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For around the last 20 years or so, the tax treatment of company cars has continually become less attractive. The value of the benefits in kind, taxable on the employee, has increased quicker than inflation, and the capital allowance tax deduction, for the business, has become more and more diluted. As part of its plans…

For many SME owner-managed businesses, the tax optimum director remuneration structure for many years has been one of a low salary accompanied by high dividends. This allows Companies to take advantage of low dividend tax rates and, in many cases, no employers national insurance to be paid by the company (if paid at the Secondary…

  Due to Bank of England increasing interest rates, the Department for Education (DfE), in conjunction with the Student Loans Company, have confirmed changes to interest rates & repayment thresholds.   Plan 1 Type Student Loan (those who started study before 1-Sep-12)   From 1 Sept 22 the interest rate will increase from 1.5% to…

While one government-backed Recovery Loan Scheme (RLS) ends, another opens.   The previous RLS closed on 30th June 2022, but to follow this the government have introduced a new RLS scheme to support businesses through the out-turn of the pandemic, expected to be accessible after 1st August 2022.   The New Recovery Loan Scheme Government…

What is the annual allowance? The annual allowance for the 2022/23 tax year is £40,000 and each year this is compared with your pension input amounts. Your pension input is defined as the increase or growth in the capital value of your NHS pension benefits across all pension schemes. Any growth in excess of the…

  1st September 2022 – This deadline may apply to you!   If you hold property or investments on behalf of another person, HMRC may consider this as a reportable trust arrangement. This may mean that you need to register on the Trust Registration Service (TRS) before 1st September 2022.   New legislation now in…

The Charity Commission has launched a consultation regarding changes to the annual return.   There are a number of new questions, taking the total questions from 36 to 52, although only 32 will be compulsory. The aim of the new questions is to make the annual return more comprehensive, by gaining information around charity’s income…

The All-Party Parliamentary Group for Road Freight and Logistics has today (27 July 2022) urged the Government to approve the introduction of an Essential User Rebate of no less than 15 pence per litre for operators within the logistics sector to combat the effects of soaring fuel prices and inflation.   The call has come…

For many years employers have been able to set up a Direct Debit (DD) with HMRC to make a single one-off payment. Recurring DD’s have not been allowed. From early Autumn, HMRC are expecting to launch a new Payments Strategy enabling employers to establish a DD that will recur monthly.   Employers will need their…

For most of my life sugar beet have represented a stable but unexciting crop. Sugar adjusted yields have seemed reasonably consistent from year to year and the price for which the commodity could be sold has been negotiated by the NFU and British Sugar before growing contracts have been agreed. I have just listened to…