Tax and Business

Flow chart - VAT Construction Industry Scheme reverse charge The VAT Construction Industry Scheme reverse charge applies to building and construction services supplied from 1 March 2021. Thereafter, customers covered by the scheme must account for th... Read more

Flow chart - claiming the trading allowanceThe trading allowance is a fixed tax deduction which can be claimed against miscellaneous income or income from self-employment in place of the actual costs incurred in generating it. In effect it means that... Read more

Flow chart - claiming overpayment reliefIf you discover a mistake in or an omission from your tax return or assessment, which has resulted in your tax bill being too high, and the deadline for amending it has passed, you may be able to claim overpaym... Read more

Flow chart - capital gains tax private residence reliefPrivate residence relief prevents or reduces capital gains tax being payable from the sale or transfer of a property that's been your home for all or part of the time you owned it. The once simple... Read more

Flow chart - capital allowances short-life asset electionTax relief on the cost of equipment you acquire for your business is spread over decades unless your purchases are covered by the annual investment allowance or first-year allowance. However, i... Read more

Flow chart - trivial benefits exemptionThe trivial benefits exemption allows employers to make low value gifts and provide tax and NI-free perks to employees, directors and their families. Naturally, there are conditions but these have been made more... Read more

Flow chart - paying an employee on termination of employmentWhere you pay an employee (or former employee) after they have stopped working for you, you must apply PAYE tax and NI. However, there are special rules for determining what tax code and NI ... Read more

Flow chart - company car tax calculationWhere an employer makes a car available to an employee or director for private use it counts as a taxable benefit in kind. After each tax year the employer must report the taxable amount of the car benefit to H... Read more

Flow chart - employer-provided loansWhere an employer lends money to an employee or director it can count as a taxable benefit in kind. However, there are many exemptions and rules to navigate. Plus, there's an opportunity for employers and employees ... Read more

Flow chart - tax relief for loan interest An individual is entitled to tax relief against their general income for interest paid on loans or other advances (known as alternative finance) which are used for qualifying purposes. These are limited and s... Read more