Our new government will be in place by the 4th of July 2024, two days old on the 6th of July, unless there is an unexpected draw, and a re-run is required. But the 6th is a deadline that company car drivers would be wise to note. Does your employer pay for private fuel? If the answer is yes then you are potentially...
6th July 2024 – a potential deadline for company car drivers
Our new government will be in place by the 4th of July 2024, two days old on the 6th of July, unless there is an unexpected draw, and a re-run is required. But the 6th is a deadline that company car drivers would be wise to note. Does your employer pay for private fuel? If the answer is yes then you are potentially...
More protection if buying online
The Digital Markets, Competition and Consumers Act has become law after receiving Royal Assent. The Act paves the way to give consumers rights across the UK, with greater control and clarity over online purchases. It does this by requiring businesses to provide clearer information to consumers before they enter a subscription contract, remind consumers that their free trial or low-cost trial is...
Muras Matters: Benefits of Filing Your Tax Return Early
Background Individuals who are required to submit a self-assessment tax return to HM Revenue & Customs (HMRC) will be familiar with the deadline of 31 January following the end of a tax year as the final due date for submission. Many taxpayers submit their return much earlier than the deadline date and whilst one advantage is that it relieves the stress...
Tax when selling your home
According to HMRC, you would normally have to pay Capital Gains Tax (CGT) on any gain you make if you dispose of: a dwelling house (which can include a house, flat, houseboat or fixed caravan) which is your home; part of a dwelling house which is your home; or part of the garden attached to your home. However, you will be entitled to full...
Gender Pay Gap Reporting obligations
The full details of which organisations are required to report on gender pay gap data are published by the Government Equalities Office. The latest statutory guidance was updated 9 January 2024. An abstract of the definitions of who needs to report is set out in statutory guidance at https://www.gov.uk/government/publications/gender-pay-gap-reporting-guidance-for-employers/who-needs-to-report. The opening summary is reproduced below: “Any employer with 250 or more employees on...
Muras Matters: Employment Related Securities – Annual Reporting
Background Where an individual acquires or receives a security in a company, either in the form of shares or other type of security, by virtue of their employment then it falls under the legislation of Employment Related Securities (“ERS”). Companies have a requirement to report to HM Revenue & Customs (HMRC) in respect of almost all share and securities acquisitions in any circumstances by a director, company...
Competitive disadvantages
The new Economic Crime and Corporate Transparency Act mandates that small companies and micro-entities will have to file at Companies House accounts, that for the first time, will need to include a profit and loss account. Apparently, there is concern that a registered, smaller concern has not previously been required to file reports that disclose its turnover. The form and detail of...
Providing living accommodation to employees
If you provide free accommodation to employees the deemed benefit is taxable, and you will have to pay Class 1A NIC based on the value of the benefit provided. What’s exempt? You will not have to report the cost to HMRC if any of the following apply: If it is domestic or personal. Accommodation is exempt if you are an employer who is...
Muras Matters: Investors’ Relief
Background Business Asset Disposal Relief (BADR), formerly Entrepreneurs’ Relief, is an often utilised capital gains tax (CGT) relief enabling investors to pay the lower rate of 10% tax, subject to a lifetime limit of £1 million, on gains from the disposal of shares in their business. However, Investors’ Relief is a similar CGT relief which is often overlooked, and has a...