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Catch up on the latest news in accounting here, from cutting edge bookkeeping technology to self-assessment updates.
Taxable and tax-free State Benefits
Whilst there are a large number of state benefits available, it is not clear which of these benefits are taxable and which are tax-free.
HMRC’s guidance provides the following list of the most common
HMRC’s shared workspace
HMRC’s Shared Workspace is a service that allows businesses and tax agents to share sensitive data, for example, accounts or employee information, with HMRC.
According to HMRC, the service allows
The pension savings annual allowance
The pension savings annual allowance for tax relief on pensions has been fixed at £40,000 since 6 April 2014. The annual allowance is further reduced for high earners. Since 6 April 2020, the tapered
Goods sent from abroad
There are special rules to help ensure that goods sent from abroad are taxed appropriately and do not disadvantage UK businesses supplying goods in the UK. For example, by having to compete with VAT
Sponsoring a charity
There are special rules in place when a limited company gives to charity. This can include Corporation Tax relief for qualifying donations made to registered charities or community amateur sports
Her Majesty Queen Elizabeth II’s State Funeral
It has been confirmed that the date of Her Majesty Queen Elizabeth II’s State Funeral will be Monday, 19 September 2022 following 10-days of national mourning. King Charles III approved an order that
Tackling the cost-of-living crisis
The new Prime Minister, Liz Truss has, as promised, sought to tackle the cost-of-living crisis in her first few days in office. She is the fourth Conservative Prime Minister to govern the UK in a
Accommodation expenses and benefits
There are special rules for the provision of living accommodation to employees under certain circumstances. In most cases, employees will pay tax on any living accommodation provided by an employer
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