Financial forecasting isn’t just for large corporations with dedicated finance teams. For start-ups and SMEs, it’s a game-changer. Accurate forecasting allows you to
Planning a staff summer barbecue? Employers can cover the costs of certain social events for their employees without creating a tax liability. This exemption, which was once a concession, is now part of statutory regulations, provided certain conditions are met.
For UK taxpayers earning between £100,000 and £125,140, the 60% tax trap can significantly impact disposable income and financial planning. This effective tax rate arises due to the tapering of the personal allowance.
As we move into the latter half of 2024, it’s crucial to keep track of key tax deadlines to ensure compliance and avoid any potential penalties. Below is a comprehensive diary of main tax events for August and September 2024.
Learn about the upcoming changes to VAT on private school fees starting 1 January 2025. Understand the new VAT rules for private schools, including transitional arrangements and how these UK budget 2024 VAT changes could affect you.
Learn about the proposed repeal of the special tax treatment for furnished holiday lettings, effective 6 April 2025. Discover key changes including finance cost restrictions, capital allowances, and reliefs. Find out how these new rules will impact your FHL properties and what steps to take.
On 17 July, the State Opening of Parliament took place, with the King’s Speech laying out the government’s legislative agenda for the upcoming parliamentary session. While there was a mention of the proposal to remove the
When a holding company sells shares in a subsidiary, the VAT incurred on the professional fees involved would normally be irrecoverable, on the basis that a sale of shares is an exempt supply.
If you have children under 12 who attend a nursery, after school club, playscheme or childminder, or you are considering sending them
The conditions for a company car to be treated as a pool car are set out in the employment income legislation:
Please find below our diary of main tax events for July/August 2024. If you have any questions we are here to help.
The table below sets out the HMRC advisory furl rates from 1 June 2024. These are the suggested reimbursement rates for employees’ private mileage using their company car.
HMRC have announced that the official rate of interest will remain at 2.25% for 2024/25, despite the Bank of England Base Rate currently standing at 5.25%. The official rate of interest
Please sell below for our diary of main tax events for June/July 2024. As always, we are here to make sure you meet these deadlines.
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.
The deadline for reporting shares and securities and share options issued to employees for 2023/24 is 6 July 2024. This is the same as the deadline for reporting expenses and benefits provided to employees on form P11d for 2023/24.
P11d forms for reporting expenses and benefits in kind provided to employees and directors in 2023/24 need to be submitted by 6 July 2024. Note that paper forms are no longer acceptable; the return must be made online using PAYE Online for employers or commercial software.
Diary of main tax events May/June 2024: Please see below the diary of main tax events for May/June 2024. As always, any questions we are here to help.
If you are considering lending money to, or subscribing for shares in, an unquoted trading company then, like many investments, there is always a risk that you may lose your money.
Where the company qualifies under the Enterprise Investment Scheme (EIS) or Seed EIS, the subscribers potentially qualify for even more generous tax reliefs. Where the investor is not connected with the company,
