One of your employees will soon reach state pension age, but they’ve decided to postpone their retirement and continue working. What happens about National Insurance contributions in this situation?  Naomi Swan takes a closer look below. The default retirement age which permitted employers to force employees to retire on their 65th birthday, which was the...

Following the Autumn Statement which included corporation tax rate increases in April 2023, should you be rethinking your profit extraction strategy for the year?  Head of Payroll Joanne Gibson discusses here. Dividends – first tax increase When the NI rates increased in April 2022, the government introduced a matching increase to the tax rates on...

Following huge rises in petrol and diesel prices, you may be wondering if now is the time to make the switch to electric company cars, as you understand there are tax benefits in doing so. But what tax breaks are available?  Charley Fojcik discusses. Where an employee has a company car which is available for...

Is there a new workplace pension scheme? Q. We’ve heard that employers are now able to enrol their employees into a different type of workplace pension scheme. Is this correct? A. Previously, employers were only able to offer their employees defined contribution (DC) and defined benefit pension schemes. However, following changes brought about by the...

A VAT-registered rugby club will be paid £15,000 each year from an insurance company in return for the right to purchase the club’s entitlement to tickets for international matches. Is this subject to VAT?  Gail Trojan discusses below. VAT is defined as a tax on the supply of goods or services made in the UK...

You are having an office clear out and are keen to get rid of the company’s old payroll records. Is it true that you only need to keep three years’ worth?  Head of Payroll Joanne Gibson provides the answer below. The PAYE Regulations require employers to keep their “PAYE records” for a period of not...

Following on from last weeks blog, the pressure of public opinion, the IMF, the financial markets, and other Conservative MP’s has led to Kwasi Kwarteng doing a sharp U-turn in respect of the abolition of the 45% additional rate of tax. Although the remaining budget still favours the wealthy more than the average taxpayer, the...

You have just completed your first year of a property rental business during which you spent a lot of money getting the properties ready for letting. You spent money on redecoration, repairs, structural work, fixtures, fittings and furnishings. How much of this expenditure is tax deductible?  Sam Scott from the Tax Team advises in this...

You have planning permission to convert an empty commercial property into flats. You haven’t decided whether to let or sell the property when the flats are completed. What is the position relating to VAT for both renting or selling?  Tax expert John Craig discusses. The VAT position for converting a property for rent or for...

You want to buy a holiday home, but you have a limited budget. As a low-cost option, you are considering buying a static home on a holiday park which will generate income to offset the cost. Another advantage is that you’ll get tax relief on the purchase price. Is this true?  Mark Towns from our...