These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 December 2020. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 10p 7p 1600cc or less 8p 1401cc to 2000cc 11p (12p) 8p 1601 to 2000cc […]
As previously mentioned, the new VAT rules are finally due to come into effect this March which will impact on accounting for VAT for transactions in the construction sector. These new rules, which were originally scheduled to start back in October 2019, have already been delayed twice as there was a lack of awareness of […]
At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2020/21 tax year (currently £20,000 each). You might […]
HMRC have announced that they will be imposing penalties of up to 100% of the amounts overclaimed on businesses so make sure that your claims are correct. The penalties depend on whether or not the overclaim is the result of a deliberate error and whether or not the disclosure was prompted by HMRC. The penalty […]
HMRC have recently announced that employers may arrange a “virtual” Christmas party this year and there will be no taxable benefit for employees provided that all staff are invited and the cost per head does not exceed the normal £150 limit. In addition to this, remember that certain gifts to staff at Christmas are also […]
Where possible taxpayers should “Gift Aid” any payments to charity to provide additional benefit to the charity. Higher rate taxpayers obtain additional tax relief on the grossed up amount donated. For example, where an individual makes a £20 cash donation to charity the charity is able to reclaim a further £5 from HMRC making a […]
With more of us working from home there is good news from HMRC that employees can now make a claim for tax relief to cover some of their costs while they are working from home. The previous rule for employees was that there had to be a home working arrangement with their employer under which […]
In the March 2021 Budget it was announced that CGT Entrepreneurs’ relief (ER) was replaced by CGT Business Asset Disposal relief (BADR) for disposals on or after 11 March 2020. It was also announced that the 10% CGT rate would only apply to the first £1 million of qualifying gains in the taxpayer’s lifetime and […]
You may have seen in the newspapers that Airbnb will share data with HMRC about the earnings of hosts (those who let out property) on its UK platform in the years 2017/18 and 2018/19. It is anticipated that HMRC will use this data to open enquiries into the tax affairs of individuals who have not […]
Date What’s Due 1/11/20 Corporation tax for year to 31/01/2020 unless quarterly instalments apply 19/11/20 PAYE & NIC deductions, and CIS return and tax, for month to 5/11/20 (due 22/11 if you pay electronically) 1/12/20 Corporation tax for year to 28/02/2020 unless quarterly instalments apply 19/12/20 PAYE & NIC deductions, and CIS return and […]
