Archives for Updates

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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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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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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We like to keep our clients as informed as much as possible in the ever changing world of taxes and business administration, in this Newsletter Volume 4 we cover the following: Statutory Sick Pay Rebate Scheme Our 2022 news Say hello to Making Tax Digital for VAT Charitable endeavours If you have any questions or we can help you with anything, please contact us and we’ll be happy to have a chat, even if you aren’t a client. *Click the link to access the newsletter. It will download as a pdf.
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Midas Group – The potential failure of Midas Group, which would encompass, Midas Construction Limited, Mi-Space (UK) Limited and Midas Commercial Developments Limited and it appears that notice of intention to appoint Administrators is still in place plus a number of local authorities in the South West have written to Government asking for them to step in and prevent the Group falling into Administration. We should know whether this appeal is successful this week. ·         Bounce Back Loans – Moving onto other topics, given the National insurance increase, recent energy price increases, inflation potential rising and interest rates being increased,
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The Federation of Small Businesses (FSB) has calculated that the Making Tax Digital initiative, which the Government believes is ‘making is easier for individuals and businesses to get their tax right’ will actually increase the admin burdens for small businesses. Small businesses are spending on average £4,100 and 52 hours a year on tax compliance.  The majority of the costs are attributed to the need to purchase or subscribe to Making Tax Digital (MTD) compatible software.  Many business owners aren’t computer savvy and therefore they are spending a big proportion of their time learning new processes rather than concentrating on
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The Coronavirus pandemic has illuminated chronic problems in our health and social care system.  It has been estimated that it may take a decade to return to pre-pandemic levels and to clear the backlog created by Covid.  I think some honesty is due here though, the NHS has been floundering for many years and even before the pandemic there were issues in both the NHS and in adult social care with more people suffering medical conditions having to contribute to the cost of their social care. The current Government has pledged to support the NHS using the same approach as
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New rates. Updated advisory fuel rates (AFRs) from 1 June 2021 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 – 11p 8p – 1,401cc to2,000cc – 13p 9p – Over 2,000cc – 19p 17p   1,600cc or less – – – 9p 1,601cc to 2,000cc – – – 11p Over 2,000cc – – – 13p Hybrid cars are treated as either petrol or diesel
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Part 4 We are often asked by our clients how they can best extract profits from their company without falling foul of the dreaded Tax Man. Completing company accounts is not and should never be just about ticking the compliance box for the company, it should also be about the owner’s aspirations.  That is why during our regular reviews with our clients we look at where the business is, there the Director/Owner is, what they want to achieve and how we can help them reach those goals. In this instalment we look at withdrawing funds through – company pension funds.
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