The Annual Tax on Enveloped Dwellings (ATED) was introduced in April 2012 and is charged where certain residential properties are owned within a corporate structure. This tax not only catches UK properties owned by wealthy oligarchs via offshore companies but also applies to UK resident companies. Originally the charge only applied where the value of […]
Unless there is full reimbursement of fuel provided for the private use of a company car there is a benefit in kind charge based on a fixed figure of £24,600 which is multiplied by the CO2 emissions percentage that is used to calculate the company car benefit for that vehicle. For a high emission car […]
Last year the Government announced a one-year exemption from paying employers national insurance contributions (NICs) where military veterans are recruited by civilian employers. Employers can claim relief from employer NICs for the first 12 months of the veteran’s first civilian job after they leave the military. For 2021/22 employers had to initially pay the employers […]
As the 2021/22 tax year has now ended, employers need to carry out the following end of year procedures: Provide employees with their P60 annual summaries by 31 May 2022 Prepare forms P11D for employees’ expenses and benefits by 5 July 2022 Update employees’ payroll data for 2022/23, in particular their new tax codes Update […]
Many in the hospitality sector were hoping that the Chancellor would extend the 12.5% reduced rate that has applied since 1 October 2021 but, as scheduled, the rate has reverted to 20% from 1 April 2022. The increase applies to hospitality, visitor attractions, catering services including restaurants and takeaways. This has a consequential effect on […]
The 130% super-deduction for companies that invest in new plant and machinery applies where the expenditure is incurred between 1 April 2021 and 31 March 2023. Many companies recovering from the coronavirus pandemic have not had the resources to commit thus far and the war in Ukraine may have made them reluctant to invest until […]
In the March 2021 Budget, it was announced that the normal one year carry back for trading losses would be extended to three years. That means that many businesses that have made losses during the COVID-19 pandemic may be able to obtain a repayment of tax paid in that earlier three-year period. This enhanced carry […]
The number of job vacancies in January to March 2022 rose to a new record of 1,288,000 according to the Office for National Statistics (ONS) latest labour market overview. The ONS also state that the unemployment rate for December 2021 to February 2022 decreased by 0.2 percentage points on the quarter to 3.8%. What is […]
Businesses need to lead the way in moving towards net zero carbon emissions. There is no quick fix so businesses need to start the journey now and move towards the ultimate goal of net zero, over the next few years. Here are some of the changes that you can implement in your firm. Switch to […]
Businesses and charities are being urged to strengthen their cyber security practices as new figures show the frequency of cyber-attacks is increasing. The National Cyber Security Centre (NCSC) has issued a note declaring it is not aware of any current specific cyber threats to UK organisations in relation to events around Ukraine, but is encouraging organisations to […]
