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…
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…
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…
Are you or your employees making good use of Tax-Free Childcare? Tax-Free Childcare is available to working families to help them save on their childcare costs. However, many may not be making use of this provision and with the Easter break soon upon us, HMRC is encouraging families who have…
In an announcement made on 19th February, the Government confirmed that twin-cab pickup vehicles with payloads of 1 tonne or more will continue to be treated as goods vehicles for both capital allowances and benefit-in-kind purposes. On 12th February, HM Revenue & Customs (HMRC) had updated its guidance on the…
Welcome to the November 2023 Tax Update. In this edition we take a look at year-end tax planning, are all LLP Members self-employed, HMRC challenging LLP schemes for property businesses. charging EVs at home, reclaiming input VAT on the sale of shares; and this month’s events on the accounting horizon.…
What You Need To Know In response to the challenges posed by the COVID-19 pandemic, the Government introduced special provisions allowing those working from home to receive a tax-free allowance of £6 per week. This initiative provided significant relief to employees, enabling them to offset the additional costs associated with…
In a call for evidence launched recently, the UK Government wants to hear views on Save As You Earn (SAYE) and the Share Incentive Plan (SIP), as it seeks to improve the schemes and expand their use by making it easier for businesses to set them up and offer them…
Welcome to the June 2023 Tax Update. In this edition we take a look at share options for employees, HMRC’s rate of interest, employee’s private fuel, advisory fuel rates for company cars, and this month’s events on the accounting horizon. If you need any help or advice on any of…