The following extracts from HMRC’s website explain how certain benefits to employees can be tax-free. Surprisingly, HMRC describe these as “trivial” benefits. You don’t have to pay tax on a benefit for your employee if all of the following apply: it cost you £50 or less to provide it isn’t cash or a cash voucher …
At Total Accounting, we’re here for you – to work with you.
Making Tax Digital (MTD) is an HMRC initiative designed to make sure the UK tax system is effective, efficient and easier for taxpayers. Making Tax Digital for business (MTDfb) begins on 1 April 2019 with MTD for VAT. Making Tax Digital (MTD) first compliant return due on the 7th of August 2019, from that date, VAT-registered businesses above the threshold of £85k will have to keep digital records and submit VAT returns using compatible software.
QuickBooks Online is the #1 cloud accounting solution for small business worldwide.
- Track and manage your tax
- Instantly view your tax liability and get all you need to complete your tax return, every quarter.
- Track sales and expenses
- Up to date view of sales, full details of expenses and a clear view of profit.
Do you know?
The benefits of Furnished Holiday Lets
Most buy-to-let property is let on short leases to a single tenant. The income from rents is treated as a property business, but a number of reliefs available to other trading businesses are not available to buy-to-let landlords. However, if these same properties were let as Furnished Holiday Let (FHLs) property, more advantageous tax benefits …