Company cars are a great perk, but they also come with obligations to HMRC. If you provide or receive a company car, you need to report any vehicles used on private journeys, the fuel used on those journeys, and any adaptations made for employees with disabilities. If you’re an employee, you may need to pay both the “company car and fuel benefit” – this is a benefit in kind (BIK) tax.
Continue readingLimited companies enjoy a large number of deductions from your taxable turnover. You can deduct the costs of running your business (including salaries) from your tax bill. Mileage, training, and accommodation also count. However, expenses must fall into the category of being “wholly and exclusively for business purposes.” So, if you use your weekend training trip as a family weekend away, you need to sort your expenses carefully.
Continue readingThe new, so-called sugar tax has been a contentious issue since it was first raised. Some, including many doctors and celebrity chef Jamie Oliver, have been in support with calls for a tax against sugary drinks since 2014. Others have been hoping PM Theresa May would reverse her position before the due date, since it was first announced. April 6, 2018, has come and gone however, so the tax is now officially in effect.
Continue readingFollowing the previous year’s Leave victory, the UK Government officially started the Brexit process on March 29, 2017. With intentions to formally leave the EU within two years, businesses and traders must prepare for the inevitable tax law changes. They will additionally need to accept the Brexit accounting implications it will have on company accounts.
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