Tax Tips – Page 6 – Green Accountancy

Skills to learn for the future of work according to the World Economic Forum

by Barry Coles on 22 January 2019 with No Comments

Having a good memory or a strong command of maths may have once rated high on your list of professional skills. But now that devices handle those tasks, the World Economic Forum is urging workers to skill up for the future. Analytical thinking, initiative and ideation will overtake manual dexterity, time management and speaking abilities. Managers may […]

HMRC agree not all directors have to file a tax return

by Barry Coles on 18 January 2019 with No Comments

HMRC’s guidance now states that where all of a director’s income is taxed at source and there is no further tax to pay, they do not have to register for and file a self-assessment return. As many company directors are taxed under PAYE they will not need to give notice of liability to tax. If […]

How are Bitcoin, cryptocurrencies or cryptoassets taxed in the UK?

by Barry Coles on 17 January 2019 with No Comments

In December 2018 HMRC published guidance on the taxation of cryptoassets. HMRC confirms that: Most investors will be subject to Capital Gains Tax on gains and losses.. It will be rare for investment in cryptoassets to be regarded as trading, although ‘mining’ is likely to indicate a trading activity. A capital loss may be claimed […]

Renewable power generation in the UK reached a record high in 2018

by Barry Coles on 16 January 2019 with No Comments

A third of all energy generated in the UK last year was from renewable sources, according to climate research and news site Carbon Brief. Drawn from UK government data, the analysis found electricity generated from fossil fuels fell to a record low. The UK has cut its carbon emissions by more than 43% since 1990, but is still not […]

Getting tax relief sooner when you donate to a charity

by Barry Coles on 14 January 2019 with No Comments

Claiming higher rate tax relief for charitable donations made. In your Self Assessment tax return, you normally only report things that occurred in the tax year in question. But for charitable donations, you can also claim tax relief on donations you make in the following tax year up to the date you send your return. […]

Self Employed: Accounting periods and tax basis periods

by David Wilsdon on 19 December 2018 with No Comments

When you start in business as a sole trader or in partnership your first accounting period starts on the day that your business starts up and it ends on the date to which your accounts are drawn up. Which accounting period you chose may depend on whether you are making a profit or loss in […]

Christmas staff party: what can be claimed?

by David Wilsdon on 18 December 2018 with No Comments

A staff party or an annual function qualifies as a tax-free benefit for your employees providing that you meet the following conditions: The total cost must not exceed £150 per head, per year. £150 includes VAT together with any extra costs such as transport and accommodation. The £150 is a limit and not an allowance: if the cost is £151, the whole […]

6 things to do when employing staff

by David Wilsdon on 17 December 2018 with No Comments

HMRC lists 6 things you need to do when employing staff for the first time. Decide how much to pay someone – you must pay your employee at least the National Minimum Wage. Check if someone has the legal right to work in the UK. You may have to do other employment checks as well. Apply for a DBS […]

Inheritance tax annual exemption – use it or lose it!

by David Wilsdon on 17 December 2018 with No Comments

Although not particularly generous at £3,000 per donor per annum, if this annual IHT exemption is not used by 5 April it is lost, although it is possible to carry the allowance forward one year if unused. This means that if the annual allowance for 2017/18 was not used an individual may make gifts of […]

Gifts of up to £50 to employees

by David Wilsdon on 13 December 2018 with No Comments

From April 2016 rules were introduced to allow employers to provide their directors and employees with certain “trivial” benefits in kind tax free.The rules were brought in as a simplification measure so that certain benefits in kind do not now need to be reported to HMRC as well as being tax free for the employee. […]