26-Sep-2024
Plan 1 student loan interest rate to change to 6%
The Plan 1 student loan interest rate reduced to 6% (from 6.25%) from 30 August. This rate change applie across the UK with the Department for Education (DfE), the Welsh Government and the Department for the Economy in Northern Ireland (DfE NI) all confirming the change. The reduction follows the Bank of England Base Rate […]
20-Sep-2024
HMRC checking on workplace nurseries
With the ever-increasing costs of childcare, a very attractive benefit provided by more and more employers is a creche or nursery for employees’ children. If correctly structured, this is a tax-free benefit and will help employers attract and retain staff. Larger employers may provide an on-site nursery but for smaller employers it is more common […]
16-Sep-2024
Advisory fuel rate for company cars
ADVISORY FUEL RATE FOR COMPANY CARS 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. Where there has been a change the previous rate is shown in brackets. You can also continue to use the previous […]
13-Sep-2024
SHOULD YOU PASS ON WEALTH NOW TO AVOID INHERITANCE TAX?
Many wealthy individuals are apparently passing on substantial amounts of their wealth in anticipation of possible changes to inheritance tax (IHT) in Labour’s first Budget on 30 October. This allegedly includes a number of high-profile individuals such as TV presenter Anne Robinson who confirmed that she had passed on £50 million to her children and […]
06-Sep-2024
September and October Tax Deadlines
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 […]
30-Aug-2024
Need to register for Self Assessment? Top 5 myths debunked
Anyone who needs to complete a Self Assessment tax return for the first time to cover the 2023 to 2024 tax year, should tell HM Revenue and Customs (HMRC) by October 5th 2024. There are plenty of myths about who needs to file a Self Assessment return before the 31 January 2025 deadline and HMRC […]
08-Aug-2024
Beware the 60% income tax trap
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 […]
01-Aug-2024
PLANNING A STAFF SUMMER BARBEQUE?
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 […]
19-Jul-2024
New VAT registration tool released by HMRC
HM Revenue & Customs have released a new tool designed to help businesses find out what VAT registration would mean for their business. VAT registration becomes mandatory if: your total taxable turnover exceeds £90,000 over the previous 12 months. you expect your taxable turnover to go over £90,000 in the next 30 days. you’re based […]
16-Jul-2024
Exploring finance options for small businesses: A guide to fuelling growth
Shawbrook Bank recently conducted research that indicated that half of small business owners have had to raid their savings to fund their businesses. Its survey found that small businesses applying for finance from lenders over the last year said that it didn’t meet their needs. So, they were using savings and credit cards to provide […]
