How to claim tax relief from charity donations and Gift Aid

While it’s exciting to prepare for holiday celebrations with your friends and family, the festive season is also a time to stop and reflect on the joys and blessings of our lives and share this with those in need. If you are planning to make a donation to a registered charity there are some opportunities…

Annual Christmas Party Expenses for Contractors

As we are now weeks away from Christmas, and the holiday season is in full swing, we cover the most common queries about festive and annual event deductible expenses.   Annual Christmas party as deductible expenses Your limited company can claim its festive or annual party as deductible expenses for corporation tax purposes. The cost…

Tax for Landlords Series: Introduction

We are delighted to announce our partnership with Kingsley Hamilton Estates, who specialises in sales, new homes, lettings and property management.  K&B Accountancy Group’s clients are invited to register for VIP access to their latest property portfolio as well as exclusive pre-public release opportunities. As tax on property income is one of the most popular…

What is classified as ‘goods’ when determining if you are a limited cost business after 1 April 2017?

One of the most frequently asked questions from our clients on the VAT flat rate change for a limited cost business is: “what is counted as ‘goods’ when determining if they need to use the higher rate of 16.5%?” According to HMRC guidance, ‘goods’ are movable items or materials exclusively used in your limited cost…

Rates and Thresholds for Tax Year 2017/18

Rates, Allowances and Duties for Tax Year 2017/18 Employers can use the following rates and thresholds for the tax year 2017/18 when operating payroll or providing expenses and benefits to their employees. Click on each of the headings to view the rates and thresholds. 1 Tax thresholds, rates and codes 2 Class 1 National Insurance thresholds 3…

Off-Payroll Working in the Public Sector – HMRC Update

Last Friday (3 February), HMRC published further guidance regarding off-payroll working in the public sector from 6 April. The update provided clarification that the responsibility of determining the IR35 status of a Personal Service Company (PSC) worker would lie solely with the hiring Public Authority. If the Public Authority determines the PSC worker to be inside…