What is Mileage Allowance relief?

Employees who use their own car at work can under certain circumstances be paid a tax-free allowance by their employers when using their own car, van, motorcycle or bike for work purposes. This is known either as Mileage Allowance Relief or a Mileage Allowance Payment. It is important to note that this tax-free allowance, does not include journeys to and …

Allowable Costs for Property Businesses

Costs that can be deducted by individuals that have a property rental business depend on the type of property that is being rented out. There are three main categories of property business that need to be considered. Residential properties This is by far the most common type of investment property held by individuals. Tax relief can be claimed on allowable expenses …

Schoolgate opens ‘China Desk’ in head office in London

Further to a successful visit to the China-Britain Business Council’s Annual Summer Reception and the subsequent decision to become corporate members of the CBBC, Schoolgate Accounting Services’ ‘China Desk’ is now fully operational at their head office in Wimbledon. Chinese foreign direct investment into the UK doubled year-on-year in 2017 to a record high of £15.9 billion. Luda Beanland, Schoolgate’s …

When might you be due a tax refund?

HMRC has issued helpful guidance that explains when you might be due a tax refund and how to make a claim. According to HMRC you may be able to claim a refund if you: are employed and had too much tax taken from your pay; have stopped work; sent a tax return and paid too much tax; have paid too much …

Inheritance Tax – Some FAQs

On 27 April, the Office for Tax Simplification published a call for evidence to gather information about people’s experience and perceptions of Inheritance Tax. Whilst the results of this review are not guaranteed to impact government policy, we thought it might be useful to take a look at this controversial scheme as well as answering some frequently asked questions and …

Claiming for Job Related Expenses

Employees who use their own money to buy things (expenses) they need for their job, can sometimes claim tax relief for the associated costs. It is usually only possible to claim tax relief for the cost of items used solely for work. There is no tax relief available if your employer refunds any costs in full. In addition, you cannot claim tax …

Tax Diary – May/June 2018

Here are some useful tax deadlines to keep in mind over the coming 2 months: 1 May 2018 – Due date for corporation tax due for the year ended 30 July 2017. 19 May 2018 – PAYE and NIC deductions due for month ended 5 May 2018. (If you pay your tax electronically the due date is 22 May 2018) …

New Tax Year 2018/19

Here is a brief summary of the main changes to taxpayer liabilities for the new fiscal year. Personal allowance The amount you can earn without paying income tax rises from £11,500 to £11,850. This works out as a £70 tax cut for most people. Income tax The starting figure at which 20% basic rate tax applies will be £11,850, while …