If you use your own vehicle for business journeys, then you may be able to claim a tax-free allowance from your employer known as a Mileage Allowance Payment or MAP. The allowance is available if employees use their own car, van, motorcycle or bike
When deciding whether an expense is allowed or disallowed for tax purposes it is important to bear in mind that the expenditure must be incurred wholly and exclusively for the purposes of your trade or employment.
Under the legislation any
There are special rules in place which limit the ability to change a company’s year end date. A company’s year-end date is also known as its ‘accounting reference date’ and is historically set by reference to the date the company was incorporated.
Following the end of the Brexit transition period, the process for exporting goods to the EU mirrors the process for all other international destinations.
Businesses, especially those that only trade with EU should by now be aware of the rules and
Many families will be organising UK holidays this year and so passports may be left in draws for 2021.
But when the market for overseas holidays opens up, better check that your passports still meet that important “6 months before they
Although it cannot be understated, that COVID has resulted in widespread personal tragedies and business hardships, there are stories circulating of businesses that have managed to buck the downward trend.
Very often this is due to being in the
The ‘badges of trade’ tests whilst not conclusive are used by HMRC to help determine whether an activity is a proper economic trade / business activity or merely a money-making by-product of a hobby.
They are useful when careful consideration needs
One of the measures announced as part of the March 2021 Budget was the introduction of a new mortgage guarantee scheme to help home buyers purchase a property. The new scheme is designed for prospective home buyers who only have a small deposit and
A new temporary extension to the eligible carry back period for trading losses has been announced. This will allow trading losses to be carried back for three years (rather than one). The extension to the relief applies to both incorporated
It is not long until the current 2020-21 tax year comes to an end and there are a number of year end payroll chores that must be completed. This includes sending a final PAYE submission for the tax year. The last Full Payment Submission (FPS) needs