With the dividend allowance now cut to just £500, the number of taxpayers paying tax on dividend income for 2024/25 is expected to be double what it was three years ago. Previously set at £2,000,…
Updated tax guidance for electric company car charging
HMRC has updated its guidance to clarify that there is no taxable benefit when an employer reimburses employees who charge their electric company cars at home. Previously, HMRC maintained that the relevant exemption did not…
Handy hints ahead of self-assessment
The 31 January 2024 deadline for submitting a 2022/23 self-assessment tax return is not far off, especially for those not yet registered. Anyone who has not previously registered for self-assessment – but needs to submit…
Potential benefits from directors’ loans
Business owners could seek to earn interest on directors’ loans with little-to-no tax implications, although only patient directors willing to meet the reporting requirements will benefit. Even though the rate of interest charged by HMRC…
Pay attention to tax codes
Most directors and employees will already have been issued a tax code for the 2023/24 tax year, and it is important to check the figures as a very large proportion of codes will be incorrect.…
Company cars: not-so-free fuel
If your employer pays for the fuel in your company car, it may cost you more than you expected. As the Autumn Statement was not a Budget, detailed publications that would normally emerge as the…
Planes, trains and automobiles – managing employees’ transport challenges
With strikes and cancellations affecting trains, the underground and flights, employers need to decide how they are going to treat employees who cannot get into work or are stuck overseas. Commuting Although inconvenient, there is…
HMRC Official rate of interest, beneficial Loans et al
HMRC’s official rate of interest has been cut from 2.25% to 2% from 6 April 2021. This will affect any directors or employees who have a beneficial loan from their employer, as well as directors…