I only have 3 staff; do I need to provide them with a contract of employment?

Yes, most employees are legally entitled to a Written Statement of the main terms and conditions of employment within two calendar months of starting work. This should include details of things like pay, hours and holiday. More Details  More Details...

When your income reaches the £50,000 mark, what happens to your child benefit?

Child benefit itself hasn’t changed. However, a tax is charged at 1% of the child benefit received for every £100 that your adjusted net income goes over £50,000. And if this totals more than £60,000, the tax equals the total amount of child benefit received. More Details  More Details...

I want to reduce my inheritance tax liability, but I already gifted away the annual allowance of £3,000. What else can I do?

There are exemptions from inheritance tax, on top of the £3,000 annual allowance, for regular gifts you give from income rather than from savings and investments. But these gifts only qualify if you have enough income left after making them, to maintain your normal lifestyle. You should also make a written declaration that the gifts you’re making are expenditure out of income, not from savings More Details  More Details...

Can I claim tax relief for ‘wining and dining’ my clients?

No, this is classed as business entertainment and is not tax deductible. More Details  More Details...

Do I have to give my staff paid holiday?

Yes, all employees are entitled to at least 5.6 weeks paid holiday – which includes the 8 bank holidays. If your member of staff works part-time then their entitlement is pro-rata. More Details  More Details...

When do I have to register for VAT?

If you think that your turnover is going to be higher than £83k anytime in the next 12 months then you must register for VAT. However, many people do not realise that you can register at anytime for VAT, even if you have a turnover lower than £83k. It is nearly always the case that this can be financially beneficial for a business. More Details  More Details...

If I only use some subcontractors once or twice a year in my construction business, do I need to be registered for CIS (Construction Industry Scheme) with HMRC?

Yes, you do. Failure to register as a Contractor can result in a fine of £3000 plus an additional £100 month since you engaged the services of the Sub-contractor. Each subcontractor must be verified through HMRC and provided they themselves are registered then you may pay them according to the invoice less 20% tax which is then paid over to HMRC. If the contractor is not registered then you must More Details  More Details...


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