Read on for the latest accounting, tax & business news from TidyCloud
Benefits and P11d’s
A P11d is a form that needs submitted to HMRC annually every year by 6th July. It details the information and value of the benefits received by each employee so that HMRC can calculate the taxes due. Your business generally only needs to fill in a P11D if employees have received benefits during the year.
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Allowable Clothing
We all need to dress for work, however what you consider to be business workwear and what HMRC considers to be workwear, usually differs. The main rule of thumb, is that if an item of clothing has dual purpose, then HMRC generally do not like it.
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Reduced VAT Rate for Hospitality
As part of the COVID-19 support for the hospitality and leisure industries, the Chancellor reduced VAT on some sales from those sectors to 5% for a limited period starting from 15 July 2020.
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Company Details on Stationery
Company use of signs, stationery and promotional material. There are a number of requirements that must be taken care of when running a limited company. One of the lesser-known requirements concerns the use of signs, stationery and promotional material.
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Tax-Free Capital Gains
Whilst most taxpayers are aware of their annual tax-free allowance and the exemption for the qualifying sale of the family home, there are other items that are exempt from CGT.
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