Welcome to our September Tax Update. In this edition we take a look at Inheritance Tax, Workplace Nurseries, Tax-Free Childcare Accounts, Hours Worked Reporting, Fuel Rates for Company Cars and upcoming dates on the accounting horizon. SHOULD YOU PASS ON WEALTH NOW TO AVOID INHERITANCE TAX? Many wealthy individuals are…
Welcome to our August Tax Update. In this edition we take a look at the 60% income tax trap, tax-free childcare accounts, staff BBQs, the tax treatment of furnished holiday lettings, VAT on independent schools fees and upcoming dates on the accounting horizon. BEWARE THE 60% INCOME TAX TRAP It…
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…
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…
HM Revenue & Customs (HMRC) has released figures showing that 295,250 Self-Assessment tax returns were filed in the first week of the new tax year. Almost 70,000 were filed on the first day – April 6th. This seems to suggest an increasing trend for filing tax returns early. Last year,…
Understanding economic changes: How recent events affect businesses Data releases in recent weeks from the Office of National Statistics (ONS) coupled with Bank of England decisions might make recent news about the economy seem a bit confusing. Understanding how this news affects businesses is important so let’s break it down.…
Over the last two years, the tax-free allowance for Capital Gains Tax (CGT) has been cut by over three-quarters. For the tax year that recently began on 6th April 2024, the Annual Exempt Amount has been reduced to £3,000 (£1,500 for trustees). These reductions mean that more and more of…
How to defend your business from e-mail compromise E-mail phishing attacks that target senior leaders and finance personnel in the business are on the increase. The National Cyber Security Centre (NCSC) has published guidance aimed at helping small to medium sized businesses to deal with Business Email Compromise (BEC). The…