Tax and Business

Company car running cost contribution agreementIf an employee or director is required to and actually pay their employer towards the running costs of their company car it reduces the taxable benefit in kind. To ensure the contribution is effective th... Read more

Employer/employee company car and van fuel agreementTo avoid a tax charge arising where you provide an employee with fuel for their company car, have an agreement requiring them to reimburse the cost.Fuel benefit chargeIn addition to the company car b... Read more

Letter to HMRC regarding pool car statusIf you make a "pool car" available to one or more employees, subject to conditions, it does not count as a taxable benefit in kind. If you are at all unsure whether the tricky conditions are met you can write to ... Read more

Employee travel expenses policyResponsibility for determining whether business expenses reimbursed to employees and directors are exempt from tax and NI rests with the employer. Therefore, it's good practice to have a travel expenses policy in place. ... Read more

Share loss relief claimUsually, capital losses can only be used to reduce capital gains but in some circumstances they can be used to reduce tax on income.Share lossesLosses incurred on certain qualifying company shares are eligible for special treat... Read more

Election for alternative maximum age basisCompanies looking to raise finance via an enterprise investment scheme (EIS) have to receive their first tranche of funding within seven years of their first commercial sale. However, if the company qualifies... Read more

Company van agreementNo taxable benefit in kind arises from making a company van available to an employee if they are not entitled to use it for private journeys and do not actually do so. To avoid the benefit you make an agreement with or set a pol... Read more

Checklist of employment status factorsIf HMRC decides that an individual contractor should have been treated as your employee, it will ask you to pay the tax and NI that should have been deducted from their pay through PAYE, plus the employers' NI.  ... Read more

Loan waiver deedIf you lend someone money and later write to them releasing the debt, it will still remain part of your estate for inheritance tax (IHT) purposes. To count for IHT purposes the waiver must be made by deed. Reduce your estateWhere a lo... Read more