Tax tips and news
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Use Gift Aid to save tax
Newsletter issue - May 2018.HMRC have recently highlighted that charities are collectively missing out on some £600m extra funding because a third of donations made do not add Gift Aid when they could have done so. Broadly, Gift Aid allows charities and community amateur sports clubs (CASC) to claim an extra 25p for every £1…Read More
Diesel car supplement increase takes effect
Newsletter issue - May 2018.The rules for taxing petrol company cars apply equally to diesel cars, but the latter are then subject to further adjustment. The taxable benefit arising on a car is, broadly, calculated using the car's full manufacturer's published UK list price, including the full value of any accessories. This figure is multiplied…Read More
HMRC update guidance on MSCs
Newsletter issue - May 2018.HMRC have updated their guidance, following the recent decision in Christianuyi Ltd v R & C Commrs [2018] UKUT 10 (TCC), in which the Upper Tribunal ruled that a number of companies were operating as managed service companies (MSCs). In this case, the Upper Tribunal upheld the decision of the First-tier…Read More
When are tips taxable?
Newsletter issue - May 2018.The Summer season usually sees a rise in the number of casual staff taken on by restaurants and cafes. Whilst the tax and NIC implications of wages is generally straight-forward, confusion often arises regarding tips and gratuities as the necessary tax and NIC treatment depends on how they are paid to…Read More
May questions and answers
Newsletter issue - May 2018.Q. I own a rental property, which has a mortgage on it. The mortgage is currently on an interest-only basis. Given the new interest relief restrictions on landlords' finance costs, should I consider switching to a repayment mortgage? A. The new rules restricting the amount of interest relief landlords can claim…Read More
May key tax dates
Newsletter issue - May 2018.2 - Last day for car change notifications in the quarter to 5 April - Use P46 Car 19/22 - PAYE/NIC, student loan and CIS deductions due for month to 5/5/2018 31 - Deadline for copies of P60 to be issued to employees for 2017/18Read More