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16 Jan

Statutory maternity, adoption, paternity, shared parental and sick pay to rise from April 2020

  • Employment Law

According to proposals set out in a government policy paper, the revised rates for statutory maternity pay (SMP), statutory adoption pay (SAP), statutory paternity pay (SPP), statutory shared parental pay (ShPP) and statutory sick pay (SSP) for tax…

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15 Jan

Tax allowances you can claim for business cars

  • Capital allowances

Capital Allowances allow your business to secure tax relief for certain capital expenditure. Qualifying expenditure on cars must usually be allocated to one of two general pools of expenditure. Which pool is appropriate depends on the car’s CO2…

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15 Jan

On your bike – tax free cycling

  • Employee Benefits

There are special rules involving bicycles for work use, usually referred to as 'Cycle to Work' arrangements. The Cycle to Work scheme was introduced almost 20 years ago to help promote the use of healthy ways to commute to work using an…

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15 Jan

Public transport costs and tax

  • Employee Benefits

There are certain tax rules that it is important to consider if you pay for the public transport costs of your employees. The provision of public transport costs includes season tickets provided for employees, season ticket costs reimbursed to…

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15 Jan

Money laundering and terrorist financing

  • Corporate Governance & Regulation

The money laundering rules are designed to protect the UK financial system and put in place certain controls to prevent businesses being used for money laundering by criminals and terrorists. The money laundering and terrorist financing (amendment)…

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15 Jan

What qualifies for First Year Allowances?

  • Capital allowances

Businesses can claim a 100% first-year allowance (FYA) on the purchase of certain qualifying Plant and Machinery (P&M). The cash-flow benefit of accelerated tax relief is designed to encourage businesses to invest in capital items which help…

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15 Jan

VAT - what is a limited cost trader?

  • Value Added Tax

The VAT Flat Rate Scheme (FRS) has been designed to simplify the way a business accounts for VAT and in so doing reduce the administration costs of complying with the VAT legislation. The scheme is open to businesses that expect their annual taxable…

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15 Jan

Close down a company by striking it off the register

  • Corporate Governance & Regulation

There are a limited range of circumstances when a company can request to be removed from the register (known as being struck off). For example, a voluntary strike-off can be requested by a dormant or non-trading company. A limited company can be…

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8 Jan

Did you file your tax return on Christmas Day?

  • Income Tax

A new press release by HMRC has highlighted the fact that 3,003 taxpayers took the time to file their tax return online on Christmas Day with a further 9,254 taxpayers completing their tax returns on Boxing Day. More than 11 million taxpayers are…

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8 Jan

Last reminder for parents with income in excess of £50,000

  • Income Tax

Parents could be liable for the High Income Child Benefit tax charge if either partner's income exceeds £50,000 and you are in receipt of child benefit. The charge effectively claws back the financial benefit of receiving child benefit…

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8 Jan

Don’t forget to pay tax on or before 31 January 2020

  • Income Tax

The 31 January 2020 is not just the final date for submission of your Self-Assessment tax return for 2018-19 but is also an important date for payment of tax due. This is the final payment deadline for any remaining tax due for the 2018-19 tax year.…

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8 Jan

Carry forward unused pension tax allowance

  • Pension

The annual allowance for tax relief on pensions is currently set at £40,000. The annual allowance is further reduced for high earners. If your income is in excess of £150,000 you will usually have your allowance tapered. This works by…

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