Paying your income tax bill
Many self-employed people will find January 2023 a tough month as it is predicted that domestic fuel bills will increase again and income tax payments will be due.
Many self-employed people will find January 2023 a tough month as it is predicted that domestic fuel bills will increase again and income tax payments will be due.
Many employers will advance modest loans to employees to meet upfront costs which they necessarily incur to enable them to work. The loan needs to be properly documented with clear repayment terms but there is no obligation on the employer to charge interest on the outstanding capital.
There are now almost 10 million people who work from home and can benefit from the tax-free allowance of £6 per week (£26 per month) which their employer may choose to pay.
Programming an electronic till to suppress the recording of sales amounts to tax evasion and HMRC can impose some serious penalties on retailers who do this.
Travelling to the workplace may now be unaffordable for some employees but employers who help by reimbursing travel expenses could be creating an extra tax burden for themselves and their employees.
Making Tax Digital (MTD) is moving along at place, taking effect for income tax for many from April 2024. What else is on the horizon for business and what can you do to get ready for MTD?