P11D forms for reporting expenses and benefits in kind provided to employees and directors in 2021/22 need to be submitted by 6 July 2022. Remember that reimbursed expenses no longer need to be reported where they are incurred ‘wholly, exclusively and necessarily’ in the performance of the employee’s duties. HMRC do however expect internal controls […]
If you are concerned about the future of your business, then take some time to reflect on where you are and what could happen in the next few months. More than ever it’s vitally important for all businesses to plan ahead for a range of scenarios. Cash flow and business planning in these uncertain times […]
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. This allowance was introduced in 2014/15 and was increased to £5,000 from 2022/23. Employers make a claim for the Employment Allowance through their payroll software. They do this […]
A publication aiming to kickstart a conversation with businesses about how to reform the UK’s capital allowances regime was published earlier this month. The publication sets out how firms can work with the government on capital allowances to help foster a new culture of enterprise and growth in the UK, with responses requested by 1 […]
The value of your business will depend on a range of factors and any valuation is only useful as a guide for planning forward. The ultimate value of a business is the price a willing buyer is prepared to pay for it. The prevailing economic climate and state of the business’ sector can affect company valuation […]
It has been over one year since the off payroll working rules (IR35) changed in the private and voluntary sectors. Some organisations who engage contractors in those sectors who didn’t need to apply the rules for 2021-22 as they did not meet the size conditions — may now need to apply the rules. Ensure you check the Employment […]
Date What’s Due 01/05 Corporation tax payment for year to 31/07/21 (unless quarterly instalments apply) 19/05 PAYE & NIC deductions, and CIS return and tax, for month to 5/05/22 (due 22/05 if you pay electronically) 01/06 Corporation tax payment for year to 31/08/21 (unless quarterly instalments apply) 19/06 PAYE & NIC […]
HMRC have been consulting on changes to the relief from stamp duty land tax (SDLT) when two or more properties are acquired at the same time. This indicates that a change in the rules is imminent, and purchasers should take advantage while the relief continues to apply. Currently where at least two dwellings are purchased […]
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 […]
