Advisory Fuel Rates from 1 June 2024

Fuel rates from 1 March 2022

From 1 June 2024, the advisory fuel rates to be used by employees when claiming back mileage using a company car are as follows: Engine size Petrol – rate per mile LPG – rate per mile 1400cc or less 14 pence 11 pence 1401cc to 2000cc 16 pence 13 pence Over 2000cc 26 pence 21 pence Engine size Diesel – … Read More

Budget For Long Term Growth – Spring 2024

INDIVIDUALS Personal Tax and National Insurance National Insurance The Chancellor announced a further cut in employee national insurance by 2p from 10% to 8% from April 2024. This is on top of the cut already in place from January 24 announced in the Autumn Statement 23 which reduced the NIC from 12% to 10%. Both of these cuts combined this … Read More

Advisory Fuel Rates from 1 March 2024

Fuel rates from 1 March 2022

From 1 March 2024, the advisory fuel rates to be used by employees when claiming back mileage using a company car are as follows: Engine size Petrol – rate per mile LPG – rate per mile 1400cc or less 13 pence 11 pence 1401cc to 2000cc 15 pence 13 pence Over 2000cc 24 pence 21 pence Engine size Diesel – … Read More

Key tax & accounting deadlines to 31 May 2024

With the end of the tax year approaching, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. March 2024 1 March – Deadline for corporation tax payment for accounting period ended 31 May 2023 1 March – Updated advisory fuel rates published 7 March – VAT returns and payments for quarter ended 31 January 2024 14 March … Read More

Inheritance Tax Planning Ahead of the New Tax Year

approaching tax & accounting deadlines

Inheritance tax (‘IHT’) planning takes many years to implement and as such, if your estate is likely to be impacted by IHT, it is important to review on a regular basis. With the tax-year coming to a close, we have highlighted some important things for you to consider: Review Your Estate The first step in planning for IHT is to … Read More

PRE YEAR END TAX PLANNING FOR INDIVIDUALS

What You Should be Doing Ahead of the New Tax Year With the self-assessment deadline just passed, now represents a perfect time to review your tax position ahead of the tax year ending on 5 April 2024. Most tax reliefs and exemptions do not apply retrospectively, so it is important that action is taken before 5 April 2024 to ensure … Read More

Advisory Fuel Rates from 1 December 2023

From 1 December 2023, the advisory fuel rates to be used by employees when claiming back mileage using a company car are as follows: Engine size Petrol – rate per mile LPG – rate per mile 1400cc or less 14 pence 10 pence 1401cc to 2000cc 16 pence 12 pence Over 2000cc 26 pence 18 pence Engine size Diesel – … Read More

Advisory Fuel Rates from 1 June 2023

From 1 June 2023, the advisory fuel rates to be used by employees when claiming back mileage using a company car are as follows: Engine size Petrol – rate per mile LPG – rate per mile 1400cc or less 13 pence 10 pence 1401cc to 2000cc 15 pence 12 pence Over 2000cc 23 pence 18 pence Engine size Diesel – … Read More

Mini Budget 2022 – Key Announcements For Businesses

overpay tax

Corporation Tax From April 23 the rate of corporation tax was set to rise to 25% for business with taxable profits above £250,000, and only those businesses with profits under £50,000 remaining at 19%. As had been highly predicted the rate increase has been reversed with the 19% rate set to stay in place for all profit levels. This will … Read More

Trust Registration Service

The Trust Registration Service (TRS) was setup in 2017 and all UK Express Trusts liable to pay UK tax were required to register. New rules were announced in October 2020 that require all UK trusts, apart from a few exceptions, and some non-UK trusts in existence on or after 6 October 2020, to register with HMRC by 1 September 2022, … Read More