New treatment of employee expenses in UK

New treatment of employee expenses in UK

HMRC have changed the rules on the re-imbursement of expenses to employees. Expenses are no longer treated as taxable income and do not need to be reported on a P11D annually as before. Expenses qualify for this treatment if, had the employee borne the cost personally they would be entitled to claim a tax deduction for it….

Annual Investment Allowance

Annual Investment Allowance

AIA which provides 100% tax relief on qualifying Capex has been set at £200,000 from 1st January 2016. This has now been made permanent. Annual Investment Allowance has fluctuated throughout its history. It started at £50,000 in 2008, rose to £100,000, fell again to...
VAT refund rules changed

VAT refund rules changed

For the last 43 years firms who registered for VAT were able to claim back VAT paid on stocks and assets held at the date of registration. HMRC have changed its interpretation of the rules to a “pro rata” basis. For example a van bought by a business a year prior to...
Minimum wage, Living wage and Employers Allowance

Minimum wage, Living wage and Employers Allowance

National minimum wage increased on 1st October from £6.50 to £6.70 for employees aged 21 and over. On 1st April 2016 the National Living Wage will be introduced requiring employers to pay £7.20 per hour to employees aged 25 and over. Also from 6 April 2016 the...

Breakfast Seminar for Hospitality Industry – Belfast

We’re very pleased to be hosting another seminar for local businesses, this time discussing the various tips and tricks we’ve learned to make running restaurants, bars and cafes a little easier.   Baxterworld has been intrinsically linked to the...
Lunch Seminar – Charity Record-Keeping – 24th Feb

Lunch Seminar – Charity Record-Keeping – 24th Feb

Baxterworld are very pleased to be leading a seminar, specifically for Charities, highlighting emerging software and technology that can make daily administration easier. We work with many charities around Northern Ireland and understand how crucial rigorous...