HM Revenue and Customs (HMRC) have released their latest figures on the take-up of Tax-Free Childcare. For the 2024-25 tax year, almost 826,000 families saved up to £2,000 per child. During March 2025, 579,560 UK families used the scheme, a 16% increase on the number using the scheme in March…
P11D forms for reporting expenses and benefits in kind provided to employees and directors in 2024/25 need to be submitted by 6 July 2025. PLEASE NOTE: Paper forms are no longer acceptable; the return must be made online using PAYE Online for employers or commercial software. Remember that reimbursed expenses…
A benefit provided to a Director or employee that is considered ‘trivial’ and is therefore tax-exempt if all of the following conditions are met: Cost: The cost to you, the employer, must be £50 or less per benefit. Form of Benefit: It cannot be cash or a cash voucher –…
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…
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,…
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…
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…
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…