Makesworth Accountants, Author at Makesworth Accountants - Page 24 of 141

Tag: Work clothes – Can they be claimed against tax?

Work clothes – Can they be claimed against tax? 07/Mar/2024
Work clothes – Can they be claimed against tax?

Whether a claim for the cost of work clothes is tax deductible is covered by the general rule for deduction of any expenses incurred by an employee. Statute states that […]

Incidental overnight expenses – A little known tax break 05/Mar/2024
Incidental overnight expenses – A little known tax break

Expenses incurred by an employee on behalf of a company can only be reimbursed under the ‘wholly, exclusively and necessarily’ rules for work undertaken ‘in the performance of the duties […]

Repairs and improvements 29/Feb/2024
Repairs and improvements – What is the difference and why does it matter?

Work may be undertaken on a property to repair it or to improve it, and it will not always be clear where the dividing line falls. The distinction is important […]

National Minimum Wage from April 2024 27/Feb/2024
National Minimum Wage from April 2024 – Make sure you comply

Employers must pay their workers at least the statutory minimum wage for their age. Depending on the age of the worker, they may be entitled to the higher National Living […]

Register to payroll benefits in kind 26/Feb/2024
Register to payroll benefits in kind

Employers can opt to deal with taxable benefits in kind through the payroll (known as ‘payrolling’) rather than reporting them to HMRC after the end of the tax year on […]

Relevant motoring expenditure and NIC – Are you due a refund? 22/Feb/2024
Relevant motoring expenditure and NIC – Are you due a refund?

For tax purposes, where an employee uses their own car for work, mileage allowances can be paid tax-free up to the approved amount, which is simply the business mileage for […]

Providing first-class client service 21/Feb/2024
Featured in the accountingweb for Providing first-class client service

Our motto is to provide Excellent Client Service, regardless of the business size and fee, once they are in our Client Books. And the hard work is gradually paying off. […]

Making pension contributions before 6 April 2024 19/Feb/2024
Making pension contributions before 6 April 2024

As the end of the tax year approaches, it is prudent to review your pension contributions for the year and consider whether it is worth making pension contributions before 6 […]

Extracting further profits in 2023/24 16/Feb/2024
Extracting further profits in 2023/24

As the end of the tax year approaches, it is prudent for those operating their business as a personal or family company to review the profits extracted so far in […]

HMRC's use of artificial intelligence 12/Feb/2024
HMRC’s use of artificial intelligence – How AI is assessing the risk of tax evasion by businesses

We are increasingly hearing more and more about artificial intelligence (AI) and how its use can change our way of working both now and in the future. Artificial Intelligence is constantly […]

Working for an umbrella company 09/Feb/2024
Working for an umbrella company – Be aware of the risks

Recruitment agencies often use umbrella companies to pay temporary workers. HMRC confirms that there is no statutory definition of an umbrella company and currently describes it as ‘a company that […]

Pre-trading expenses – Be aware of the rules 05/Feb/2024
Pre-trading expenses – Be aware of the rules

People set up in business for a variety of reasons. For some it is a dream that becomes a reality some years later. In working towards that dream, they may […]

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