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

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

Employers usually have to pay employees through PAYE if they earn £123 or more a week (£533 a month or £6,396 a year). There is no requirement to pay self-employed workers through PAYE. HMRC’s guidance states that: As a general rule, someone is: employed if they work for you and

The basis of assessment reforms will change the way trading income is allocated to tax years. The changes will affect sole traders and partnerships that use an accounting date between 6 April and 30 March. There is no change to the rule for companies. The reforms will change the basis

1 November 2023 – Due date for Corporation Tax due for the year ended 31 January 2023. 19 November 2023 – PAYE and NIC deductions due for month ended 5 November 2023. (If you pay your tax electronically the due date is 22 November 2023.) 19 November 2023 – Filing

In the ever-changing economic landscape, business owners are constantly faced with challenges that can impact the financial health of their enterprises. During such trying times, management accounting proves to be an invaluable tool, providing crucial insights and strategic advantages that can make the difference between survival and success. Enhanced decision-making

Navigating the challenges of a high-interest rate environment can be tough for businesses, but it's not impossible. While rising interest rates can pose hurdles to financing and operational costs, there are strategies companies can employ to secure the capital they need and maintain financial stability. Review existing debt Start by

HM Revenue and Customs (HMRC) has revamped its VAT registration process, prioritising digital applications for businesses and agents. Starting from November 13, this change aims to streamline the registration procedure, making it quicker, easier and more secure. HMRC is urging businesses and agents to embrace the digital approach for VAT

The Government has withdrawn draft regulations for company reporting after consultation with businesses raised concerns about imposing additional requirements. Instead, the Government will pursue options to reduce the burden of red tape to ensure the UK is one of the best places in the world to do business. Draft regulations

If you have ever stopped to ask yourself, why does the tax year start on April 6, you are definitely not alone. The idea that the tax year doesn’t begin until we are a quarter of the way into the year is a somewhat perplexing concept for many. Accountants and