Increase in National Insurance thresholds

In the Spring Statement 2022, the UK Government announced an increase in National Insurance thresholds affecting the 2022 to 2023 tax year. We want to take the opportunity to remind our clients that the threshold changes will take effect from 6th July 2022, meaning employees will pay National Insurance contributions on … Continued

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Tax Update – June 2022

In this month’s ‘Tax Update’ there’s information about Employee Benefits, the Employment Allowance, buying an Electric Car, Salary Sacrifices, Capital Gains Tax and Advisory Fuel Rates for Company Cars. Report Employee Benefits on Form P11D by 6th July P11D forms for reporting expenses and benefits in kind provided to employees … Continued

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Government Support Update – November 2021

I hope you are well and that your business is recovering from the effects of the pandemic. It still seems that the have a way to go to bring COVID-19 fully under control and that we may be moving towards more restrictions in the near future.With this in mind, I … Continued

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Coronavirus Job Retention Scheme (CJRS) Extended

The guidance has been updated with the CJRS end date and information on when claims for September must be submitted.  The CJRS has been extended until 30 September 2021. From 1 August 2021, the Government will pay 60% of wages up to a maximum cap of £1,875 for the hours … Continued

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What can an Employee working from home claim for?

Claiming for Working from Home

With more of us working from home, there’s some good news for employees from HMRC. Tax relief can now be claimed to cover some of the costs of working from home. An employer can pay an employee £312 every tax year (equivalent to £538 gross for a higher rate taxpayer). … Continued

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Folkes Worton Insight

HMRC employment status service

HMRC’s employment status service can be used to help ascertain if a worker should be classified as employed or self-employed for tax purposes in both the private and public sector. The service

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Folkes Worton Insight

The tax consequences of social events

The cost of a staff party or other annual entertainment is generally allowed as a deduction for tax purposes. If you meet the various criteria outlined below there is no requirement to report anything

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Folkes Worton Insight

New advisory fuel rates published

Advisory fuel rates are intended to reflect actual average fuel costs and are updated quarterly. The rates can be used by employers who reimburse employees for business travel in their company cars or

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Folkes Worton Insight

Employee Car Ownership Scheme (ECOS)

An Employee Car Ownership Scheme (ECOS) is a set of arrangements whereby employees acquire cars from a specified, often single source and within a specified financing framework. The use of an ECOS can

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Folkes Worton Insight

Chargeable benefits from cheap loans

An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee pays, if any, and the commercial

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