It is possible to make small tax-free payments to employees, including directors, and this might be an appropriate time to make a small tax-free bonus in advance of the annual holidays. Employers and employees don’t have to pay tax on such a benefit if all of the following apply: it cost you £50 or less…
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Holiday entitlements
As we are approaching the annual holiday season it would seem to be a suitable time to set out employees’ rights to receive holiday pay. Almost all workers are legally entitled to 5.6 weeks’ paid holiday per year (known as statutory leave entitlement or annual leave). An employer can include bank holidays as part of…
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Do you own a holiday let property?
There are a number of tax incentives that you can take advantage of if you own and let a Furnished Holiday Lets property (FHL). They include: you can claim Capital Gains Tax reliefs for traders (Business Asset Rollover Relief, Entrepreneurs’ Relief, relief for gifts of business assets and relief for loans to traders), you are…
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What exactly is insolvency?
The dictionary definition of insolvency is less than illuminating, it is: The state of being insolvent… Listed synonyms provide more detail: bankruptcy · liquidation · failure · collapse · ruin · financial ruin · ruination · pennilessness · penury · impecuniousness · beggary · administration · receivership · folding · pauperdom What these explanations do…
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