Changes to VAT for the construction industry
Domestic reverse charge for VAT on construction services The way that VAT is collected and accounted is changing as of March 20, 2021 for transactions that are in the scope the Construction Industry Scheme (CIS). These changes were made to combat fraud and to prevent businesses from charging VAT to customers, but not passing it […]
How to be tax efficient with salary and dividends in 2022/23
For personal or family businesses, a popular strategy to make a profit is to take a small salary and then distribute the profits. What salary level should be pursued? SALARY Because it is a tax-deductible expense within your company, taking a small salary each year is tax-efficient. The downside is that if your salary exceeds […]
Should my company purchase or lease an electric or low emission car?
Company cars were not popular until recently due to the high benefit-in-kind (BIK) fees associated with them. It has been easier and more tax efficient for directors and employees to claim business mileage. The Government has introduced tax incentives to encourage environmentally-friendly cars. Ultra-low emission vehicles (ULEVs) emit less than 50g/km CO 2. It is […]
Contactless limit to increase to £100
According to UK Finance, the national rollout of the PS100 spending limit for contactless cards payments will start on 15 October 2021. After a public consultation, discussions with both banks and retail sectors, HM Treasury and Financial Conduct Authority (FCA), the decision was made to increase the contactless limit to PS45 from PS45 to PS100. […]
Furlough scheme starts to wind down
From 1 July, the government’s Coronavirus Job Retention Scheme will be ending. According to data from the Institute for Fiscal Studies, 3.4 million jobs are still on furlough at the end April. This means that thousands of employers will be affected by the changes to the furlough program. The government has paid 80% of salaries […]