expenses

The new rules for expenses and benefits in kind

Don’t simply follow past years’ P11Ds when preparing the latest forms

KLS Electrical Contracting (TC4216)

By Ray Chidell and Dave Jennings; £138.50 for both volumes/£87.50 each; paperback; 938 pages; Claritax Books

When and why do expenses paid by credit card need to be declared separately?

Small enterprises such as hairdressers, window cleaners and cab drivers are being urged by HMRC to take advantage of the simpler system of recording income and expenses over the tax year.

Firms with an annual income of £79,000 or less can use the cash basis of accounting for money as it goes in and out of the business, rather than employing traditional method centred on accruals.