Business Tax
Delay salary to save tax
As a company owner manager, you decide when to take income from your business. If that’s your only source of income, tax planning is relatively simple but it’s trickier if you have other sources. What’s the best strategy to improve tax efficiency?
Cutting the cost of a company car
You want to help your young son replace the ancient car he currently drives. The plan is for your company to buy it but for the running costs to be met by your son. That’s fine with him but is there a more tax and cost-effective alternative?
When will you have to register your new business for MTD?
The timetable for mandatory use of Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) by existing businesses is well established. But when must you use MTD ITSA if you start a new business or create a new income stream?
Forthcoming changes to statutory sick pay
According to statistics from the Office for National Statistics (ONS), the rate of sickness absence fell to an average of 4.4 working days lost per worker in 2024, down from 4.9 days in 2023. Whilst this is good news for employers, forthcoming changes to statutory sick pay (SSP) are less good news. What do you need to know?
Is it a fix? HMRC’s updated employment status tool
HMRC has revamped its “check employment status for tax” tool (CEST) and amended its guidance. What’s new and is it any better than the previous version at deciding on a worker’s employment status?
Dodging the dreaded annual P11D routine
The deadline for submitting benefits and expenses returns for you and your fellow directors is just over a month away. How can you avoid having to complete them and save tax at the same time?
Is it a fix? HMRC’s updated employment status tool
HMRC has revamped its “check employment status for tax” tool (CEST) and amended its guidance. What’s new and is it any better than the previous version at deciding on a worker’s employment status?
Gifts of BPR-qualifying assets - is there a tax cost?
As your estate will be hit by the cap on inheritance tax (IHT) business property relief (BPR), you’re giving away some of your qualifying investments to your children. What should you tell them to ensure they’ll continue to benefit from BPR?
What’s a trivial benefit worth to employers?
The tax and NI exemption for trivial benefits is much misunderstood, but nonetheless very useful to employers. When can you use it, what are its advantages and are there any pitfalls to watch out for?
Travel expenses - exempt or not?
You have several employees who travel from home or their workplace in the course of doing their job. Naturally, you meet the cost of their travel but should you be deducting tax and NI from the payments, or are they exempt?
Lending to a relative - avoiding the tax trap
Your daughter needs financial help to get her company started. You’ve agreed that your company will lend her the money. Your accountant says that this will trigger a tax charge. What is the charge and how can you legitimately dodge it?
How to pay a tax-efficient golden handshake
One of your firm’s directors is retiring soon and the board want to pay him a lump sum to reward his long service. The trouble is that golden handshakes are usually taxable. Is there a more tax-efficient alternative?