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News from Galley & Tindle

Stay current with all the latest and breaking news from Galley & Tindle. Compare headlines and media bias behind news outlets on stories breaking today.

In total, 26 have been published by Galley & Tindle which Ground News has aggregated in the past 3 months.

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Top Galley & Tindle News

Pensioners Warned to Watch Out for Winter Fuel Payment Scam Texts

United Kingdom · United Kingdom

Pensioners Warned to Watch Out for Winter Fuel Payment Scam Texts

100% Left coverage: 1 sources

Many of the scam texts falsely tell pensioners that an urgent deadline is approaching See the Story

Meaning of “new and unused” clarified for CAs purposes

United Kingdom · United Kingdom

Meaning of “new and unused” clarified for CAs purposes

The guidance on what “new and unused” means for the purposes of first-year allowances has been updated in order to make things clearer. What’s the full story? HMRC’s guidance has been updated to make the capital allowances rules on qualifying expenditure for first-year allowances (FYAs) clearer. The 100% FYA for main rate expenditure (full expensing) and the 50% FYA for special rate expenditure can only be used if the plant and machinery is new …Read Article

Cutting the cost of a company car | Tax Tips | Galley & Tindle

United Kingdom · United Kingdom

Cutting the cost of a company car | Tax Tips | Galley & Tindle

You want to help your young son replace the ancient car he currently drives. The plan is for your company to buy it but for the running costs to be met by your son. That’s fine with him but is there a more tax and cost-effective alternative? The tax factor There’s no denying it, cars are expensive whether purchased personally or by your company. What’s more, if your income is derived from your business, tax plays a major factor in the overall co…Read Article

Errors in HMRC 2024/25 tax calculations

Reports are coming in about errors in HMRC’s tax calculations for 2024/25 involving Class 2 NI contributions. What steps should you take if you’ve been affected? Class 2 NI. Until April 2024 Class 2 NI was payable by self-employed individuals and business partners through their self-assessment tax returns. It was abolished in April 2024 and is now only payable voluntarily if your annual profits are less than at least £6,725 and you want to add t…London, England · London Read Article

Winter fuel payments to be clawed back via tax system

A government U-turn on the winter fuel payment was announced this week, with a new means-tested threshold. How will this work in practice? Recent weeks have been rife with speculation that the government would announce a climbdown for the current year, and this has now happened. Under the new system, all pensioners will initially receive the winter fuel payment. For those with incomes above the new threshold of £35,000, this will then be clawed …United Kingdom · United Kingdom Read Article

Deadline for 2024/25 employer shares and share schemes

6 July is the deadline for reporting employee benefits. It’s also a red letter day if employees are rewarded with shares in the company. When must you report the details to HMRC and what’s changed this year? Reporting deadline While you’re no doubt aware of the general importance of 6 July when it comes to reporting employee benefits and some termination packages, it is also the cut-off date for reporting employee share schemes. To avoid the ini…England · England Read Article

How soon should you register for VAT?

You’re in the planning stages of a new business but it might be a year or more before it’s off the ground. In the meantime start-up costs will be significant. What are your options for recovering VAT on these and which is the best? To register or not to register As a business owner, sometimes the decision on when to register for VAT is out of your hands. You have no choice because your turnover exceeds the registration threshold. Where that’s no…United Kingdom · United Kingdom Read Article

Homeworking - is there a VAT problem?

Your business is about to update its IT equipment for employees and directors who work from home. There’s a suggestion that the employees should personally own the equipment as this could be more tax efficient. Is this right? Supplies made to staff As a VAT-registered business when you supply goods or services to customers for consideration (payment of some type) you have to charge VAT unless the supplies are exempt or outside the scope of the t…United Kingdom · United Kingdom Read Article

Class 2 NI demands being sent in error | Tax Tips | Galley & Tindle

Compulsory Class 2 NI has been abolished but that hasn’t stopped HMRC sending out demands for it for the last tax year. What’s happening? 2024/25 is the first tax year in which Class 2 isn’t compulsory but can be paid voluntarily by those with earnings below £6,725. It seems like HMRC’s systems are stuck in the past because incorrect SA302s that include Class 2 NI are being sent out to some taxpayers. This only affects taxpayers that have alread…United Kingdom · United Kingdom Read Article

Personal ownership of business premises - an SDLT trap

You’re relocating your business to premises which you own personally. It will pay you an up- front lump sum and monthly rent for use of the property. Will it also have to pay stamp duty land tax? SDLT basics It’s common knowledge that stamp duty land tax (SDLT), and its equivalents in Scotland and Wales, is payable on transactions where land or buildings are transferred. Less well known is that charging rent can trigger or increase the SDLT etc.…England · England Read Article

Overdoing dividends can cost you extra tax

Company law limits the value of dividends you can take from your company. While there’s no direct financial penalty for taking excess dividends, there can be costly tax consequences. How can you avoid these? Insufficient profit The last fewyears have been tough for many businesses which has resulted in significant reductions in profits. The lower profits are bad enough but some director shareholders who take most of their income as dividends fac…Taxes · United Kingdom Read Article

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