Trivial Benefits

The basic rule is that an employer can provide trivial benefits such as a bunch of flowers, a box of chocolates, a meal out, without having to put it on the P11D and without any tax or national insurance for either employer or employee. The employer will also be entitles to claim income tax or […]

Reclaiming VAT on the purchase of vehicles

Reclaiming VAT on the purchase of vehicles New cars VAT is chargeable on all new cars purchased or imported for use in the UK. As a general rule it is not possible to recover the VAT on the purchase of a car unless it is an excepted car, in which case the VAT can be recovered […]

Clothing Expenses

Another mind-boggling question…. May clothing expenses be claimed by limited company? Generally clothing can’t be claimed if it has any resemblance to typical everyday clothing. Protective clothing, if relevant to the business, such as helmets, steel toe cap boots, protective suites, high visual wears, can be claimed. Specialist clothing, if relevant to the business, such […]

Director vs Shareholder

Difference between a director and shareholder It is very important to understand the differences. Directors are officers of the company and should be managing the company on a day-to-day basis, making the decisions for the benefits of the shareholders. Directors are responsible for meeting all the filling deadlines with Companies House and HM Revenue & […]

The Pensions Regulator

New legislation on workplace pensions will affect every employer with staff working for them in the UK. This brief guide is designed to give an overview of the new duties. What to do first • Find out your ‘Staging Date’ Each employer has a ‘Staging Date’, which is the date that the new duties come […]

construction

VAT for builders in a nutshell.

Did you know that ZERO vat rate apply to approved alteration works on listed buildings? In order to apply the zero VAT rate, you need to gain a listed building consent for the alterations. Generally speaking, the alteration must be approved. Applications for a listed building consent (LBC) should be submitted to the Council before […]