Limited Companies
New National Living Wage and National Minimum Wage Rates
When did the changes come into effect? 1 April 2021 What are the new rates? What’s changed? The National Living Wage (NLW) will now apply to employees aged 23 and above! The previous age of eligibility was 25, but the
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The IR35 Private Sector Rollout Explained
Since the start of the month and much noise in the media regarding the changes to IR35 in the private sector, we have been inundated with questions relating to this subject. We are not IR35 specialists, and would always recommend
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VAT Deferral New Payment Scheme – Open
Just a reminder to everyone that if you deferred payment for VAT falling due for periods between 20 March and 30 June 2020, you can now make these payments or sign up for the new VAT Deferral Payment Scheme. Unfortunately
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Outsourced Bookkeeping and Finance
I’m very excited to announce our newest team member who is joining us on Monday 1st of March, in a brand new role as Outsourced Client Services Manager… Sarah is an experienced ACA qualified Chartered accountant from Poynton, where she lives
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Deferred VAT Payments
In March 2020 many businesses took advantage of HMRC’s offer to defer paying VAT due for periods ending 28 February, 31 March, or 30 April 2020 until 31 March 2021. Since then, with the pandemic lasting much longer than could
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Virtual Christmas parties will qualify for tax exemption
HMRC has confirmed that they will accept a virtual Christmas party as an event which is capable of falling within the tax exemption rules for annual functions. The Association of Taxation Technicians (ATT) has received the following statement from HMRC:
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Gifts to employees can be tax-free
Some employers may wish to give a small gift to their employees. As long as the employer meets the relevant conditions, no tax charge will arise on the employee. A tax exemption is available which should help employers ensure that
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Advisory fuel rates for company cars
New company car advisory fuel rates have been published and took effect from 1 December 2020. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply
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Self-assessment taxpayers warned to watch out for scammers posing as HMRC
HMRC is warning self-assessment taxpayers to be alert to the danger of scammers posing as the tax authority in the lead up to the tax return deadline. Every year HMRC issues thousands of SMS messages and emails as part of
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HMRC confirms MTD for corporation tax to be mandated from 2026
In a new consultation HMRC has confirmed that Making Tax Digital for corporation tax (MTD for CT) will not be implemented until 2026 ‘at the earliest’. The consultation considers how the principles created for MTD could be established for companies
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£1 million Annual Investment Allowance cap extended
The Treasury has confirmed that the £1 million cap on the Annual Investment Allowance (AIA) is to be extended for an additional year as the government continues to look at ways to stimulate the economy. The AIA provides a tax
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Electric Vehicles – To buy or not to buy??
Or should we say to lease or not to lease?? In the company, or keep it personal?? Have you guessed what I’m talking about yet? Well, probably as it’s in the title, which we have to do from an SEO
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