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 […]
The Employment Allowance (EA) is a £5,000 allowance set against employer National Insurance Contributions (NICs) and has to be claimed each tax year by qualifying employers. The EA was increased from £4,000 to £5,000 this tax year to help to soften the blow of the 1.25% increase in employer contributions, now calculated at 15.05%. If […]
The shortage of semiconductors has meant long delays in the delivery of new cars. This has caused many company car drivers to choose a second hand car instead, but what are the tax consequences? Unless the car has zero emissions, the capital allowance rules are the same for new and used cars bought by the […]
Many employers and employees have been putting in place salary sacrifice arrangements to give up some of their contractual salary in exchange for additional pension contributions or an electric company car. In these specific cases and if correctly structured, the employee is taxed on the lower of the taxable benefit and the salary foregone. In […]
When a married couple or civil partners separate, tax planning is understandably not at the top of the list of their thoughts. However, a ‘no gain/no loss’ rule allows capital assets to be transferred between them free of capital gains tax (CGT) up to the end of the tax year in which they permanently separate. […]
Unbelievably there were very few changes to the HMRC advisory fuel rates from 1 March 2022, which may not have been your experience at the filling station! Now that the increased prices have fed through into the HMRC calculations there are some significant increases from 1 June 2022, as set out in the table below. […]
Date What’s Due 01/06 Corporation tax for year to 31/8/21 (unless pay quarterly) 19/06 PAYE & NIC deductions, and CIS return and tax, for month to 5/6/22 (due 22/06 if you pay electronically) 01/07 Corporation tax for year to 30/9/21 (unless pay quarterly) 05/07 Last date for agreeing PAYE settlement agreements for 2021/22 employee benefits […]
With many traditional saving and investment products offering smaller returns, there is a growing appetite among investors to sink their money into the ‘next big thing’. How many of us wish we could go back to the 80s and put money into Apple or Microsoft stocks? Perhaps some of us dream of buying Bitcoin back […]
The latest figures from the Office for National Statistics (ONS) show that four out of every five workers is now saving into a pension – in large part due to auto-enrolment. Since auto-enrolment was introduced the proportion of private-sector workers saving in a workplace pension scheme has more than doubled from 32 per cent to […]
According to a new analysis of bank records, savers could be missing out on billions of pounds of cash in forgotten bank accounts. The research, conducted by Gretel, has estimated that there is around £4.5 billion sitting within lost bank accounts in the UK – with the average saver missing out on up to £450. […]
The quality of our advice has seen us accredited with coveted Platinum Partner status by Xero – a leading provider of accounting software.
The quality of our advice has seen us accredited with Gold Partner status by FreeAgent – a leading provider of accounting software.
Request a call back