It is proposed that there will be a 1.25% increase in the rate of tax payable on dividends received by those who own shares in companies. This would mean that after the £2,000 tax-free dividend allowance the rate of tax would be 8.75% for basic rate … Continue reading Do You Take Dividends? Tax Rates Are Set To Increase
As the result of recent increases in petrol and diesel prices, HMRC has increased the advisory fuel rates that apply for the reimbursement of employees' private fuel for their company cars. The same rates apply when the employer reimburses employees … Continue reading Company Car Advisory Fuel Rates Increase
Having listened to stakeholder feedback from businesses and the accounting profession, the government has announced that they will introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned, in the tax year … Continue reading MTD For Income Tax Postponed To 2024/25
With more employees going back to work after the end of CJRS furlough support, they need to start thinking about childcare if they have children. If they haven’t already done so employees should set up a “Tax-Free” Childcare Account to help pay … Continue reading HMRC Support With Childcare Costs
The final deadline for making a claim under the 5th Self-Employment Income Support Scheme (SEISS) is 30 September 2021. The SEIS scheme is only open to those self-employed with annual profits of less than £50,000 and who receive at least half … Continue reading Final Call For SEISS Claims
Redundancy is when you dismiss an employee because you no longer need anyone to do their job. This might be because your business is: changing what it does,doing things in a different way, for example using new machinery, orchanging location or … Continue reading Will the end of furlough mean redundancies in your business?
We have previously mentioned that draft legislation has been published to change the basis periods for the assessment of self-employed profits to coincide with the tax year. The proposed new rules provide that from 2023/24 onwards profits or losses … Continue reading Self-Employed To Suffer BIG Tax Bills in 2022/2023
If you have lost or forgotten your National Insurance number you should try and locate the number on paperwork such as your tax return, payslip, or P60. You can also log in to your personal tax account to view, download, print, save or share a letter … Continue reading DWP Launch Digital National Insurance Registration Service
The division of tips/gratuities received by employees is often met with confusion around exactly WHO is liable for the relevant taxes and contributions. To assist business owners HMRC has published a booklet entitled ‘Tips, Gratuities, Service … Continue reading Guidance On Gratuities
Peter Wade assists in the bookkeeping and payroll department of MJB Avanti. The case study he provides demonstrates the constraints and hassle of HMRC that we have to contend with on a daily basis. This is Peter’s case study with a happy … Continue reading Case Study – Appealing Payroll Penalties
This month we are focusing on: Inheritance and Property Tax And this week are looking at: What Is Inheritance Tax? Inheritance tax is the tax paid on assets (after inheritance tax allowances are deducted) left when someone dies. As Benjamin … Continue reading Terrific Tuesday Tax Tip – What Is Inheritance Tax?
A new pension schemes newsletter has been published by HMRC. The latest edition of the newsletter includes details of the following topics: Relief at source - Excess relief HMRC has allowed pension schemes to report excess relief via interim … Continue reading HMRC Publishes Pension Scheme Newsletter