Archives for Updates

HMRC fuel rates March 2023

New rates. Updated advisory fuel rates (AFRs) from 1 March 2023 for fuel costs when using company cars. Engine Size                       Electric per mile        Petrol per mile        LPG per mile      Diesel per mile      1,400cc or less – 13p 10p – 1,401cc to2,000cc – 15p 11p – Over 2,000cc – 23p 17p   1,600cc or less – – – 13p 1,601cc to 2,000cc – – – 15p Over 2,000cc – – – 20p Hybrid cars are treated as either petrol or diesel
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HMRC fuel rates December 2022

New rates. Updated advisory fuel rates (AFRs) from 1 December 2022 for fuel costs when using company cars. Engine Size                       Electric per mile        Petrol per mile        LPG per mile      Diesel per mile      1,400cc or less – 14p 10p – 1,401cc to2,000cc – 17p 12p – Over 2,000cc – 26p 18p   1,600cc or less – – – 14p 1,601cc to 2,000cc – – – 17p Over 2,000cc – – – 22p Hybrid cars are treated as either petrol or diesel
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Growth Plan 2022

The RT Hon Kwasi Kwarteng MP published the government’s Growth Plan 2022 on the 23rd September. It is being labelled as measures to a deliver pro-growth, simplified tax system to support business investment across the UK. Please note however that if your business is in Wales some of the changes don’t affect you as they may be devolved taxes. Measures announced: the Health and Social Care levy to be scrapped.  Therefore reducing National Insurance contributions by 1.25% from 6 November 2022.  This is a UK wide change. basic rate of Income Tax to be reduced to 19% from April 2023.
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HMRC fuel rates September 2022

New rates. Updated advisory fuel rates (AFRs) from 1 September 2022 for fuel costs when using company cars. Engine Size                       Electric per mile        Petrol per mile        LPG per mile      Diesel per mile      1,400cc or less – 15p 9p – 1,401cc to2,000cc – 18p 11p – Over 2,000cc – 27p 17p   1,600cc or less – – – 14p 1,601cc to 2,000cc – – – 17p Over 2,000cc – – – 22p Hybrid cars are treated as either petrol or diesel
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Health and Social Care Levy scrapped

During the mini-budget on 23 September 2022 the Chancellor, Kwasi Kwarteng announced that he was scrapping the Health and Social Care Levy being paid through National Insurance contributions. With effect from 6 November the rates for National Insurance will be cut by 1.25% for both employers, employees and the self-employed. HMRC has previously asked employers to include a generic message on payslips for the 2022-23 tax year to explain the reason for the change to their National Insurance.  This message will not be applicable from 6 November 2022 and employers are urged to make sure that the message does not
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PAYE Liability

If your limited company owes PAYE payments to HMRC some Directors assume that if they close the company the debt “dies”. HMRC are starting to lose patience with some directors who have a series of failed businesses.  Take Michael Eames who was sole director / shareholder of A1 Recovery Portsmouth Limited (A1RP).  The company went it to  liquidation in July 2017 owing HMRC in excess of £100k (plus interest) in unpaid PAYE. Under section 121C HMRC exercised their right to convert the corporate liability to a personal one.  Whilst HMRC made no allegations of fraud they determined that Mr Eames
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HMRC fuel rates June 2022

New rates. Updated advisory fuel rates (AFRs) from 1 June 2022 for fuel costs when using company cars. Engine Size                       Electric per mile        Petrol per mile        LPG per mile      Diesel per mile      1,400cc or less – 14p 9p – 1,401cc to2,000cc – 17p 11p – Over 2,000cc – 25p 16p   1,600cc or less – – – 13p 1,601cc to 2,000cc – – – 16p Over 2,000cc – – – 19p Hybrid cars are treated as either petrol or diesel
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PAYE Settlement Agreements (PSA)

PSAs allow you to make one payment annually to cover tax and National Insurance due on minor, irregular or impracticable expenses or benefits for your employees. Minor expenses include: Incentive awards, for example for long-service Telephone bills Small gifts and vouchers Staff entertainment, for example a ticket to an event Non-business expenses while travelling overnight on business that are over the daily limit of £5 per night for travel within the UK and £10 per night for travel outside of the UK You will not need to include trivial benefits in your PSA if all of the following apply and
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HMRC fuel rates March 2022

New rates. Updated advisory fuel rates (AFRs) from 1 March 2022 for fuel costs when using company cars. Engine Size                       Electric per mile        Petrol per mile        LPG per mile      Diesel per mile      1,400cc or less – 13p 8p – 1,401cc to2,000cc – 15p 10p – Over 2,000cc – 22p 15p   1,600cc or less – – – 11p 1,601cc to 2,000cc – – – 13p Over 2,000cc – – – 16p Hybrid cars are treated as either petrol or diesel
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Spring Statement – what would we like to see?

23 March is the date set for the mid-year Spring Statement, being delivered by the chancellor Rishi Sunak. What, if anything, can we expect? UK families are facing the worst cost-of-living crisis for decades and we need Rishi to do more to help, and not just those on benefits.  The forgotten employed that are earning “just enough” but don’t qualify for benefits. It appears that he is under pressure to abandon the 1.25% increase to NI rates but realistically, if spent in the right way, is needed by the NHS.  I’m skeptical that it will be spent increasing the number
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