by Ray Baxter | May 27, 2016 | Business Updates
HMRC have changed the rules on the re-imbursement of expenses to employees. Expenses are no longer treated as taxable income and do not need to be reported on a P11D annually as before. Expenses qualify for this treatment if, had the employee borne the cost...
by Ray Baxter | Oct 26, 2015 | Business Updates
AIA which provides 100% tax relief on qualifying Capex has been set at £200,000 from 1st January 2016. This has now been made permanent. Annual Investment Allowance has fluctuated throughout its history. It started at £50,000 in 2008, rose to £100,000, fell again to...
by Ray Baxter | Oct 26, 2015 | Business Updates
For the last 43 years firms who registered for VAT were able to claim back VAT paid on stocks and assets held at the date of registration. HMRC have changed its interpretation of the rules to a “pro rata” basis. For example a van bought by a business a year prior to...
by Ray Baxter | Oct 24, 2015 | Business Updates
National minimum wage increased on 1st October from £6.50 to £6.70 for employees aged 21 and over. On 1st April 2016 the National Living Wage will be introduced requiring employers to pay £7.20 per hour to employees aged 25 and over. Also from 6 April 2016 the...
by Ray Baxter | Dec 11, 2014 | Business Updates, Cloud Computing
The Chancellor announced a major reform to Stamp Duty Land Tax in the Autumn statement. He abolished the “slab system” in which the tax tax rate for each price band was charged on the full value. It is replaced by a slightly more complex but progressive...
