- : Year 07, issue 10

 
Interpreting a tax code with a prefix letter Publication date: 24.04.2023
Article database
You’ve received a tax code notification from HMRC for an employee which has a K prefix letter. You’ve entered the code into your software in place of the standard 1257L code and the employee’s tax has gone up - is this correct?
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Don’t forget to issue P60s! Publication date: 24.04.2023
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P60s are important documents used to summarise an employee’s tax information at the end of the tax year. What’s the deadline for issuing P60s and who needs to receive one?
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New online service for PAYE settlement agreement Publication date: 24.04.2023
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A new online service has been available for employers to apply for a PAYE settlement agreement (PSA) since 6 April 2023. Does your organisation need to apply for a PSA and, if so, how do you use the online service?
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Do you have to reimburse employee bank charges? Publication date: 24.04.2023
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You had a payroll glitch which resulted in your employees being paid a day late. One of them says that they incurred bank charges as a result and want you to reimburse them. Do you have to?
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Reduce loan balance with election Publication date: 14.04.2022
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You borrowed money from your company on several occasions during the pandemic and know that you have a taxable benefit as a result. How could an election to aggregate the loans save money?
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Can property sharing save inheritance tax? Publication date: 14.04.2022
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Your aunt’s husband has recently had his will drafted, and you have noted that his share of the family home has been left to her. This will then pass to their children on her death. How could some planning help avoid a nasty bill when this happens?
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Dealing with volatile profits: smoothing the tax bill Publication date: 14.04.2022
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You are a self-employed farmer. As a result of increased demand during the lockdowns, you are likely to pay tax at a higher rate than in previous years. How can our averaging election help mitigate the impact of this?
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Can pension contributions cut your tax liability? Publication date: 14.04.2022
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Whilst the state pension increases by at least inflation each year, increased costs of living mean that it is unlikely to provide a meaningful income on its own. What effect does making pension contributions to a private scheme have on your tax bill?
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Can you pay a fuel rate higher than HMRC’s? Publication date: 14.04.2022
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HMRC publishes advisory fuel rates for reimbursing business mileage your employees undertake in company cars. However, with the current volatility in fuel prices, you may wish to pay more. Can you do this without triggering a tax bill?
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Intangible assets: can you delay the corporation tax on gains? Publication date: 14.04.2022
Article database
Where a company makes a disposal of an intangible asset, it will pay corporation tax on any gain under a special set of rules. However, it may be possible to defer this payment. How can our claim help with this?
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