Petrol 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. Vehicle First 10,000 miles per year Above 10,000 miles… Read more
Entrepreneurs‘ 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…. Read more
Your 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… Read more
It is very irritating when HMRC accuses you of owing more PAYE than is actually due. This can happen when the HMRC computer has recorded a duplicate employment for an employee, without ceasing the previous employment. For example, William Smith… Read more
Two new VAT penalty regimes came into effect for VAT periods beginning on and after 1 January 2023, for late filing of VAT returns and for late payment. Late filing of a VAT return now attracts a penalty point rather… Read more
