Newsletters
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Accelerate tax relief for plant and machinery
The annual investment allowance (AIA) allows you a tax deduction for the cost of equipment for the financial year in which it’s bought. But it doesn’t always apply, meaning tax relief takes decades. How can you slash this timeframe?
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Drawing down a pension efficiently
You’ve reached the age when you can access your pension savings. Your financial advisor has explained the options available to you, but how much tax will you have to pay on each one?
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Home-to-work travel costs during a strike
During the recent rail strikes several of your employees made alternative travel arrangements to commute to work. To recognise their efforts you want to reimburse their extra travel costs. How should you account for any tax and NI on this?
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Buying property in a different legal entity
Your landlord has given you the chance to buy the freehold of your trading premises at a reduced price but will charge VAT on the deal. Should you buy the property in a different legal entity and, if so, what VAT issues does this create?
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Can you reduce your self-assessment payments?
If you’re in the self-assessment system you might have to make tax payments on account. These can total more than your actual tax bill. When and in what circumstances can you reduce these payments?
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Tax deductions for personally owned equipment
If you use personally owned equipment for your job you may be entitled to a capital allowances tax deduction. It’s only allowed if the equipment is “necessary” for your job, but who decides what’s necessary and what’s not?
Muir & Addy is a partnership registered to carry out audit work by the Institute of Chartered Accountants in Ireland (ICAI). Chartered Accountants Ireland is the operating name of ICAI.
Details of our audit registration can be viewed at www.auditregister.org.uk, under reference number 223287.
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