Uncategorized / 56 posts found
Termination payments consultation
Following a recent consultation, the Office for Tax Simplification (OTS) is currently consulting on proposed changes to the tax and National Insurance Contributions (NICs) treatment of termination payments. The current rules governing termination payments are complex and are sometimes open to manipulation by employers to take advantage of the employer NIC exemption in particular. Employers sometimes attempt to change the nature of payments so that they effectively become exempt termination payments, where strictly, they should be charged to tax and NICs. The proposed changes are therefore designed to provide certainty for employers and employees, whilst being fair, simple to implement, [...]
October 2016 Q&A
Q. I have recently started a new job and, for the first time in my career, I have been provided with a company car. I have to pay for fuel for private use but my employer says I can claim mileage for business journeys. Will I have to pay tax on fuel payments? A. In addition to the company car benefit charge, employees have to pay tax on any fuel their employer provides that is used for private mileage. For 2016-17 you would calculate this amount by multiplying the car's CO2 percentage by £22,200. So, if the percentage is 28, [...]
The rebranding blues
The rebranding blues It seems I have started something big. At the end of April I wrote to my clients with exciting news about our practice. I was giving up the old blue livery for the brand new claret and grey of TLA Business Services. I wasn't doing it to start a trend. I just wanted to expand the services we provide and make better use of our skills in business planning and metrics. And I wanted my new business to reflect that change. I really didn't have anything in particular against the colour blue. And I certainly didn't expect [...]
Budget 21st March 2012 – Key Points
Amidst fears of a double-dip recession, Chancellor of the Exchequer George Osborne had the unenviable task of presenting the Budget for the third time on 21st March 2012. It came as no surprise when the Chancellor announced very early on in his speech that there would be no "unfunded giveaways", confirming speculation that any concessions would need to be offset by an increase in tax elsewhere. Although there was a significant change to the Stamp Duty on residential property costing over £2m, the wealthy will benefit from a cut in the top rate of tax down to 45% from April [...]
We must be doing something right for our clients!!!!
The British Franchise Association (bfa) has announced that the UK's largest network of accountants, TaxAssist Accountants, has won the Gold place at the Franchisor of the Year Awards 2010. The awards aim to highlight the outstanding business acumen, passion and achievement of franchise businesses across the UK and reward those franchisors that raise the bar and set the standard for everyone else to follow. TaxAssist Accountants faced tough competition from the seven other franchises shortlisted as finalists, which included household names such as Dominos and McDonalds. This award win follows two Silver place wins for the small business accountancy specialists. [...]
Why start a blog?
I decided to start this blog as a supplement to the monthly newsletter I send out. The newsletter is very much a one-way communication, whereas with the blog readers will be able to add comments and suggestions. Hopefully we will all benefit from the two-way traffic. (If anyone reading this blog doesn't get the newsletter but wants to subscribe, follow the link from www.taxassist.co.uk/worcester) Also, I'm VERY conscious of limiting the number of blanket emails sent out. Twelve newsletters a year plus a couple of specials around events such as the pre-budget report is enough. With the blog more regular [...]