A reminder that if your business makes a loan to your employees or their relatives this can create tax problems for both employees and employers. And please don’t forget that the term “employee” includes directors, and also that loans to family members may be caught. For example, the employer will have an obligation to report a beneficial loan to HMRC (and pay Class 1A NIC) and the deemed benefit would

As we have mentioned before in this newsletter, VAT returns filed for periods commencing on or after 1 April 2019, may need to be filed using the new Making Tax Digital (MTD) protocols. The new filing obligations will apply to VAT registered businesses with turnover above the current VAT registration limit, £85,000. To comply with MTD firms will need to file their returns – for periods commencing on or after

From April 2019, minimum pay rates will increase as set out below. National Living Wage (NLW) rates for workers aged 25 and over – from £7.83 to £8.21 per hour. National Minimum Wage rates: workers aged 21–24 — from £7.38 to £7.70 per hour workers aged 18–20 — from £5.90 to £6.15 per hour workers aged 16–18 — from £4.20 to £4.35 per hour apprentice rate — from £3.70 to

It is a commonly held point of view that when you sell your home you won’t pay any tax, and in particular, that you won’t pay any Capital Gains Tax on the difference between the purchase and sales prices. Unfortunately, there are circumstances when this is not true. For example, you may have some tax to pay if you have let all or part of your house for part of

  1/04 Corporation tax payment for year to 30/6/18 (unless quarterly instalments apply) 1/04 MTD for VAT starts to apply to VAT record keeping and VAT reporting for return periods commencing after this date (unless deferral to 1 October 2019 applies) 6/04 Start of 2019/20 tax year. 6/04 New workplace pension limits apply, 5% from the worker and 3% from the employer, an overall minimum of 8% of earnings 19/04

This new charge will apply to certain loans to directors and employees that are still outstanding at 5 April 2019 and new arrangements put in place after that date. The charge affects arrangements involving loans made via Employee Benefit Trusts (EBTs) and similar disguised remuneration schemes adjudged by HMRC and the courts to be tax avoidance and liable to PAYE and National Insurance Contributions. There are new reporting and payment

In line with recent reductions in fuel prices, HMRC have reduced their suggested reimbursement rates for employees’ private mileage using their company car from 1 March 2019. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 11p (12p) 7p (8p) 1600cc or less 10p 1401cc to 2000cc 14p (15p) 8p (10p) 1601 to 2000cc 11p (12p) Over 2000cc

In the Autumn Budget the Chancellor announced that the “off payroll” workers rules that currently apply in the public sector would be rolled out to the private sector in 2020. The government has now issued a consultation paper that sets out proposed tax and national insurance changes that will impact on those supplying their services through personal service companies. End users will be required to determine whether the rules apply

Despite the continuing uncertainty surrounding Brexit the Chancellor delivered his Spring Statement on 13 March. The purpose of this statement is to update the House of Commons and the country on the state of the economy; it is not intended to include any major tax announcements, and none were made by the Chancellor. As already announced, the personal allowance and the higher rate tax threshold will increase on 6 April

High performance organisations stimulate more effective employee involvement and commitment in order to achieve increased profits, improved productivity and higher levels of customer loyalty. We are living in uncertain times. The highest performing businesses will, by their very nature, ride out the storm more effectively than their competitors. So how do you create a high performance organisation? A truly high performance business will deliver higher levels of productivity, customer satisfaction,