Accounting News

When Is A Car A Pool Car?

When Is A Car A Pool Car?

Rather than allocating specific cars to particular employees, some employers find it preferable to operate a carpool and have a number of cars available for use by employees when they need to undertake a business journey. From a tax perspective,...

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Tax-Free Childcare Update

Tax-Free Childcare Update

HMRC have recently run a campaign to remind people that they could be missing out on up to £2,000 per child, per year, towards the cost of childcare. Working parents and guardians may be eligible to receive government top-ups of £2...

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Using A SIPP To Save For Retirement

Using A SIPP To Save For Retirement

A SIPP is a self-invested personal pension which is set up by an insurance company or specialist SIPP provider. It is attractive to those who wish to manage their own investments. Contribution to a SIPP may be made by both...

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Inheritance Tax And Spouses And Civil Partners

Inheritance Tax And Spouses And Civil Partners

Special rules apply for inheritance tax purposes to married couples and civil partners. To ensure valuable tax reliefs are not lost, it is beneficial to consider the combined position, rather than dealing with each individual separately. Married couples and civil...

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Government Childcare Scheme – Tax-Free Top-Up

Government Childcare Scheme – Tax-Free Top-Up

Working parents can receive a tax-free top up from the Government to help with their childcare costs. The top up is worth £500 every three months (£2,000 a year). A higher top-up of £4,000 a year (£1,000 every three months)...

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Optimising Tax-Free Benefits In Family Companies

Optimising Tax-Free Benefits In Family Companies

Making use of statutory exemptions for certain benefits-in-kind offers an opportunity to extract funds from a family company without triggering a tax charge.   The essential point to note is that to make the tax saving, the benefit itself, rather than the...

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Are Low Emission Cars Tax Efficient?

Are Low Emission Cars Tax Efficient?

Significant changes are being made from 2020-21 to the company car tax benefits-in-kind bands affecting ultra-low emission vehicles (ULEVs).   The taxable benefit arising on a car is calculated using the car’s full manufacturer’s published UK list price, including the full value...

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Managing Employees Who Have A Side Hustle

Managing Employees Who Have A Side Hustle

A recent study suggests that 25% of employees in the UK are running at least one business project alongside their day job. A side hustle is defined as a secondary business or job that brings in, or has potential to bring...

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