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Capital sums derived from assets
HMRC’s guidance is clear that where a capital sum is derived from an asset, the relevant legislation treats the owner as having made a disposal for capital gains purposes.
The legislation contained
Do you need to tell HMRC about additional income?
There is an online tool that allows taxpayers to check if they need to notify HMRC about additional income. The online tool can be found at www.gov.uk/check-additional-income-tax.
This could include
Changes at Companies House
Companies House have issued an update on their first implementation of changes brought about by The Economic Crime and Corporate Transparency Act. We have copied in the relevant comments made in a
Does your business have a March year end date?
Leaving aside tax planning issues all businesses should be considering business planning opportunities if they presently have an accounting year end date of 31 March 2024.
For example:
Do
Correcting payroll mistakes
Employers generally use payroll software or other payroll services to record employees pay, deductions and National Insurance contributions on or before each payday. They also need to consider other
Reporting company car changes
There is a requirement to notify HMRC if you make any company cars available for private use by company directors or employees. The definition of ‘Private use’ includes employees’ journeys between
Do you need to register for self-assessment?
There are a number of reasons why you might need to complete a self-assessment tax return. This includes if you are self-employed, a company director, have an annual income over £150,000 and / or have
Assets made available to an employee
Assets such as computers, televisions and bicycles that are made available to employees can create certain tax, National Insurance and reporting obligations. There is no requirement to report anything
VAT – option to tax property
There are special VAT rules that allow businesses to standard rate the supply of most non-residential and commercial land and buildings (known as the option to tax). This means that subsequent
Tax and working from home
Employees who are working from home may be able to claim tax relief for bills they pay that are work related.
Employers may reimburse employees for the additional household expenses incurred through
