During the COVID pandemic the government relaxed the conditions to enable those working from home to be paid £6 a week tax free by their employer, or, where that was not paid by the employer, they could claim relief for £6 a week against their employment income for a tax refund from HMRC. Those relaxed […]

HMRC frequently warn taxpayers that when a tax avoidance scheme looks “too good to be true”, it probably is. They publish “Spotlights” on their website to alert taxpayers of schemes being marketed by promoters that are under scrutiny, and, in their opinion, do not work. Tax avoidance schemes need to be notified to HMRC under […]

Date What’s Due 01/07 Corporation tax payment for year to 30/9/22 (unless quarterly instalments apply). 05/07 Last date for agreeing PAYE settlement agreements for 2022/23 employee benefits. 05/07 Deadline for agents and tenants to submit returns of rent paid to non-resident landlords and tax deducted for 2022/23. 06/07 Deadline for forms P11D and P11D(b) for […]

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 […]