an employee gives up the right to an amount of earnings in return for a benefit. This includes flexible benefit packages with a cash option, cash allowances and...

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Loss buying restrictions

10/07/2019

Under qualifying circumstances, Corporation Tax (CT) relief is available where your company makes a trading loss. The trading loss can be used by offsetting the loss against other gains or profits of your business in the same or previous accounting period. The loss can also be set against future qualifying trading income. However, there...

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Maple House
5 The Maples
Cleeve
Bristol
BS49 4FS
info@astrum.accountantsTel: 01275 277369 | 01934 235007 | 0117 2140369 

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