The cost of a staff party or other annual entertainment is allowed as a deduction for tax purposes. However, the cost is only deductible if it relates to employees and their guests, which would include directors in the case of a company, but not sole traders and business partners in the case of unincorporated organisations… read more →

Basic income tax threshold to be raised by £235 more than previously announced next year, to £9,440 Threshold for 40% rate of income tax to rise by 1% in 2014 and 2015, from £41,450 to £41,865 and then £42,285 Main rate of corporation tax to be cut by extra 1% to 21% from April 2014.. read more →

HMRC has launched a new mini-site aimed at those with undeclared income. “We’re closing in” they say, using new technology and additional staff. They follow it up to say “if you have any income you haven’t told us about, you need to declare it before we catch you.” So the site aims to encourage relevant.. read more →

The new High Income Child Benefit Charge (HICBC) takes effect from 7 January 2013. It is a tax charge designed to claw back child benefit received by a couple if at least one member of the couple has an income in excess of £50,100. This income threshold is not by reference to the total of.. read more →