If you have children under 12 who attend a nursery, after school club, playscheme or childminder, or you are considering sending them to a summer camp, you should think about setting up a tax-free childcare account. The government adds 25% to the amounts that you save in the account – up to £2,000 for each […]

When a holding company sells shares in a subsidiary, the VAT incurred on the professional fees involved would normally be irrecoverable, on the basis that a sale of shares is an exempt supply. In a recent case a hotel group argued that a subsidiary was sold in order to finance the completion of construction of […]

Date What’s Due 01/07 Corporation tax payment for year to 30/9/23 (unless quarterly instalments apply) 05/07 Last date for agreeing PAYE settlement agreements for 2023/24 employee benefits 05/07 Deadline for agents and tenants to submit returns of rent paid to non-resident landlords and tax deducted for 2023/24 06/07 Deadline for forms P11D and P11D(b) for […]

P11d forms for reporting expenses and benefits in kind provided to employees and directors in 2023/24 need to be submitted by 6 July 2024. Note that paper forms are no longer acceptable; the return must be made online using PAYE Online for employers or commercial software. Remember that reimbursed expenses no longer need to be […]

The deadline for reporting shares and securities and share options issued to employees for 2023/24 is 6 July 2024. This is the same as the deadline for reporting expenses and benefits provided to employees on form P11d for 2023/24. Employers must submit their employment related securities annual returns online and attach the appropriate spreadsheet template […]

Where a company car is provided for use by an employee or director there is a benefit in kind taxable on the employee based on the original list price of the vehicle multiplied by the CO2 emissions percentage for that vehicle. There is an additional benefit in kind where private fuel is paid for by […]

HMRC have announced that the official rate of interest will remain at 2.25% for 2024/25, despite the Bank of England Base Rate currently standing at 5.25%. 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 […]

As mentioned above the HMRC rate of interest on beneficial loans looks very attractive compared to the Bank of England Base rate of 5.25%, 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 […]

The table below sets out the HMRC advisory furl rates from 1 June 2024. 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 […]

Date What’s Due 01/06 Corporation tax payment for year to 31/8/23 (unless quarterly instalments apply) 19/06 PAYE & NIC deductions, and CIS return and tax, for month to 5/06/24 (due 22/06 if you pay electronically) 01/07 Corporation tax payment for year to 30/9/23 (unless quarterly instalments apply) 05/07 Last date for agreeing PAYE settlement agreements […]