The government operates a number of well publicised schemes to encourage companies to employ apprentices. Less well advertised is a tax and NI incentive that companies can claim for trainees. When can you claim it? Training incentives The government says apprenticeships play an important part in its employment policy and to back this up it [...]
In view of proposed new rules you’re going to divert this year’s bonus into your pension fund. But with only a few days before your company’s financial year end how can you ensure tax relief against this year’s profits? Bonus payments Obtaining tax relief for year-end bonuses isn’t usually a problem. When the accounts for [...]
In October 2014 HMRC will be sending out full annual tax summaries for the first time. Who will receive them and what action should you take if you get one? Coalition promise. In 2010 the government promised every taxpayer an annual statement of their tax position: not just the income tax and NI paid, but [...]
In April 2013 simplified tax accounting was introduced for some businesses. A year on and problems are starting to appear. One bone of contention is the derisory £500 cap on loan interest relief. But is there a safe way around it? Small business incentive The idea behind cash basis accounting was primarily to save small [...]