Leading independent accountancy firm TWP has called on employers to investigate their current wage structure and benefits for directors and staff members in light of important changes. The Surrey-based firm cites recent amendments to pension allowances and the additional rate tax band as reasons for their call to action, and the need to reflect the […]
The deadline for reporting shares and securities and share options issued to employees during 2022/23 is 6 July 2023. This is the same as the deadline for reporting expenses and benefits provided to employees on form P11d for 2022/23. Employers must submit their employment related securities annual returns online and attach the appropriate spreadsheet template […]
HMRC have announced that the official rate of interest will increase from 2% to 2.25% on 6 April 2023. The official rate of interest is used to calculate the income tax charge on the benefit of employment related loans and the taxable benefit of some employment related living accommodation. These rates used to fluctuate in […]
The HMRC rate of interest on beneficial loans looks very attractive compared to the Bank of England Base rate of 4.5% and much higher rates charged by banks for unsecured loans. Note that where loans are made to participators (broadly shareholders) of a close company there is potentially a special tax charge on the company […]
The table below sets out the HMRC advisory fuel rates that apply from 1 June 2023. These are published quarterly these days due to the volatility in petrol and diesel prices in recent years. Where the employer provides an employee with a company car there may be an additional benefit in kind on the provision […]
The table below sets out the HMRC advisory fuel rates from 1 June 2023. These are the suggested reimbursement rates for employees’ private mileage using their company car. Where the employer does not pay for any fuel for the company car these are the amounts that can be reimbursed in respect of business journeys without […]
Where employers reimburse their employees for using their own cars for business journeys the tax – free reimbursement rate continues to be 45p for the first 10,000 business miles and 25p a mile thereafter. There is also an additional 5p per mile per passenger. These rates have not increased for about 10 years! Provided the […]
Date What’s Due 01/06 Corporation tax payment for year to 31/8/22 (unless quarterly instalments apply) 19/06 PAYE & NIC deductions, and CIS return and tax, for month to 5/06/23 (due 22/06 if you pay electronically) 01/07 Corporation tax payment for year to 30/9/22 (unless quarterly instalments apply) 05/07 Last date for agreeing PAYE settlement agreements […]
A common question we are asked at TWP relates to Inheritance Tax (IHT), and more specifically how IHT impacts gifts given by a deceased individual. When it comes to gifting and IHT, there are several important things to consider: The seven-year rule What gifts IHT is paid on How IHT on gifts is paid Exemptions […]
Thursday’s Bank of England base rate rise is the 12th rate hike in a row since December of 2021. This continues the BoE’s response to record inflation and represents really the only measure in its armoury to keep consumer spending under control. The jobs market in the UK has remained remarkably resilient and this might […]
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