It is worth repeating an article we first published March 2016 that highlighted the cash benefit to company car drivers and their employers, of reimbursing the cost of fuel provided for private motoring. The rates have been updated for 2016-17.   Since the tax on private fuel provided with company cars is so high, many employers now have an arrangement whereby they no longer pay for private fuel. In this

  Where additional tax is payable as the result of an HMRC enquiry and it is shown that the additional tax is due to poor accounting records, the maximum penalty that can be imposed is 30% of the additional tax for failure to take reasonable care. Where the error is deliberate, the penalty will be between 20% and 70% of the extra tax due, rising to 100% where the matter

  Finance Act 2016 brought in new rules to ensure that overseas property traders and developers are subject to UK income tax or corporation tax when they dispose of UK properties from 5 July 2016. However the way in which the legislation is drafted may catch some buy-to-let landlords.   The new rules treat UK property sales/development of land as part of a trade and therefore potentially taxed at income

  Speech recognition applications have been around for a long time but until recently haven’t seen a huge uptake by the business community. With high accuracy and professional apps available for mobile devices, is voice recognition a technology that your business could make effective use of today?   Many business users may have already experienced what voice recognition can offer. Apple’s Siri is already quite popular but Windows 10 users

It may be possible to delay paying Capital Gains Tax (CGT) if you sell a business asset that is subject to a charge to CGT, but you use all or part of the proceeds to buy new business assets. The relief you can claim is called Rollover Relief.   This relief means you won’t usually pay any CGT until you sell the new, replacement asset. Depending on the circumstances of

  The length of time you need to keep tax records depends on the types of income you earn and the types of tax you are paying. A list of time limits is set out below:   Income Tax and Capital Gains Tax   If you are not in business One year from the 31 January following the end of the tax year. For 2016-17, you would need to keep

  We have received enquiries from a number of clients, concerned that HMRC is going to try and tax them for the small amounts of cash that they make from pursuing hobbies. For example, buying and selling on eBay or setting up stalls at their local drive in markets – car boot sales.   If you establish a regular pattern of making money in this way, and in fact turn

  The government is concerned that many small companies are missing out on generous R&D tax credits. For the last year HMRC have been offering companies an advance assurance scheme to check whether or not their activities qualify before they make a claim. So far over 200 applications for advance assurance have been made.   There is a general misconception that R&D involves scientists in white coats but it should

  Where credit card sales have been omitted from business takings, HMRC are encouraging taxpayers to come forward and make a disclosure of the income that has been omitted to avoid incurring interest and penalties on top of the unpaid tax.   As you may be aware HMRC now receive information from third parties such as banks and credit card companies and will then match that data with business accounts,

  From 6 April 2016 new rules were introduced to allow employers to provide their directors and employees with certain “trivial” benefits in kind, tax-free.   The new rules are a simplification measure so that certain benefits in kind will not need to be reported to HMRC, as well as being tax free for the employee. There are of course a number of conditions that need to be satisfied to