Tax and Business

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

Flow chart - requirement to complete a self-assessment returnThe rules which determine when an individual is required to complete a self-assessment return are widely misunderstood. HMRC complicates matter further with an odd set of practices which do... Read more

Flow chart - simplified business expensesSimplified business expenses can be used by unincorporated businesses, sole traders and partnerships as an alternative tax deduction to actual costs incurred for a few types of expense. The rules were soon mod... Read more

Claiming the property allowanceThe property allowance is a fixed tax deduction which can be claimed against rents and other income derived from property in place of the actual costs incurred in generating the income. It means that individuals can rec... Read more

Flow chart - claiming rent-a-room reliefRent-a-room relief is an automatic tax relief which applies to rent and related income received from letting all or part of your only or main home. The relief exempts income up to £7,500 per tax year. Naturall... Read more

Flow chart - business asset disposal relief Business asset disposal relief (BADR) reduces the rate of capital gains tax for gains made from the sale or transfer of a business, assets of that business and sometimes part of a business. The rules are wi... Read more