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The figures in the table below are the HMRC suggested reimbursement rates for employees’ private mileage using their company car from 1 September 2022.
There continues to be poor take-up of the Government’s Tax free Childcare Accounts which provide a 25% subsidy towards the cost of childcare.
A need for additional income is motivating people to start their own businesses. As UK inflation hits a 40-year high of over 9%, more and more people are starting their own businesses.
Find below our diary of main tax events August/September 2022. If you need further guidance or support on meeting these deadlines, our team our here to help.
In recent years HMRC have identified and successfully challenged a number of spurious claims for Research and Development
Find below our diary of main tax events July/August 2022. If you need further guidance or support on meeting these deadlines,
This generous tax break has reportedly resulted in abuse of the system. HMRC have recently paused some repayments while they investigate an increase in irregular claims.
HMRC are reminding sole traders and partners who have received Self-Employed Income Support Scheme (SEISS) grants that there are potentially penalties of up to 100% of amounts overclaimed in certain circumstances.
If you have children under 12 who attend a nursery, after school club, play scheme, childminder
In the Spring Statement 2022, the UK Government announced an increase in National Insurance thresholds affecting the 2022 to 2023 tax year.
On the 4th-5th June 2022, Client Manager, Mikey took part in a charity hike in The Cateran Yomp. A 54-mile hike in 24 hours across rural Perthshire.
The Government’s Recovery Loan Scheme (RLS) launched on the 6th of April 2021 and allows businesses of any size to get up to £10million
A recent study by the Federation for small businesses (FSB) shows lending to small businesses has hit an all-time low. New findings from the quarterly Small Business Index (SBI) show successful finance applications plummeting to lowest level on record.
Workplace Charging Scheme: The UK Government is now offering help to businesses with the upfront costs to install charge points.
As an employer providing business or private expenses for your employees, you have certain tax, National Insurance and reporting obligations.
Normally a residential rental property would be subject to a 28% capital gains tax (CGT) rate on its disposal. However, if it qualifies as a furnished holiday let (FHL) then the capital gains tax rate can be reduced to 10% by taking advantage of Business Asset Disposal Relief (BADR). It may be possible to make a non-FHL into an FHL for the two years prior to disposal and then enjoy BADR on the whole gain.
Please see below for the diary of main tax events – June/July 2022. If you need help with meeting these deadlines we are here to help.
When a married couple or civil partners separate, tax planning is understandably not at the top of the list of their thoughts. However, a ‘no gain/no loss
Many employers and employees have been putting in place salary sacrifice arrangements to give up some of their contractual salary in exchange for additional pension contributions or an electric company car.
The Employment Allowance (EA) is a £5,000 allowance set against employers National Insurance Contributions (NICs) and has to be claimed each tax year if the employer qualifies.
Treasury Starts Conversation to Reform UK Capital Allowance Regime
High energy usage businesses, such as steel and paper manufacturers, are set to receive further support for electricity costs as the UK government has confirmed details of the Energy Intensive Industries (EII) compensation scheme.
As the 2021/22 tax year has now ended, employers need to carry out the following end of year procedures
Please see below for the diary of main tax events May/June 2022. If you need help with meeting these deadlines