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Tag: Tax

Alextra Accountants
When Is A Car A Pool Car?
Rather than allocating specific cars to particular employees, some employers find it preferable to operate a carpool and have a number of cars available for use by employees when they need to undertak...
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Alextra Accountants
Tax-Free Mobile Phone
Mobile phones are ubiquitous – they are also subject to a tax exemption which enables employees to enjoy a mobile phone provided by their employer without suffering a benefit in kind tax charge. Howev...
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Alextra Accountants
When Should A Business Register For VAT?
All traders – whether sole traders, partnerships, or limited companies – are obliged to register to charge and pay VAT once annual sales reach a pre-set annual threshold. This threshold remains at £85...
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Alextra Accountants
Airbnb-Type Lets – Is Rent-A-Room Relief Available?
Many homeowners have taken advantage of sites such as Airbnb to let out a spare room on a temporary basis or their whole property while they are away. In most cases, as long as the associated conditio...
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 like this.
Alextra Accountants
Tax Planning To Minimise The High Income Child Benefit ...
The substantial increase in the higher rate threshold to £50,000 is good news for many taxpayers. However, that same figure is the point at which child benefit starts being clawed back and there has b...
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Alextra Accountants
Taxation Of Dividend Payments In 2019/20
Traditional advice would then be to extract any additional profits from the company in the form of dividends. Where dividends fall within the basic rate band (now £37,500) the rate continues to be 7.5...
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Alextra Accountants
Employees: Tax-Free Benefits To Keep Them Healthy
More than 25 million working days are lost annually due to work-related ill health matters, including the two leading causes of workplace absence, namely back injuries and stress, depression or anxiet...
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Alextra Accountants
Entrepreneurs’ Relief – What Do The Budget Changes Mean...
Ahead of the 2018 Budget there was some speculation that entrepreneurs’ relief may be scrapped. In the event, this did not happen. However, the relief made an appearance with the announcement of chang...
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Alextra Accountants
Rewarding Staff Suggestions In A Tax-Free Manner
Many organisations operate a staff suggestion scheme and reward employees where a suggestion is adopted which will benefit the organisation or save money. The tax system contains an exemption which al...
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Alextra Accountants
Savings Income – How Is It Taxed?
The taxation of savings income can be complicated as there are various allowances and rates that come into play. However, most people are able to enjoy savings income tax-free. For these purposes, sav...
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Alextra Accountants
Getting Ready For MTD For VAT
The start date for Making Tax Digital (MTD) for VAT is fast approaching – from the start of your first VAT accounting period beginning on or after 1 April 2019, if you are a VAT registered business wi...
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Alextra Accountants
Inheritance Tax And Potentially Exempt Transfers
It is possible to make gifts during your lifetime free of Inheritance Tax (IHT), as long as you live for more than seven years after making the gift. Most lifetime transfers are ‘potentially exempt tr...
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Alextra Accountants
Overpaid Tax? How To Claim It Back
There are various reasons why you may have paid more tax than you needed to for a tax year. For example, if you only worked at the start of the year, you may not have received all of your personal all...
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Alextra Accountants
High Income Child Benefit Charge
The High Income Child Benefit Charge is effectively a clawback of child benefit paid to ‘high income’ individuals and couples. The charge does not only apply to the recipient of child benefit or the p...
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Alextra Accountants
Dividend Income – How Is It Taxed In 2018/19?
The taxation of dividend income was reformed from 6 April 2016. Since that date, dividends are paid gross – there is no longer any associated tax credit – and all taxpayers receive a dividend allowanc...
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