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Accountancy Matters - September 2019

The September edition of our Accountancy Matters newsletter is here! Give it a read for all the latest financial news & advice, plus key dates for your calendar: Accountancy Matters - Sept 2019

Motor expenses - an unexpected VAT bonus

VAT rules for cars used in a business are notoriously strict. However, for some types of car-related expenditure they are surprisingly generous. What are they and how can your client take maximum advantage of them? All or nothing Except in the rare situation that your client can prove to HMRC that a car is used 100% for a business, it will not permit them to reclaim any of the VAT paid on its purchase. Any private use whatsoever precludes them from claiming any VAT - it cannot be apportioned between business and private use as it can for other expenditure. The good news is that this block doesn't apply to motor running expenses. In fact, the VAT rules for these are the antithesis of those f

SME employees making pay check errors need accountant's expertise

A survey found that the problem was particularly prevalent among employees of smaller businesses, with 77% of SME employees believing, incorrectly, that it is not their responsibility to check they are paying the right amount of tax. New research has found 45% of SME employees have paid too much tax due to errors in their pay check as a result of misunderstandings about payroll, highlighting a need for more guidance from accountants. The research, undertaken by QuickBooks to coincide with national payroll week (2nd – 6th September) surveyed over 2,000 people in the UK about their understanding of their payslips, and found several confusions regarding tax codes and responsibility of checking

New rules for employment allowance

The government has published draft legislation for the new restrictions which will apply to the NI employment allowance (EA) from April 2020. Will your clients be affected, and if so, how? Employment allowance (EA): Since April 2014 most employers have been entitled to a deduction from their Class 1 NI bill currently worth £3,000 per year. In 2020 some businesses will lose their entitlement to this and there will be general changes to the way that the EA works. Draft legislation: At the end of June, HMRC published draft legislation covering changes to the EA. It was subject to consultation until 20 August 2019 but it's not expected that any of the main points would change, only some fine tun

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