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Tips and Advice to help you grow your business

Payrolling benefits – what you need to know

In 2016, HMRC introduced a scheme to payroll benefits in its bid to simplify tax administration. What is payrolling benefits? It is the ability to include all taxable benefits in your employees payroll. This includes benefits such as cars, mobile phones, cash vouchers and credit tokens, but excludes: Any living accommodation you have provided as the… Read More

Finance cost relief on rental income

From April 2017, the Government are gradually introducing changes to finance cost relief. Up until now, if you were a landlord, you could deduct all your finance costs from your rental income to arrive at the property income chargeable for tax. However, with effect from April 2017, the relief is now restricted to the basic… Read More

Provision of Benefits by Salary sacrifice

When provided through salary sacrifice, all exempt benefits will become taxable with effect from 6 April 2017. As defined in the HMRC guidance “A salary sacrifice arrangement is an agreement between an employer and an employee to change the terms of the employment contract to reduce the employee’s entitlement to cash pay. This sacrifice of cash entitlement… Read More

Your Personal Tax Bill – April 2017

With effect from April 2017, your personal tax bill should be improving. Here’s what you need to know… There will be a tax saving as your personal tax allowance will increase to £11,500, and the basic rate band increases to £33,500. This means you won’t pay the higher rate of tax on any income up… Read More

Changes to the VAT flat rate scheme

With effect from April 2017, there will be changes to the VAT flat rate scheme. For each VAT period, all companies on the VAT flat rate scheme (FRS), will be required to assess if they are a limited cost trader. What is a limited cost trader? A company whose total expenditure on “goods” purchased is:… Read More

How can gift aid help you save tax?

The UK has a reputation across the world for being a nation of generous donators to charity. You may be aware that gift aid can boost the income of your chosen charity. If you are a UK taxpayer, you can sign a gift aid declaration, which enables your charity to receive an additional 25p from the government… Read More

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