Redstone Associates

Full expensing allows for a 100% first-year capital allowance for qualifying plant and machinery assets and came into effect last April. To qualify for full expensing, expenditure must be incurred on the provision of “main rate” plant or machinery. #FullExpensing #TaxAllowances

There is no specific requirement for employers to provide employees with transport home. Nevertheless, an employer has a duty of care to their employees, which means that they should take all steps which are reasonably possible to ensure their health, safety and wellbeing. #EmployeeExpenses #TaxiClaims

The Scottish rate of income tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers. #ScottishIncomeTax #TaxScotland

The letters in your tax code signify your entitlement (or not) to the annual tax free personal allowance. The tax codes are updated annually and help employers work out how much tax to deduct from an employee’s pay packet. #TaxCode #IncomeTax

If you have been in the same job for two years or more and are made redundant you will usually be entitled to redundancy money. The legal minimum that you are entitled to receive is known as ‘statutory redundancy pay’. There are exceptions where you are not entitled to statutory redundancy pay, for example, if your employer offers to keep you on or offers you suitable alternative work which you refuse without good reason. #Redundancy #RedundancyPay

Where a taxpayer owns a business as a sole trader or in partnership, a capital gain will be deemed to arise if the business is converted into a company by reference to the market value of the business assets including goodwill. This could give rise to a chargeable gain based on the difference between the market value of the assets and their original cost. #Incorporation #IncorporationTaxRelief

The online service for checking a UK VAT number is available at: https://lnkd.in/djaMZpa. #VATNumberChecker #VAT

The Check Employment Status for Tax (CEST) tool can be used to help ascertain if a worker should be classified as employed or self-employed for tax purposes in both the private and public sectors. #EmploymentStatus #JobStatus

If you have lost or forgotten your National Insurance number there are a number of ways to locate it. Firstly, you could try and locate the number on paperwork such as your tax return, payslip or P60. You can also use your personal tax account or the HMRC App to find your National Insurance number. #NIC #NationalInsuranceNumber

The enhanced Check Your State Pension forecast service is now available online. The service can be found on GOV.UK at the following webpage https://lnkd.in/dw6U22a. #StatePension #PensionForecast