Expenses rates for employees travelling outside the UK
You can reimburse subsistence to employees by making a scale rate payment using the rates below. These rates are the maximum tax and NICs free amounts that can be paid by employers who choose to use the system. An employer can pay less than these rates if it wants to do so. If a higher payment over […]
IR35: What is it and are you affected?
IR35 is HMRC’s intimidating term for “off payroll working”. This is essentially any work engagement where an intermediary such as a limited company owned by an individual takes on a contract that under any other circumstance would be an employment. This would be done generally to reduce taxes for both parties. What are the IR35 […]
Investors’ Relief: What is it and do you qualify?
An Introduction to Investors’ Relief Investors’ relief is a relatively new scheme (introduced in 2016) that draws many parallels from Business Asset Disposal Relief (BADR- formerly Entrepreneur’s Relief). To claim BADR you need to own more than 5% of voting and ordinary shares, which becomes problematic as this automatically disqualifies all but a few individuals. […]
Self-Assessment HMRC Deadlines and Penalties
Deadlines HMRC must receive your tax return and any money you owe by the following deadlines – If you want HMRC to automatically collect tax you owe from your wages and pension, you must be eligible and submit your online return by 30 December. Penalties There are 2 types of penalties, late filling penalty if […]
FKGB announce the appointment of a new Partner
We are delighted to announce that Lauren Levy will be appointed as a Partner from 1 January 2022. Lauren joined the firm in 2013 as a qualified accountant and is being promoted from her role as a Senior Manager. She has a wide variety of clients, including finance, hi tech and media companies, who are impressed […]
Research and Development tax reliefs – Recent developments
The Government has made recent changes to the Research and Development tax relief for small and medium-sized (SME) enterprises. Budget 2018 Announced in the 2018 Budget, for accounting periods beginning on or after 1 April 2021 R&D tax credit limited to £20,000 plus 300% of its total Pay as you Earn (PAYE) and National Insurance […]
MTD for income tax
Making Tax Digital (MTD) income tax is the biggest shakeup of the UK personal tax system in years. Reporting will change from one tax return per year to five separate reporting requirements and a final declaration every year and will require a lot more data to be sent to HMRC. The good news is if […]
As a Director do I need to file a Self Assessment Income Tax Return?
HMRC now states that where all of a director’s income is taxed at source and there is no other sources of income, then there is no need for them to register for self-assessment and to file a return. If as a director you have been requested to submit a self assessment tax return, but have no […]
Business Asset Disposal Relief (BADR), formerly known as Entrepreneurs’ Relief
Business Asset Disposal Relief (BADR), formerly known as Entrepreneurs’ Relief prior to April 2020, is a tax relief scheme which allows for a reduced rate of Capital Gains Tax (CGT) to be paid upon the sale or solvent liquidation of a limited company. Those who qualify for Business Asset Disposal Relief pay just 10% CGT […]
Capital Gains tax on Non-UK resident owned UK property
Since April 2015, gains made by non-UK resident individuals on the disposal of residential properties have been subject to Capital Gains Tax (CGT). Non-UK resident individuals are subject to CGT at 18% or 28% depending on whether the individual has any basic rate band remaining (after the calculation of their income for income tax purposes). […]