by AccountingPreneur | Dec 5, 2019 | Tax
Where possible higher rate taxpayers should “Gift Aid” any payments to charity to provide additional benefit to the charity and for the individual to obtain additional tax relief on the payment. For example where an individual makes a £20 cash donation to charity the... 
by AccountingPreneur | Nov 13, 2019 | Directors' Loan Account, Tax
In a recent Tax Tribunal case the judge agreed with HMRC that a detailed breakdown of directors loan account transactions is required, including dates. The significance is that where the loan account is overdrawn (debit balance) there may be a possible P11d benefit on... 
by AccountingPreneur | Jul 18, 2019 | Tax
There is a proposed introduction of ‘off-payroll’ to the private sector which comes into force in April 2020. The changes involved is the way that Contractors, operating via Personal Service Companies, more commonly known as Ltd companies, will be paid.IR35... 
by AccountingPreneur | Jul 9, 2019 | Tax
Under new rules due to come in on 1 October 2019 builders, sub- contractors and other trades associated with the construction industry will have start using a new method of accounting for VAT.Under the new rules, supplies of standard or reduced-rated building services... 
by admin | Jul 3, 2019 | Tax
We recently looked at tax planning to minimise or eliminate the high income child benefit to keep both husband and wife (or civil partners) looking after a child below the £50,000 threshold. Where the income of one of the individuals exceeds £60,000 such that the... 
by admin | Jun 12, 2019 | Tax
The substantial increase in the higher rate threshold to £50,000 is good news for many taxpayers. However, that same figure is the point at which child benefit starts being clawed back and there has been no increase in that threshold since the High Income Child... 