This author has yet to write their bio.Meanwhile lets just say that we are proud Lizzie Robinson contributed a whooping 268 entries.
If you provided expenses and benefits to your employees during the 2022/23 tax year and did not payroll those benefits, you will need to tell HMRC about them on form P11D. You will also need to file a P11D(b) and pay your Class 1A National Insurance. Key dates Forms P11D and P11D(b) for 2022/23 must […]
The month of June marks National Camping Month, and what better way to celebrate this occasion than to pack up your gear and head out into the countryside for a few days? Camping is not only a great way to spend time outdoors, but it also has numerous physical and mental benefits that you can’t […]
If you have one or more spare rooms in your home, you may consider renting them out to generate additional income. If you let a furnished room in your home, you can take advantage of the rent-a-room scheme to earn up to £7,500 tax-free each year. The rent-a-room scheme does not apply where a room […]
Many employees incur expenses in undertaking their job. However, the rules that govern tax relief for employment expenses are notoriously strict. Where the conditions are met, relief can be claimed in various ways. Key dates Claims for tax relief for employment expenses must be made within four years of the end of the tax year […]
A fuel benefit tax charge arises when the employer meets the cost of fuel for private journeys in a company car. However, this charge can be avoided if the employee ‘makes good’ the cost of fuel for private motoring. Key dates To eliminate the fuel benefit charge, the cost of all fuel used for private […]
When it comes to distributing profits in a business, dividends play a significant role. Dividends are payments made to shareholders from the company’s profits, providing a return on their investment. In this blog, we will explore how dividends work in small businesses and limited companies, shedding light on the process, considerations, and legal requirements. Dividends […]
After the end of the tax year, employers need to provide certain information to employees and to HMRC as regards both pay and deductions and taxable expenses and benefits. Key dates Employees must be given their P60 for 2022/23 by 31 May 2023. They must also be notified of any payrolled benefits by 1 June […]
Filing your tax return early has a number of benefits. First, filing early can help you avoid potential mistakes. The earlier you start preparing your tax return, the more time you have to gather all the necessary documentation and double-check your calculations. This can help prevent errors that could lead to penalties or delays in […]
Late payments can be a major problem for small businesses, as they can disrupt cash flow and make it difficult to pay bills and meet other financial obligations. Here are a few strategies that can help small businesses deal with late payments: Set clear payment terms: One of the best ways to prevent late payments […]
Value Added Tax (VAT) is a tax that is added to goods and services at various stages of production and distribution. As a business owner, it is important to understand the requirements for registering for VAT and how it affects your business. In this guide, we will discuss everything you need to know about VAT […]
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