News

Happy Christmas From PKF-FPM

Christmas Gifts

Question. I run a small company and would like to treat my employees over Christmas as a thank you for their hard work and commitment over the past year. How I can I do this tax efficiently? Answer. Christmas presents paid in cash to employees will always be taxable at source under Pay as You Earn and are subject to tax and national insurance. The same treatment also ...

JL Grant & Co. Joins PKF-FPM Accountants

With immediate effect, the former practice of JL Grant & Co. (22 staff), located in Mallusk will be subsumed into PKF-FPM Accountants Limited, one of the leading Island based Accounting and Business Advisory firms, with offices in Belfast, Newry, Dungannon, Mallusk and Dundalk. PKF-FPM is a member of PKF International, one of the top Global Networks of Accountancy Firms. Both firms have worked closely over these ...

UK Autumn Statement 2014

The Autumn Statement looked very like a mini-Budget, with a several major new provisions and a raft of other measures. The redesign of stamp duty land tax (SDLT) on homes was the most important change for most people, providing the vast majority of buyers with a cut in SDLT and a few at the top end with potentially substantial increases. For further information please download our ...

Changes to employee expenses

Question. I reimburse my employees travel and subsistence expenses towards the cost of business trips and have recently been advised that I should have a Dispensation from HM Revenue and Customs. What is the benefit of a Dispensation? Answer A dispensation is an agreement that allows employers to pay specified expenses to their employees without deducting Tax or NIC or reporting the payments to HMRC. Without a ...

Border a Major Divide on Pay for Business Owners

Please see below article which appeared in Tuesday’s Irish Times regarding differences in taxation North and South of the Border on businesses and employees which features PKF-FPM’s Paddy Harty and Desi Foley. If after reading this article if you have any queries please contact our office on +353429388898 or +4428 30261010. “With the Irish budget announced and the UK Autumn Statement looming, tax policy makes it worthwhile ...

Minimum Wage Explained

Question. I have recently started my own business and will shortly need to employ two or three full-time and part-time employees. Can you advise what the current minimum hourly rate of pay is and the conditions attached to the payment of this? Answer: All employees working in the UK are legally entitled to be paid the National Minimum Wage (NMW) by law. It does not matter how small ...

PKF International head: We have struck a nugget in FPM link-up

World CEO of PKF International, John Sim’s recent visit to Belfast, is featured in this morning’s Irish News newspaper, where John Sim states: “we have struck a nugget in FPM link-up”

Invest In New Assets

Question. My business needs to invest in new plant and machinery in the coming year. However, we cannot decide whether to buy, hire purchase or finance lease the new assets. How does the tax treatment for each type of asset acquisition differ? Answer. Outright purchase is often regarded as the simplest method of acquiring an asset. When acquired, the cost of the asset is capitalised in the balance ...

Don’t Let Debt Put A Dent On Your Business

Question. I have a number of large outstanding tax liabilities which are very overdue. I have tried to agree a repayment plan with HMRC however it hasn’t been accepted. The business is doing quite well however we have severe cash-flow problems due to poor recovery of debts. Are there any ways I can improve my debt collections which might in turn help me pay my outstanding ...