Tax Return Adviser Ltd
Newsletters
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The right way to correct mistakes in employee expenses
When preparing figures for your P11D returns for 2022/23 your bookkeeper noticed PAYE tax and NI hadn’t been deducted from expenses not covered by the general exemption. How can you correct the problem at this late stage?
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When does the reverse charge apply to expenses?
You know about “reverse charge” accounting, where your business accounts for VAT as the customer on some goods and services that you buy rather than your supplier. But are you correctly applying it to all relevant transactions?
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Turn a tax trap into a tax-efficient golden handshake
You’ve heard that £30,000 of any lump sum payment on termination of a job can be paid tax and NI free. Is that correct, and can this tax break be used to reward a long-standing employee who’s due to retire shortly?
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How to avoid a common mistake with mileage payments
Several of your employees use their personally owned vehicles for work, for which you pay a mileage allowance at HMRC’s approved rates. But there’s a potential trap that could land you with a tax and NI bill. How can you avoid it?
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Loss relief - what’s the best way to go?
Your business made a loss in its first year and now you’re about to complete a tax return covering that period. You know that you can claim tax relief for the loss and that there’s more than one way to do it. But which is the most tax efficient?
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How to liberate cash locked up in personal assets
As your first born is due to fly the nest shortly, you’re looking for ways to get a little extra cash to help them. Taking money out of your company in the traditional ways always results in a tax charge. Can you extract the cash without the tax?
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