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HM Revenue and Customs has launched a digital tool to help businesses estimate what registering for VAT may mean for them. The VAT Registration Estimator has been developed after feedback from small businesses suggested an online tool would be helpful to show when their turnover could require businesses to register for VAT…
Employees with access to company cars often face a tax burden on the ‘benefit in kind’ of having a car at their disposal. However, where an employee has use of a ’pool car’, there is no taxable benefit and an entry is not required on form P11D. Furthermore, the employer…
Should Employees Reimburse Private Fuel Costs? Where a company car is provided for use by an employee or director there is a benefit in kind taxable on the employee based on the original list price of the vehicle multiplied by the CO2 emissions percentage for that vehicle. There is an…
Requesting changes to registration details to be through online account only HMRC has announced that from 5th August 2024, any request to change your VAT registration details should be made using your VAT online account, and not by using the VAT484 form or any other postal or electronic means. Why…
The Welsh Government was excited to announce a significant milestone in its own mission to increase the number of employee-owned businesses in Wales. The number of such businesses in Wales has doubled, reaching 74 almost two years ahead of their 2026 target. While this initiative is partly aimed at keeping…
The deadline – 6th July – for reporting expenses and benefits to HM Revenue & Customs (HMRC) is rapidly approaching. It’s important for all employers to understand their responsibilities regarding this crucial tax form. Whether you’re a seasoned business owner or new to the world of employment taxes, we’re here…
Welcome to our July Tax Update. In this edition we take a look at the tax point for VAT, pool cars, childcare accounts, selling a subsidiary and events on the accounting horizon, the main one being the General Election this Thursday! ‘TAX POINT’ FOR VAT The time of supply is…
Don’t be caught by false claims on business rates appeal deadlines The Valuation Office Agency (VOA) has issued a warning about false claims being made about the deadline for appealing the 2023 list for business rates. Some are claiming that the deadline is 30th June, however this is not true.…
What should you think about? As accountants, we are often asked about the financial and tax implications of buying a second home. Sometimes the pull of a country or seaside retreat might inspire you to think about having a second home. Or maybe you have spare cash or income and…
Welcome to our June Tax Update. In this edition we take a look at employee benefits, HMRC’s interest rate, advisory fuel rates and events on the accounting horizon. REPORT EMPLOYEE BENEFITS ON FORM P11D P11d forms for reporting expenses and benefits in kind provided to employees and directors in 2023/24…