Good reasons to pay yourself a salary in 2015/16

The new tax year starts on 6 April 2015 and with it comes a rise in personal tax-free allowances and NI limits. How do these and other factors affect the level of salary you should take from your company? Company salary If you’re a major shareholder of a private company it’s usually a good idea to take a salary from... [FIND OUT MORE »]

R&D tax deductions for capital costs

SMEs can claim enhanced tax relief for research and development (R&D) costs. The bad news is that this doesn’t apply to the equipment used for the project. However, you can make use of a different tax break. What is it? Tax relief Research and development (R&D) tax breaks for SMEs which develop new technology (anything from scaffolding systems to software)... [FIND OUT MORE »]

It’s P11D time!

HMRC has released its 2014/15 benefits and expenses Form P11D plus updated guidance to go with it. Is there anything new to watch out for? P11D deadline.  It’s that time of year when you need to turn your attention to preparing the dreaded Forms P11D . A form is needed for each director and employee who earned £8,500 or more... [FIND OUT MORE »]

What can HMRC ask you about your workers?

Your business might have an unblemished tax record, but HMRC's interest doesn't necessarily end there. These days it’s just as likely to ask questions about your workers. How should you respond? Special forces In 2009 and 2010 HMRC succeeded in persuading the government to beef up the powers it has for carrying out investigations. These didn’t just enhance the existing... [FIND OUT MORE »]

SMALL BUSINESS EVENT – Wed 6th May – About the speakers

Interested in finding out more about the speakers at our FREE SMALL BUSINESS EVENT on Wednesday 6th May? Diane is a Senior Account Manager with Xero & President of ‘Scottish Women in Business’. This is what Diane says about herself – “My role at Xero allows me to do what I love, and what I do best - meeting people; getting to know... [FIND OUT MORE »]

Entertaining – don’t miss out on tax deductions

Whether you’re planning a summer ball or a more modest event to promote your business, the Taxman’s guidance says you can’t claim a deduction for the cost. But is this always correct? No deduction You probably know that HMRC has a special rule regarding the cost of business entertaining, i.e. it isn't tax deductible. Whether it’s a casual drink at... [FIND OUT MORE »]

Can you “sack” a self-employed worker?

Like many companies, the BBC often hires people who are self-employed. However, in its recent dealings with Jeremy Clarkson - who falls into this category - it gave the impression they can be sacked. Is that true? Top Gear fracas Jeremy Clarkson - whose name is synonymous with controversy - was in the spotlight for much of March 2015. The... [FIND OUT MORE »]

Employers – don’t forget the new NI exemption

The end is NI! If you have employees aged under 21, when you pay them on or after 6 April 2015 you won’t be liable to employers’ NI unless their wages exceed the upper secondary threshold (UST). The UST is a new NI band that’s currently set at the same level as the upper earnings threshold, but HMRC says that... [FIND OUT MORE »]

Payments that reduce company car tax

Employees who contribute to the cost of using their company car for personal journeys get a reduced tax charge. This can be calculated in two ways. As the employer which one offers you the greatest advantage? Company car contributions As you know, cars provided to employees for work purposes which are also available for private journeys count as a taxable... [FIND OUT MORE »]

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