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Advisory Fuel Rates For Company Cars March 2022

HMRC have again increased the advisory fuel rates that apply for the reimbursement of employees’ private fuel for their company cars. The new rates apply from 1 March 2022, but you can continue to use the previous rates for up to 1 month from the date the new rates apply. Where there has been a […]

Read more March 11th, 2022

Don’t Lose Your 2021/22 Personal Allowance

For every £2 that your adjusted net income exceeds £100,000, the £12,570 personal allowance is reduced by £1. Pension contributions and Gift Aid can help to reduce adjusted net income and save tax at an effective rate of 60%. The restriction applies between £100,000 and £125,140 adjusted net income. Consider a salary sacrifice scheme Another […]

Read more March 10th, 2022

Are you selling your business?

Planning to sell your business? Now that the economy is starting to recover, this could be a good time to think about selling your business. Remember that under the current capital gains rules, the first £1 million of an individual’s gains potentially qualify for a 10% rate of tax, provided business asset disposal relief applies. […]

Read more March 9th, 2022

2022/23 National Insurance Bands

Unless the Chancellor makes an announcement to the contrary on 23 March, which is very unlikely, the rates of National Insurance Contributions for workers and employers increase by 1.25% from 6 April 2022. This is to provide extra funding for health and social care and will become a separate Levy from 2023/24 The starting thresholds […]

Read more March 8th, 2022

Changes To Accounting For VAT On Imports

HMRC have recently updated their guidance for VAT registered importers. These traders must account for postponed import VAT on their VAT returns for the accounting period which covers the date they imported the goods. The normal rules apply for what VAT can be reclaimed as input tax and the trader’s monthly statement will contain the […]

Read more March 8th, 2022

Payrolling Benefits In Kind

HMRC are encouraging more employers to payroll employee benefits in kind rather than declaring benefits on the end of year P11d forms. If employers haven’t already done so they should register online with HMRC on or before 5 April 2022 to payroll employee benefits for the upcoming 2022/23 tax year.The advantages of payrolling benefits in […]

Read more March 7th, 2022

Missing Out On Help With Childcare Costs?

The government are concerned about the lack of takeup of tax-free childcare accounts, with HMRC estimating that only about 25% of families eligible for the scheme had joined. With many parents returning to work following the pandemic, they should be encouraged to set up a tax free childcare account to help with their childcare costs. […]

Read more March 7th, 2022

VAT Rates for hospitality sector due to increase from 1 April

Early in the COVID-19 pandemic, the Chancellor reduced the rates of VAT for the leisure and hospitality sector to just 5%. That reduced rate applied from 15 July 2020 until 30 September 2021 when the rate was increased to the current 12.5%. However, the rate is scheduled to revert to the normal 20% rate from […]

Read more March 4th, 2022