This is where we keep you up to date with announcements by HMRC, share tips to help you save money and run your business.
Q1. I have just received a bonus payment of £100 from the Nationwide Building Society. Do I need to pay tax on this? A: This bonus payment from the Nationwide is treated as normal bank interest for tax purposes, so it is taxable. However, in most cases it ...
Read morePetrol and diesel pump prices are high, but the tax-free mileage rates (see table) payable to employees who use their own vehicles on business haven‘t been adjusted for over a decade. VehicleFirst 10,000 miles per yearAbove 10,000 miles per yearCars and vans45p25pMotorcycles24p24p Many employees just ...
Read moreBrexit has introduced a VAT border between Great Britain and Northern Ireland, the implications of which are still being worked through. From 1 May 2023, second-hand vehicles which are purchased in Great Britain then sold in Northern Ireland have to carry VAT on the full selling price. Before this date ...
Read moreEntrepreneurs‘ Relief (ER) was renamed Business Asset Disposal (BAD) relief on 11 March 2020, and at the same time the value of gains which can be covered by this relief was reduced from £10m to £1m on 11 March 2020. Where gains qualify for either ER or BAD relief the capital gains ...
Read moreYour business may well be stretched right now, the NMW rates rose by over 10% from 1 April and other input costs have increased by even more, particularly food and energy. It is tempting to use the amounts deducted from your payroll to pay pressing bills, but that is not ...
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