Spring statement highlights
Chancellor Rishi Sunak gave his Spring Statement on 23 March 2022. The chancellor referred to the on-going war in Ukraine and how he is considering the UK’s responses to that war and to our security in that respect and in the state of our economy. The chancellor confirmed that “We stand with Ukraine”, however actions […]
P11D – Expenses and benefits
If an employer provides expenses or benefits to employees or directors, then at the end of the tax year you’ll usually need to submit a P11D form to HM Revenue and Customs for each employee you’ve provided with expenses or benefits. This also includes payments or benefits made to any members of their families, like spouses or […]
Auto-enrolment pensions (Updated April 2023)
Automatic enrolment is when an employee who meets certain requirements is made a member of a workplace pension scheme without needing to ask to be part of it. In the past, it was up to workers to decide whether they wanted to join their employer’s pension scheme but since 2012, employers have been required to […]
Selling A Property – New rules – UK
New rules mean that UK residents with capital gains tax to pay on the sale of UK residential property must report and pay this to HMRC within 60 days. The new rules apply to all UK residents who exchange contracts on the sale of UK residential property on where there is some capital gains tax […]
The Making Tax Digital Income Tax Self-Assessment (MTD ITSA)
Introduction The Making Tax Digital Income Tax Self-Assessment (MTD ITSA) legislation will apply to all sole trader businesses and landlord’s whose turnover is more than £10,000. The definition of turnover is amount received before applying expenses. If an individual has a trade and a rental property, they are required to add the turnover from each of these […]
HMRC Meal Allowance Rates
Employers wishing to pay or reimburse travel expenses may use the meal allowance benchmark rates, these are the amounts that employees can spend while on work trips for meals and have no tax or NI implications where the relevant qualifying conditions are met. These rates are the maximum tax and NICs free amounts that can […]
Expenses rates for employees travelling outside the UK
You can reimburse subsistence to employees by making a scale rate payment using the rates below. These rates are the maximum tax and NICs free amounts that can be paid by employers who choose to use the system. An employer can pay less than these rates if it wants to do so. If a higher payment over […]
IR35: What is it and are you affected?
IR35 is HMRC’s intimidating term for “off payroll working”. This is essentially any work engagement where an intermediary such as a limited company owned by an individual takes on a contract that under any other circumstance would be an employment. This would be done generally to reduce taxes for both parties. What are the IR35 […]
Investors’ Relief: What is it and do you qualify?
An Introduction to Investors’ Relief Investors’ relief is a relatively new scheme (introduced in 2016) that draws many parallels from Business Asset Disposal Relief (BADR- formerly Entrepreneur’s Relief). To claim BADR you need to own more than 5% of voting and ordinary shares, which becomes problematic as this automatically disqualifies all but a few individuals. […]
Self-Assessment HMRC Deadlines and Penalties
Deadlines HMRC must receive your tax return and any money you owe by the following deadlines – If you want HMRC to automatically collect tax you owe from your wages and pension, you must be eligible and submit your online return by 30 December. Penalties There are 2 types of penalties, late filling penalty if […]