Stockport based Hallidays have released their latest newswire designed to keep you informed of the latest business and tax tips.
Each year HMRC receive a number of outlandish claims against personal expenses, including for caribbean holidays and even a claim for pet food for a Shih Tzu ‘guard dog’!
Ruth Owen, HMRC Director General of Customer Services, said:
“Year after year we receive a number of ludicrous expense claims, ranging from international holiday flights to expensive designer clothing, which we would never uphold. Why should the honest taxpayer pick up the bill for others? HMRC will only accept those claims which are genuine, such as legitimate travel expenses or the cost of tools for the job.”
This month business and tax tips include year end tax planning, self assessment expense claims and what tomorrow’s budget may bring.
Advisory fuel rates for company cars
New company car advisory fuel rates have been published which took effect from 1 March 2017.
Year end tax planning
With the end of the tax year looming there is still time to save tax for 2016/17.
Self assessment expense claims
HMRC have released a list of the most outlandish items which have been claimed as expenses.
Over £9.2 billion released by pension freedoms
Hundreds of thousands of savers have cashed in £9.2 billion from their pension pots since pension freedoms were introduced in April 2015.
What will the Spring Budget bring for business?
With two Budgets in 2017, and the Spring Budget scheduled for Wednesday 8 March 2017, the Confederation of British Industry (CBI) have written to the Chancellor Philip Hammond outlining what they would like to see in the Budget proposals.
Construction Industry – subcontractor verifications
HMRC have confirmed in the latest Employer Bulletin that changes will be made to the verification of subcontractors in the construction Industry Scheme (CIS) from 6 April 2017.
Providing services to a public sector – off payroll working
In the latest Employer Bulletin HMRC advise those providing services to a public sector client through their own limited company to ensure they are ready for the new rules which take effect from 6 April 2017.
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