If your employees are working from home at the moment, they may be saving money by not commuting or buying lunches, however, they are likely to be incurring costs, such as from increased household bills. Employers can reimburse these expenses, tax free, within prescribed guidelines. Read on to learn more.Continue reading
Following the UK’s departure from the EU, Chancellor Rishi Sunak presented the 2020 Budget against a backdrop of economic uncertainty caused by the spread of the coronavirus.
HB Accountants’ “Be Informed” Budget Summary provides you with an overview of the key announcements arising from the Chancellor’s speech. Measures for businesses include a capital gains tax reduction in the Entrepreneurs’ Relief lifetime limit from £10 million to £1 million, together with changes to Statutory Sick Pay for employees advised to self-isolate because of the coronavirus.
As the end of the tax year approaches, it’s a
great time to review your personal financial position and look for more
efficient ways of managing your income. Here are our top tax tips for
individuals as we approach the end of the tax year on 5th April 2020. If you
want to know more, give the tax team at HB Accountants a call.
As the end of the tax year approaches, it’s a great time to consider if there are any opportunities to benefit from tax relief. Here are HB’s top tax tips for businesses for the year end – if you want to know more, give the tax team at HB Accountant a call.Continue reading
Beware of a potential 60% tax rate risk on your bonus. If you receive a bonus this year then it’s possible you will pay an effective 60% tax rate on your additional income. There are ways to mitigate this very high tax rate but you need to act now!Continue reading
You do not want to receive a penalty for not filing your return in time. As you’d expect, most taxpayers provide their Self Assessment tax returns on time with honest information and pay their tax bill on time too. But alongside all these good citizens and business folk with their straightforward tax returns HMRC also receives a raft of laughable excuses as well as some dubious tax-reducing expense claims. Surely no one in our local area of Hertfordshire, Essex and north London would have put these whoppers for late tax returns forward?Continue reading
The deadline for filing your Self Assessment tax returns online is looming on 31 January 2020. Consequently, around 12 million people are required to complete these tax returns. They are mainly those who are self-employed or have more than one source of income. For those people who haven’t filed online before, they’ll need to register first and should allow an extra 20 working days, in other words register by Friday 3 January 2020.Continue reading
Tax Relief for Charitable Donations
Are you aware of Tax Relief for Charitable Donations? If you donate to charity, did you know you can do so tax-free? There are various ways of making tax-relieved gifts to charity – the way in which the relief works depends on whether the donation is made via Gift Aid, as a deduction from wages or a pension via the Payroll Giving Scheme, in a will or whether it is a gift of land or property.
For tax purposes, good record keeping is vital. Without complete and accurate records, it will not be possible to provide correct details of taxable income or to benefit from allowable deductions. Aside from the risk of paying more tax than is necessary, landlords who fail to take their record keeping obligations seriously may also find that they are on the receiving end of a penalty from HMRC.
Given current tax rates, paying a dividend rather than a salary will often be a more cost-effective way of withdrawing profits from a company.