SCALING UP YOUR BUSINESS

How do you scale up your business and take it to a new level?   What is scale up? A scale-up business is any company that is looking to grow in terms of market access, revenues, and number of employees, adding value by identifying and realising new opportunities. Scale-up businesses are the engine of growth[…]

ADVISORY FUEL RATE FOR COMPANY CARS

These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 June 2019. Where there has been a change the previous rate is shown in brackets. Engine size Petrol Diesel LPG 1400cc or less 12p (11p) 8p (7p) 1600cc or less 10p 1401cc to 2000cc 15p (14p) 9p (8p) 1601cc[…]

NEW VAT RULES FOR THE CONSTRUCTION SECTOR

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 between VAT-registered businesses in the supply chain will not be[…]

MORE COMPLICATED PENSION RULES

We recently highlighted the restricted annual pension allowance for those with high income, such as doctors. Note that the deadline for requesting the additional tax to be paid out of the fund for 2017/18 is 31 July 2019.   There is a further complication for those individuals who have started drawing income from certain money[…]

MAKE SCHOOL HOLIDAYS EASIER WITH TAX-FREE CHILDCARE

Did you know there is a government scheme available that can help contribute towards childcare costs which may mean fewer of your employees will need time off at the same time this summer.   Tax-Free Childcare is a scheme available to working parents with children from 0-11 years and many parents are not taking advantage[…]

A STAFF SUMMER PARTY CAN BE A TAX-FREE BENEFIT

Your organisation may have an annual Christmas party for staff, but the tax rules also allow staff parties at other times of the year which are a tax-free benefit if certain conditions are satisfied.   The exemption applies to an annual party (for example, a Christmas party), or similar annual function (for example, a summer[…]

PERSONAL SERVICE COMPANY CHANGES FROM APRIL 2020

In the Autumn Budget the Chancellor announced that the “off payroll” workers rules that currently apply in the public sector would be rolled out to the private sector in 2020. The government have now issued a consultation paper that sets out proposed tax and national insurance changes that will impact on those supplying their services[…]

DOCTORS LOBBYING FOR PENSION TAX CHANGES

Hospital doctors and GPs are lobbying the government to amend the pension tax rules as the current system of restricting tax relief on pension contributions means many doctors paying almost all of the extra salary back in tax if they take on additional responsibilities or work additional shifts. This is an issue that doesn’t just[…]