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  • Brexit and VAT READ MORE Using your own car for business purposes READ MORE How will your business be affected by Making Tax Digital? READ MORE Gifts to a charity or your spouse READ MORE Are we seeing the end of tax-free benefits? READ MORE Tax Diary July/August 2017 READ MORE What does the Queen’s Speech mean for employment law? READ MORE Are pension benefits received taxable? READ MORE Swapping salary for pension benefits READ MORE Tax-free employee suggestion schemes READ MORE
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Brexit and VAT

Posted on 09/05/2018 by tanmai

When it comes to the increasingly tortured process known as the Brexit negotiations, it seems like there’s a new development every day. Here is Clarkson Hyde’s 2-minute guide to how VAT and other taxes will be affected by our departure from the EU. Brexit Now that the basic terms for Brexit have been agreed, negotiations […]

Using your own car for business purposes

Posted on 04/07/2017 by Marco

Employees who use their own car at work for business purposes can, under certain circumstances, be paid a tax-free allowance by their employers. This includes the use of their own van, motorcycle or bike. It is important to note that this tax-free allowance does not include journeys to and from work but for other business […]

How will your business be affected by Making Tax Digital?

Posted on 04/07/2017 by Marco

The introduction of Making Tax Digital (MTD) will fundamentally change the way companies, the self-employed and landlords interact with HMRC. The new regime will require businesses and individuals to register, file, pay and update their information using a new online tax account. The new regime is due to start next April when the self-employed (including […]

Gifts to a charity or your spouse

Posted on 04/07/2017 by Marco

There is usually no Capital Gains Tax (CGT) to be paid on the gift of assets between married couples and civil partners. However, there is still a disposal that has taken place for CGT purposes, effectively, at no gain or loss on the date of the transfer. When the asset ultimately comes to be sold, […]

Are we seeing the end of tax-free benefits?

Posted on 04/07/2017 by Marco

There have been changes to the tax rules for certain Benefits in Kind which are provided as part of salary sacrifice schemes. These changes, which started coming into effect in April of this year, are beginning to have an impact on certain tax-free benefits provided to employees. The new rules effectively remove any Income Tax and NIC […]

Tax Diary July/August 2017

Posted on 04/07/2017 by Marco

1 July 2017 – Due date for Corporation Tax due for the year ended 30 September 2016. 6 July 2017 – Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class 1A NICs. 19 July 2017 – Pay Class 1A NICs (by the 22 July 2017 if paid electronically). 19 […]

What does the Queen’s Speech mean for employment law?

Posted on 04/07/2017 by Marco

With the General Election having returned a minority government and with the government’s priority being to legislate for Brexit, a rather more modest agenda for employment law reform was outlined in the Queen’s Speech 2017 than originally may have been envisaged. Parliament will also sit for two years instead of the ordinary one year, to […]

Are pension benefits received taxable?

Posted on 04/07/2017 by Marco

As our readers are most likely aware, there are special rules which allow individuals who set up private pension scheme(s) to benefit from significant tax reliefs when saving for their retirement. There is no overall limit to the amount of employer or employee contributions and no upper limit to the total amount of pension saving […]

Swapping salary for pension benefits

Posted on 04/07/2017 by Marco

Employers and employees may have noticed that HMRC has clamped down on the tax and NIC benefits of some aspects of salary sacrifice schemes. The changes are being rolled out gradually from April 2017, and will affect a number of employees who have sacrificed part of their salary for benefits and are currently paying less […]

Tax-free employee suggestion schemes

Posted on 04/07/2017 by Marco

Do you have an employee suggestion scheme in place? There are still commercial and tax advantages to setting up such a arrangement. HMRC offers two tax-free award schemes that can be made available to employees: Encouragement awards – for good suggestions, or to reward your employees for special effort. Encouragement awards are exempt from tax […]