The flat rate expense you can claim for business journeys if you’re self-employed has increased to 55p per mile. But can you use ‘simplified expenses’ for motoring costs and is it more tax efficient to do so?  Associate Kirsten Hancock explains. What are simplified expenses? ‘Simplified expenses’ are flat-rate deductions offered by HMRC for self-employed...

Can input tax be claimed on a gold watch for an employee? Q. Our company plans to buy a gold watch as a gift to an employee as a reward for his 25 years of loyal service. It will cost £1,000 plus VAT. Can we claim input tax? A. Assuming you get an invoice from...

You run a small consultancy company and treat your staff to lunch in the office once a week. You believe this to be a taxable benefit in kind because staff lunches are only exempt if they are provided in a workplace canteen. Is this correct?  Tax Partner, Christiaan Hansen clarifies. Hidden exemption Whilst it is...

You know that there are certain items or services your company can pay for without incurring a tax charge, but you are not sure about the details. What are the most valuable tax-free perks for owner managers and which ones are you possibly missing out on?  Tax Partner, Christiaan Hansen, explains. A common question is...

You want to take steps to reduce your inheritance tax (IHT) exposure but most of your wealth is tied up in your home. But you don’t want to downsize anytime soon, so which tax planning options could help you? Tax Partner, Kenny Adamson, discusses here in this article. Anti-avoidance You are probably familiar with the...

The rate at which employees can be reimbursed for business mileage when using their own vehicles has increased for the first time in 15 years. How might this impact your business and what do you need to be aware of?  Tax Partner, Christiaan Hansen, clarifies in this article. Long-awaited increase You probably don’t have much...