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Updated VAT road fuel scale charges from 1 May 2024

From 1 May 2024, the VAT road fuel scale charges will be updated. The new rates will need to be used from the start of the next VAT accounting period that begins on or after 1 May

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Are training costs tax deductible for the self-employed?

HM Revenue & Customs have recently updated and clarified their guidance on training costs paid by the self-employed.

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Salary Sacrifice: A Win-Win for Business & Employees

Salary sacrifice can be a useful tool for saving taxes for both businesses and their employees.

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Tax implications: Limited Company vs Sole Trader

When starting a business, or indeed as an established business, choosing the most suitable legal structure for your business is an important thing to consider.

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Companies House increases registration fees

From 1 May 2024 fees for registering a new company are set to rise significantly for the first time since 2016

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HMRC advisory fuel rates for company car users from 1 March 2024

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 March 2024

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Tax scam phone calls, emails and text messages

HM Revenue and Customs (HMRC) have recently published updated their guidance on how to identify tax scams made by phone, email, or text.

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HMRC targets undeclared dividend payments

Company directors suspected of earning dividends without declaring their taxable income are being contacted by HMRC

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Holidaymakers will be charged Greek climate tax

The Greek government has introduced a climate resilience tax on accommodation booked by tourists, charged on a nightly basis

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Minimum wage rates increase from 1 April 2024

Employers should be aware that all minimum wage rates increase on 1 April of each year. For 2024, these increases are substantial. The increases apply to all National Minimum Wage rates and the National Living Wage rate.

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National Minimum Wage - HMRC Offer Compliance Support to Employers

HMRC has released their December issue of The Employer Bulletin with important updates on the National Minimum Wage and their offer of Compliance Support for employers

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Can you create more “productive “time?

For many small business owners, if they have one consistent issue, it would be that there is simply not enough time in the day to achieve all the things that need to be done.

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HMRC plans to reduce phone line access by 30%

The head of HMRC Jim Harra has told MPs he aims to cut the volume of phone calls to HMRC advisers by nearly a third by the end of 2024 and will shut more helplines

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HMRC clarifies tax on home charging of company cars

HMRC has amended guidance on the tax treatment of electric charging of company cars and vans at residential properties

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South Yorkshire secures £80m for investment zone

Sheffield, Rotherham, Doncaster and Barnsley are set to benefit from thousands of new jobs and £1.2bn of investment as Boeing signs up to investment zone

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HMRC Annual Report shows important trends for business owners

HMRC’s annual report was published last week, and it shows that they failed to meet many of their key customer services measures in 2022-23.

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HMRC will use AI to target tax evaders

HMRC plans to increase the use of artificial intelligence and machine learning to target tax evaders and non compliant taxpayers

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Tax Planning opportunities ahead of the new tax year

The new tax year starts 6 April 2023, so you have limited time to consider your options and once we pass this date, the majority of the tax planning options for Income Tax and Capital Gains Tax purposes will cease unless actioned this month.

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Avoid the tax traps when giving money to children

As the cost of living crisis intensifies, shoring up the financial future of your children and other young family members has never felt more important but beware the tax traps

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Don’t miss the P11D deadline

Despite the coronavirus lockdowns, HMRC still expect P11D forms reporting expenses and benefits to be submitted by the normal 6 July deadline

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How can we help you?

Brearley & Co Accountants are pleased to offer a free, no obligation, initial consultation with one of our experts who will be happy to discuss your business needs and how we can help you.

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