How does the annual adjustment work?
Your business is partially exempt and uses the standard method to work out how much input tax to claim each quarter. However, you have not carried out any annual adjustment calculations for the last three years. What action should you take to correct this problem?
New companies - how soon can a director be paid?
You’ve formed a company and are in the process of getting it up and running. As it hasn’t generated any income yet can it pay you a salary, and if it does will it be entitled to tax relief for it?
Autumn Statement tax cuts focus on National Insurance
With inflation decreasing faster than expected the Chancellor was able to make some cuts after all. What do you need to know?
How much input tax to claim on mileage payments to staff?
You pay a mileage rate to staff who use their private cars for business trips. How much input tax can you claim on these payments and what records must your employees submit with their expenses claim?
Is your extra income taxable?
HMRC is getting cannier at detecting and penalising people who make extra income but don’t declare it. With that in mind if you start a small side venture to make some extra cash, is it always necessary to declare it to HMRC?
Are your repair and improvement costs tax deductible?
Recording expenses relating to business premises often causes trouble. If you get it wrong it can mean tax deductions are lost or overstated leading to an HMRC enquiry. How should you approach recording this type of expense?
Muir & Addy is a partnership registered to carry out audit work by the Institute of Chartered Accountants in Ireland (ICAI). Chartered Accountants Ireland is the operating name of ICAI.
Details of our audit registration can be viewed at www.auditregister.org.uk, under reference number 223287.