In a recent IR35 / employment status case a TalkSport presenter was found not to be inside IR35 or acting like an employee because TalkSport did not have sufficient control over the presenters’ work. The tax tribunal also noted that the presenter did not integrate with staff, attend staff meetings or events and had no […]
From 6 April 2020, new zero emission models will pay no company car tax in 2020-21, 1% in 2021-22 and then 2% rate in 2022-23. The current benefit in kind rate of 16% of the list price for zero emission cars remains in place until 5 April 2020 – so expect a rush on electric […]
CEO fraud: This involves the scammer researching the details of the company’s main decision-maker in order to assume their identity when dealing with other departments. If the CEO asks for a payment to be made urgently, there is always the chance that someone in the finance department will act swiftly on the instruction without performing […]
Usually all business expenditure relating to a partnership is recorded in their books and records and therefore in their accounts and self-assessment tax return. If partners have incurred business expenditure paid for privately, there is an option to record this as an additional tax deduction within the partnership tax return. Note that it is not […]
Service provider scam: Continuity of service is always important to the smooth running of a business, so a threat to cancel or withhold supplies can often provoke an urgent response. Scammers assume the identity of a service provider and threaten a business with consequences if they don’t pay immediately.
Planning is a key element to running a successful business. To get where you want to go, you’ll need a business plan. Use the previous 4 exercises to help you write your plan. Most businesses don’t have any kind of plan. So, start with a simple plan that pinpoints what you want to achieve. Here’s […]
A recent VAT case confirmed that the amount paid by a customer will usually be the amount subject to VAT, even if the customer has paid more than the advertised price. Incredibly the facts of the case revealed that National Car Parks (NCP) have received over £2.5 m in overpayments due to car park machines […]
A recent tax case confirmed that penalties of £1,300 were payable by a taxpayer who claimed to have never received a notice to file a tax return. The tax tribunal found that the taxpayer’s online tax account had been flagged to receive electronic communications only and an email address had been provided by the taxpayer. […]
When a student loan is coming to an end there can be accidental overpayment of the loan by the tax system. This can be avoided by paying the loan company directly which is allowed during the last two years of the student loan.
HMRC have announced that income and expenditure relating to charitable fundraising events run by volunteers can be recorded in bookkeeping systems as one item for the income and one item the expenditure, without separate entries for each individual transaction.