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…
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…
New digital service to check your State Pension forecast launched A new digital service has been launched that makes it easier to check if you have any gaps in your National Insurance (NI) record that may affect your State Pension entitlement. The service is called Check Your State Pension forecast…