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Gift aid – Beware if your income falls

Gift aid – Beware if your income falls

by | Jun 18, 2021 | Uncategorised

Where a Gift Aid declaration is made, the recipient charity or community amateur sports club can claim back basic rate tax on the donation. The donation is treated as made net of basic rate tax, meaning that for every £1 donated, the charity can claim back 25p, or to...
NIC and company directors

NIC and company directors

by | Jun 11, 2021 | Uncategorised

Special rules apply to company directors when it comes to calculating their Class 1 National Insurance liabilities. Why the rules Directors, particularly of personal and family companies, can control how and when they are paid and, in the absence of special rules,...
Reporting expenses and benefits for 2020/21

Reporting expenses and benefits for 2020/21

by | May 28, 2021 | Uncategorised

Employers who provided taxable expenses and benefits to employees during the 2020/21 tax year will need to report these to HMRC, on form P11D by 6 July 2021, unless the benefit or expense has been payrolled or is included within a PAYE Settlement Agreement. Benefits...
Reduced rate of VAT

Reduced rate of VAT

by | May 21, 2021 | Uncategorised

To help the hospitality and leisure industry recover from the impact of the first national lockdown, a reduced rate of VAT of 5% was introduced for a limited period from 15 July 2020. The reduced rate of VAT was originally to apply until 12 January 2021. However, in...