The table below sets out the HMRC advisory reimbursement rates for employees’ private mileage using their company car from 1 March 2023. Where full reimbursement is made there is no taxable fuel benefit. The rates for the previous quarter, if different, are in brackets. Engine Size Petrol Diesel LPG 1400cc or less 13p (14p) 10p […]
Date What’s Due 01/03 Corporation tax payment for year to 31/05/22 (unless quarterly instalments apply) 19/03 PAYE & NIC deductions, and CIS return and tax, for month to 05/03/23 (due 22/03 if you pay electronically) 01/04 Corporation tax payment for year to 30/6/22 (unless quarterly instalments apply) 05/04 End of 2022/23 tax year – many […]
It’s not too late to undertake some end of year tax planning. If you have available funds, an obvious tax planning point would be to maximise your £20,000 ISA allowances for the 2022/23 tax year. You might also want to consider increasing your pension savings before 5 April 2023, if you have available ‘pension annual […]
As well as charging interest on tax paid late, HMRC may also now levy a penalty where there is an error in a tax return. These penalties may be judged as careless or deliberate and the level of penalty will also depend upon whether or not; the taxpayer has been upfront, making unprompted disclosures to […]
Following on from the alleged abuse of the Research and Development (R&D) tax relief schemes, particularly the SME tax credit scheme, HMRC have issued so-called “nudge” letters to the directors of over 2,000 claimant companies asking them to check their claims. Here is an extract from the letter:- “As Company Director, it’s important you submit […]
With the UK economy continuing to face a difficult period ahead the Chancellor is under pressure to announce measures to stimulate growth. There are calls for him to cut corporation tax which is scheduled to increase from 1 April 2023, and he may also extend the 130% super-deduction for investment in new plant and machinery which […]
The Bank of England Monetary Policy Committee announced on 2 February 2023 that it would increase the Bank of England base rate to 4% from 3.5%. As a consequence of the change in the base rate, HMRC interest rates for late payment and repayment will increase. These changes will come into effect on: 13 February 2023 for […]
Employers should be aware that all minimum wage rates increase on 1 April of each year. This includes all National Minimum Wage rates and the National Living Wage rate. See the table below that shows the current minimum wage rates and new rates from April 2023: Current rate (since April 2022) New rate from […]
Date What’s Due 01/02 Corporation tax payment for year to 30/4/22 (unless quarterly instalments apply) 19/02 PAYE & NIC deductions, and CIS return and tax, for month to 5/02/23 (due 22/02 if you pay electronically) 28/02 5% surcharge added to the outstanding balance of tax and national insurance due to be paid on 31 January […]
The government are committed to a number of important changes to Research & Development (R&D) tax relief from 1 April 2023. It also looks increasingly likely that the two existing systems will be merged into a single system in future years and we are hoping for greater clarification in the March 2023 Budget. We already […]
