Posts Tagged ‘Tax experts Manchester’

Tax saving in the run-up to the tax year-end

Monday, February 19th, 2018

The end of the tax year on 5th April marks your last chance to take advantage of some major tax savings.  It provides a huge ‘use it or lose it’ opportunity for year-end tax planning for individuals and businesses and has become more important than ever.  Take a look at Tree Accountancy’s Year End Tax Review guide to see how you can secure your financial future and pay less tax now, and on any inheritance you leave to loved ones.

Remember to take into consideration:  pension contributions and the lifetime allowance, Individual Savings Accounts (ISA’s) including Junior ISA’s, Capital Gains Tax, and of course, Inheritance Tax.  Click the link below for full details and if you need any further information, please don’t hesitate to contact Rob Farrell via Rob@treeaccountancy.co.uk or fill in the Contact Us form on our website.

http://www.treeaccountancy.co.uk/downloads/year-end-tax-review-2017-18.pdf

Did you know? Contact lenses are tax deductible

Monday, January 22nd, 2018

Did you know that the provision of contact lenses is not taxable if your employer has to provide them for monitor or screen work.  The NIC legislation states that where an eye test result finds a general need for glasses, as well as a special prescription for VDU use, the employer should pay or reimburse the employee for the whole liability, including Class 1 NIC’s which arises on the amount which exceeds the VDU-related prescription.

If you regularly use a computer in your line of work, then you are able to claim the cost of the eye test as an allowable business expenses.

See links below for further information, or contact Rob@treeaccountancy.co.uk for expert tax help in Manchester:

https://www.gov.uk/expenses-and-benefits-medical-treatment/whats-exempt

https://www.gov.uk/hmrc-internal-manuals/national-insurance-manual/nim02145

High Street vouchers still tax free

Wednesday, January 17th, 2018

As many of you are in the middle of completing your self-assessment tax return, you might be pleased to know that if you were fortunate enough to receive high street gift vouchers as part of your Christmas bonus, they could be a tax free bonus.

This is because they are defined by HMRC as non-cash vouchers and from April 2016, they fell into the ‘trivial benefits’ regime (not taxable subject to certain conditions).  These conditions include:

– The cost to the employers must be less than £50

– It isn’t cash or a cash voucher

– It isn’t a reward for their work or performance

– It isn’t in the terms of their contract

– A director of a close company can not receive trivial benefits worth more than £300 in any tax year.

Click on this link below for further information, or contact Rob@treeaccountancy.co.uk for expert tax help in Manchester:

https://www.gov.uk/expenses-and-benefits-trivial-benefits