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
Key tax & accounting deadlines to 29 February 2024
As we move through the tax year, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. December 2023 1 December – Deadline for corporation tax payment for accounting period ended 28 February 2023 1 December – Updated advisory fuel rates published 7 December (10th if paid by direct debit) – VAT returns and payments for quarter ended … Read More
Autumn Statement
BUSINESS Full Expensing In the Spring Budget 2023, the government announced “full expensing” whereby a business gets full tax relief at 25% when making investments in the year of investment on qualifying assets. Businesses obtain 25p of tax relief for every £1 that they invest. Originally set to expire in 2026, this measure has now been made permanent, providing certainty … Read More
Advisory Fuel Rates from 1 September 2023
From 1 September 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 16 pence 12 pence Over 2000cc 25 pence 19 pence Engine size Diesel – … Read More
Key tax & accounting deadlines to 30 November 2023
As we move through the tax year, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. September 2023 1 September – Deadline for corporation tax payment for accounting period ended 30 November 2022 1 September – Updated advisory fuel rates published 7 September (10th if paid by direct debit) – VAT returns and payments for quarter ended … Read More
Key tax & accounting deadlines to 31 August 2023
As we move through the tax year, here’s a reminder of the approaching tax & accounting deadlines affecting businesses. June 2023 1 June – Deadline for corporation tax payment for accounting period ended 31 August 2022 1 June – Updated advisory fuel rates published 7 June (10th if paid by direct debit) – VAT returns and payments for quarter ended … 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
The 2022/23 tax year ended on 5th April and now is the time to prepare for the upcoming 6th July 2023 deadline.
P11D’s Expense and benefits forms should be completed for each employee and director who have received expenses and/or benefits during the 2022/23 tax year. Class 1A National Insurance contributions should also be declared and paid by the employer. The deadline for P11D submissions is 6th July 2023 with penalties levied for late or incorrect returns. The P11D payment deadline is … Read More
Spring Statement – Employment
The Chancellor announced several plans to help people increase their hours, move into work and extend their working lives. He said “those who can work, should” ‘Universal Support’ a new supported employment programme for disabled people and those with long-term health conditions. The government will spend up to £4,000 per person to find them suitable job roles which caters to … Read More
Spring Statement – Enterprise
Corporation Tax Despite all the lobbying the corporation tax increase to 25% from 19% due in April 23 is still to go ahead. The Chancellor’s argument is that this only applies to 10% of businesses as relates to profits above £250,000 and still makes the UK one of the lowest tax regimes in the G7. However, marginal rates apply to … Read More