Newsletters
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Home-to-work travel costs during a strike
During the recent rail strikes several of your employees made alternative travel arrangements to commute to work. To recognise their efforts you want to reimburse their extra travel costs. How should you account for any tax and NI on this?
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Buying property in a different legal entity
Your landlord has given you the chance to buy the freehold of your trading premises at a reduced price but will charge VAT on the deal. Should you buy the property in a different legal entity and, if so, what VAT issues does this create?
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Can you reduce your self-assessment payments?
If you’re in the self-assessment system you might have to make tax payments on account. These can total more than your actual tax bill. When and in what circumstances can you reduce these payments?
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Tax deductions for personally owned equipment
If you use personally owned equipment for your job you may be entitled to a capital allowances tax deduction. It’s only allowed if the equipment is “necessary” for your job, but who decides what’s necessary and what’s not?
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Will a late reimbursement cause problems?
During the pandemic your company was struggling for cash. To help, you didn’t claim reimbursement of business expenses you incurred. However, your company can now afford to pay you back. Will this cause a problem?
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Can you keep your workers warm with a tax-free benefit?
Businesses face soaring energy costs and uncertainty over government help to mitigate them. If you turn down the heating and provide your employees with a company fleece to keep them warm, would the clothing be a taxable benefit?
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.
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