Latest Payroll

Businesses and their staff will be looking forward to their annual Christmas party in the upcoming festive months. Providing all of the following criteria are met, the annual event becomes free of PAYE tax and National Insurance contributions for the employee, and is treated as a non-taxable benefit in kind:   The party or similar…

HMRC has amended guidance on the tax treatment of electric charging of company cars and vans at residential properties.   Many business owners will have purchased an electric car or van, owned within a company, over the last few years, attracted by the generous business and personal tax treatments. Where this Electric Vehicle (EV) has…

The Farming Industry has some marked differences is sick pay legislation, PAYE regulations don’t pay sick pay over the statutory daily rate currently standing at £21.88 per day and commencing from the 4th consecutive day of absence. Statutory Sick Pay (SSP) is payable for the first 28 weeks of sickness, after which the employee can…

After initial teething problems, HMRC under-estimated the number of employers who wished to take advantage of the scheme, paying your liabilities to the revenue via an automated payment is fully operational.   Employers will need their own Business Tax Account (BTA). On the BTA there will be a link to “Set up a Direct Debit”.…

Directors of companies are perfectly entitled to claim Statutory Maternity Pay (SMP). However, the director must have a contract of employment before they qualify for SMP. If they qualify for SMP, then the payment is calculated as it would be with any other employee. If the Director does not have a contract of employment, then…

Late in September it is expected that Extension of Auto-Enrolment No 2 bill will be passed by the House of Commons. The aim of the bill is to increase personal pension savings by a some £45 billion over the next 30 years.   The two key reforms under consideration are the removal of the lower…

Until inflation is under control, HMRC have no option but to adjust their interest rates in accordance with changes decreed by the Bank of England.   There are two rates to consider, both linked to the Bank of England base rate: Late payment interest, set at base rate plus 2.5% Repayment interest, set at base…

Rolled up holiday pay is a practice whereby an employer pays you an additional amount on top of your normal pay to reflect any extra hours you may have worked in the pay period. The additional amount was paid at 12.07% of the extra earnings. So, if you earned an extra £100 through working overtime…

The latest Advisory Fuel Rates (AFR’s) for electric company vehicles took effect from 1st September 2023, with the new rate set at 10p per mile (previously 9p per mile). The latest diesel, petrol & hybrid rates are listed below:   Diesel   Engine size (cc) Fuel price (per litre) Rate per mile Advisory fuel rate…

A quick summary of the Student Loan Thresholds for 23-24 Tax year.   The Department for Education (DoE) has confirmed the following changes for the next tax year:   Plan 1 (student loans pre-2012) the threshold will rise to £24,990   Plan 2 (student loans post 2012) the threshold will rise to £27,295   Postgrad…