The latest news and updates from Caldwell Penn

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Can I give shares in my company to my children?

Published Monday, 10th August 2020

Yes, but there are several potential tax implications and therefore any transfers should be carefully planned. Children under the age of 18 can technically be made shareholders in your limited company but due to the parent settlement provisions it is unlikely to be beneficial to do so for tax planning purposes.

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Scammers disguising themselves as HMRC: Avoid becoming a victim of a scam

Published Wednesday, 5th August 2020

The different types of scams Fraudsters use to part you of your money and personal details are endless and disguising themselves as a trusted establishment like HMRC is not uncommon. The aim of these scams are to steal money from your bank account, persuade you to send money, or get enough

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ANNOUNCED: NEW MEASURES TO SUPPORT THE ECONOMY

Published Thursday, 9th July 2020

Yesterday afternoon the Chancellor announced a new round of measures to support the economy as we recover from the impact of coronavirus.

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Can I claim medical insurance expenses through my limited company?

Published Monday, 6th July 2020

Yes, but generally the expenses will need to be treated as a Benefit in Kind and reported on form P11D. This means that the premiums will be subject to Income Tax and Class 1 National Insurance. There are however some exceptions

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Can I provide my employees with a mobile phone without any tax consequences?

Published Monday, 6th July 2020

HMRC state that a company can provide an employee with ONE mobile phone or SIM card to use for business purposes and this is exempt from tax as a Benefit in Kind. The phone must be purchased by the company and the contract must be in the company’s name. The

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How long do I need to keep company records for?

Published Monday, 6th July 2020

You must keep records for six years from the end of the last company financial year they relate to, or longer if: they show a transaction that covers more than one of the company’s accounting periods the company has bought something that it expects to last more than 6 years, like equipment

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How much can an employee or director claim for mileage?

Published Monday, 6th July 2020

Mileage Allowance Payments (MAPs) are what you pay an employee or Director for using their own vehicle for business journeys. A business can pay an employee or Director a certain amount of MAPs each year without having to report them to HMRC. This is called an ‘approved amount’.

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What expenses can I claim when working from home?

Published Monday, 6th July 2020

You may be able to claim tax relief for some expenses incurred because of working from home but HMRC rules are complex and are different for limited companies and sole traders.

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Will the Coronavirus Business Interruption Loan Scheme (CBILS) and/or the Bounce Back Loan Scheme (BBLS) impact an R&D claim?

Published Monday, 6th July 2020

Both schemes, like R&D tax relief for SMEs, have been confirmed as Notified State Aid and State Aid rules prevent using more than one for of Notified State Aid on the same project, even if they’re used at different times, and even if you pay the money back.

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CORONAVIRUS SICK PAY SCHEME OPENS FOR APPLICATIONS

Published Wednesday, 27th May 2020

Small businesses and employers across the UK who have paid statutory sick pay to staff taking coronavirus-related leave will be able to claim back the money from today.

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