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In this edition we take a look at year-end tax planning, double-cab pickups, employment expenses, VAT on food and drink, and upcoming dates on the accounting horizon – which include the date for the next Bank of England interest rate decision and the Chancellor’s Spring Forecast. YEAR-END TAX PLANNING! With…
The Valuation Office Agency (VOA) have announced the suspension of two business rates agents. These are Rateable Value Experts and Re-Rates UK. The VOA have not specified the exact reasons for the suspension and have simply said that they are investigating a potentially serious breach of their agent standards. While…
Reviewing your business goals for the New Year The start of January marks a time of new beginnings, and for business owners, it’s the perfect opportunity to pause, reflect and plan ahead. After the whirlwind of the festive season, January offers a quieter moment to consider where your business is…
Happy New Year everyone! In this edition we take a look at getting ready for Making Tax Digital, the Corporate Tax Roadmap, Payrolling Benefits in Kind, an HMRC scam warning and upcoming dates on the accounting horizon. GET READY FOR MAKING TAX DIGITAL FOR INCOME TAX Prior to the Autumn…
‘Payrolling benefits in kind’ means that employee benefits in kind (eg. company cars and medical insurance) are reported to HMRC through the employer’s payroll. Employees’ tax codes are amended so that any income tax due on the benefits is paid throughout the tax year. If a benefit has been payrolled,…
Spread the cost of your Self-Assessment tax bill with HMRC’s Time to Pay With the holidays and end of the year fast approaching, it’s a good time to plan your finances for the new year. For those who file Self-Assessment tax returns, the prospect of having to make a heavy…
As the holiday season approaches, many businesses may need to pay their employees earlier than usual due to closures or other operational adjustments. Important Note Regarding Early Payments: HMRC Guidance: HMRC has relaxed RTI reporting obligations for early Christmas payments. Accurate Reporting: When submitting your Full Payment Submission (FPS), report…
Check your State Pension Entitlement HMRC has developed a valuable tool to help you plan for your retirement: the State Pension Forecast app. This app allows you to: Determine Your State Pension Age: Understand when you can start receiving your State Pension. Estimate Your State Pension Amount: See how your…
A Festive Guide for Employers As the festive season approaches, employers often consider ways to reward their staff. It’s important to be aware of tax implications to ensure that your holiday cheer doesn’t lead to unexpected tax bills. Tax-Free Christmas Gifts A thoughtful Christmas gift can boost employee morale. Good…
We begin Advent with our December Tax Update. In this edition we take a look at Inheritance Tax on two fronts, State Pension entitlement, paying employees early before Christmas, employee Christmas gifts and parties, fuel rates for company cars and upcoming dates on the accounting horizon. FARMERS CAMPAIGNING FOR AGRICULTURAL…