Category Archives: Taxable Benefits

Home expenses – tax considerations

Home Expenses

At the start of the pandemic HMRC introduced several tax concessions to provide additional support to employees working from home but what are the tax implications of these additional perks?   In the 2020/21 tax year, as an employee you may have received extra support from your employer to enable […]

The Autumn Budget Changes to Pensions

The Autumn Budget Changes to Pensions

If you have a UK pension then you may need to be aware of three important changes that were announced in the recent Autumn Budget:   No 1.  The change to the age that you can take an income from an invested pension. We’ve been mentioning this to our clients […]

Gifts – tax considerations

gift tax issues

There are fewer than 100 days left until Christmas where the season of goodwill, merriment and office parties will creep upon us once more. You may wish to consider the tax liabilities associated with gifts. Many companies view gifts as an ideal means of promoting their business and boosting morale […]

Capital Allowances

Capital Allowances

Capital allowances are one of the most complex areas within UK tax legislation. A lot of the rules originally came from case law until the various decisions were legislated within the Capital Allowances Act of 2001. Broadly speaking, capital allowances are a tax-approved form of depreciation.  Whereas accounting principles allow […]

Clothing – can clothing for work be set against a tax bill?

Many of us buy clothing that, in reality, we only wear for work – and we are often asked if the cost of these clothes can be set against the tax bill. The short answer is no: HM Revenue & Customs is adamant that such expenditure has a purpose not […]

Concession on employee benefits during COVID

employee benefits

In the 2020/21 tax year, just ended on 5th April 2021, as an employee you may have received extra support from your employer to enable you to continue to work. HMRC introduced a number of concessions so that these necessary support measures are not taxable benefits for employees. They include, […]

Bad Debt – what are the tax reliefs on bad debt?

bad debt tax

Not many businesses operate without a bit of bad debt, although hopefully it is just the odd one! However, for tax purposes, there are different rules depending on the tax involved. VAT There are detailed instructions for VAT relief on bad debts which is set out in VAT Notice 700/18, […]

Bacon Sandwiches – trivial benefits for employees

bacon sandwiches

There are numerous accounts of tax officers trying to tax the provision of tea and coffee for employees, and whilst some of these amount to an urban myth, the tax rules about providing a bacon (or vegan alternative) sandwich for your employees as a trivial benefit are not straightforward. HMRC […]

Is 2021 the year to get an electric car?

electric car tax

Whether you’re environmentally conscious or just after something practical – the choice of electric car models has skyrocketed over the last year or so. More and more well-known brands have launched their own take on electric cars to try and complete with the market leader – Tesla. Not only is […]

Should I get a company car?

company car

“Should I get a company car?” is probably one of the most asked questions we receive. The fundamental answer revolves around tax efficiency and sustainability.   A company car is a way your company can pay you back for your hard work, but you should also consider the purpose and values of […]