The table below sets out the HMRC advisory fuel rates from 1 September 2024. These are the suggested reimbursement rates for employees’ private mileage using their company car. Engine Size Petrol Diesel LPG 1400cc or less 13p (14p) 11p (11p) 1600cc or less 12p (13p) 1401cc to 2000cc 15p (16p) 13p (13p) 1601 to 2000cc […]

Date What’s Due 1 September Corporation tax for year to 30/11/23 unless pay by quarterly instalments 19 September PAYE & NIC deductions, and CIS return and tax, for month to 5/9/24 (due 22 September if you pay electronically) 1 October Corporation tax for year to 31/12/23 unless pay by quarterly instalments 5 October Deadline for […]

It has recently been reported over half a million taxpayers paid a marginal income tax rate of 60% in 2022/23, up by 23% from the number in 2021/22. This marginal rate applies where an individual’s adjusted net income falls between £100,000 and £125,140, where every £2 income over £100,000 reduces the £12,570 personal allowance by […]

Tax-Free Childcare accounts can be used to pay for approved childcare for children aged 11 or under, or 16 if the child has a disability. This can include paying for a summer holiday club or childminder. The account can also be used to pay nursery fees, to pay for breakfast or after school clubs in […]

Employers may meet the cost of certain social events for staff without creating a tax liability. This used to be a concession but is now a statutory exemption provided certain conditions apply. The exemption applies to an “annual party or similar function” provided it is available to all employees or available generally to those at […]

The State Opening of Parliament took place on 17 July and the King’s Speech set out the measures that the government intends to introduce during the next session of parliament. Other than a mention of the proposal to remove the VAT exemption for private school fees (which we covered in a previous edition of this […]

The government has now issued the draft legislation to abolish the special tax treatment of furnished holiday lettings (FHL) with effect from 6 April 2025 for individuals (1 April 2025 for corporation tax). This change will remove the tax advantages that current FHL landlords have received over other property businesses in 4 key areas by: […]

On 29 July 2024, the Chancellor announced that as of 1 January 2025, all education services and vocational training supplied by a private school, or a connected person, for a charge will be subject to VAT at the standard rate of 20%. Boarding services provided by a private school, or a connected person, will also […]

Date What’s Due 01/08 Corporation tax payment for year to 31/10/23 (unless quarterly instalments apply) 19/08 PAYE & NIC deductions, and CIS return and tax, for month to 5/08/24 (due 22/08/24 if you pay electronically) 01/09 Corporation tax for year to 30/11/23 (unless quarterly instalments apply) 19/09 PAYE & NIC deductions, and CIS return and […]