An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference between the interest the employee pays, if any, and the commercial
Tax consequences of loans to employees
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Employing staff for first time
There are a multitude of rules and regulations that you must be aware of when you start employing staff for the first time.
HMRC’s guidance sets out some important issues to be aware of when becoming
Tax and duties on goods sent from abroad
There are special rules to ensure that goods sent from abroad are taxed appropriately and to ensure that UK businesses supplying goods in the UK – for example by having to compete with VAT free
HMRC awards £5.5m in grant funding
HMRC’s has awarded twelve voluntary and community sector organisations a share of £5.5 million in funding to help customers with their tax affairs.
The £5.5 million funding pot applies over a
Helpline delays at HMRC
HMRC’s self-assessment (SA) helpline will focus on priority queries from 11 December until 31 January. Whilst the helpline is focusing on priority calls in the run-up to the filing deadline, other
Investment v costs
There are two ways to consider the effects or benefits of business and personal expenditure.
The payment of rates or utility costs are an essential part of our daily expenditure, but it would be
Season’s greetings and a prosperous 2024
As Christmas arrives the week before the calendar year-end, many of us will enjoy a week’s shut down and have time to relax and enjoy the break with our family and friends.
The break also gives us
Tax exempt accommodation costs
There are special rules for the provision of living accommodation for employees. In most cases, employees will pay tax on any living accommodation provided by an employer unless they qualify for an
Changes to NIC from January 2024
A reminder that the main rate of Class 1 Employee National Insurance contributions (NIC) will be reduced from 6 January 2024. This change will see Class 1 NICs reduced by 2% from 12% to 10% in a
Help to pay your tax next month
If you are having trouble paying your tax on time you may be eligible to receive support from HMRC by applying for an instalment payment plan. An online payment plan for Self-assessment tax bills can
Rent-a-room relief
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the
CGT exempt allowance halving from April 2024
The annual exempt amount applicable to Capital Gains Tax (CGT) is to be halved from April 2024. This means that the exempt amount will be reduced from £6,000 currently, to £3,000 from April 2024. The
Tax Diary January/February 2024
1 January 2024 – Due date for Corporation Tax due for the year ended 31 March 2023.
19 January 2024 – PAYE and NIC deductions due for month ended 5 January 2024. (If you pay your tax electronically
Employees on full-time and part-time contracts
When a new employee is added to the payroll it is the employer’s responsibility to ensure they meet the employee’s rights and deduct the correct amount of tax from their salary.
HMRC’s guidance lists
What data do organisations hold about you?
If you are concerned that an organisation is holding personal information you have a legal right to ask for a copy of the information that they hold about you.
If it is a public organisation, write
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