This Bulletin is aimed at company car drivers (and their employers) who are not provided with fuel for private mileage HM Revenue and Customs (HMRC) have updated their advisory fuel rates for company cars with effect from 1 December 2023. The rates are intended to give guidance to employers about what is an acceptable fuel allowance to reimburse employees for use of...
Autumn Statement Summary 2023
The Chancellor of the Exchequer, Jeremy Hunt, has delivered his Autumn Statement to the House of Commons. The government continues to be faced with challenging economic conditions as the cost of living crisis continues to affect many families across the UK. The Chancellor, however, had some good news with inflation falling to 4.6% in October, down from a peak of over...
Autumn Statement wish list
On the 22nd November, the Chancellor delivers his Autumn Statement 2023. Presumably, we should expect some give-aways as 2024 is an election year, although the real platform for potential easing of tax rates will probably be deferred until the Spring Budget 2024. Larger corporations have lobbied to make the “Full Expensing” of capital expenditure, i.e., no limits on the 100% write-off...
A billion pounds of business red tape to be removed
British businesses could save up to £1 billion a year as the Government confirms plans to remove unnecessary and outdated bureaucracy following our exit from the EU. The Government has announced amendments to several retained EU laws to ensure UK regulations are brought up to date and tailored to the needs of businesses, freeing up firms to refocus their time and...
Second cost of living support payments
The second cost of living support payment of £300 is currently being processed. Most individuals receiving Department for Works & Pensions benefits will receive their payment of £300 between 31 October and 19 November. Recipients of Tax Credits should be paid between 10th and 19th of November. Who is eligible? Households on the following means-tested benefits will receive £900 in three instalments during...
Could you be due a sizable tax refund?
An unlikely organisation is promoting a way for its members to benefit from a claim for the Marriage Tax Allowance. For relevant couples, this can be worth £252 a year. Charlie Bethel, Chief Officer, UK Men’s Sheds, said: “If you have retired and your partner is still working, you may not realise that you could apply for Marriage Allowance. As a charity...
How to reward your staff and not the taxman
Whether we like it or not, the countdown to Christmas has officially started. And that means you may be thinking about treating your staff with a Christmas gift or an office party. But before you get carried away, it is important to look at the tax implications to ensure you are not gifting the taxman. Giving Christmas gifts and hosting parties for...
Boost your savings with government top-ups
Low-income earners are being encouraged to sign up to Help to Save to boost their savings by 50 per cent with government support. Existing customers have received £146 million in bonus payments since the scheme launched in September 2018 and HM Revenue and Customs (HMRC) is urging individuals to take advantage of the generous savings scheme. Help to Save is the government...
Electric charging of company vehicles at home base
HMRC has published revised guidance concerning the charging of company cars and vans at residential properties. HMRC had previously maintained that the reimbursement of costs in relation to charging a company car or van at a residential property was a taxable benefit. This advice seemed at odds with the exemption on payments and benefits provided in connection with company cars...
Reporting early payment of wages before Christmas
There is a permanent easement in place for employers to report PAYE information in real time over the Christmas period. This can be for a number of reasons, for example, during the Christmas period the business may close meaning workers need to be paid earlier than normal. Employers that pay wages early over the Christmas period should report their normal or...