If you pay your employees a mileage rate for the business use of their personal vehicles, as long as you do not exceed the approved rates per mile, there is no necessity to report these payments to HMRC and the payment will not be treated as a taxable benefit. Employers and employees may also find […]
The most generous tax allowance presently available to businesses that encourages direct investment in new plant, equipment and commercial vehicles, is the Annual Investment Allowance (AIA). If you buy qualifying assets you can write off the expenditure against your taxable profits in the same accounting period. The present limit to this allowance is generous, £500,000. […]
All of this year’s (2015) winners are UK businesses leading the way in international trade, innovation and sustainable development in a broad range of sectors including car manufacturing, education, software design and fashion. The Department for Business, Innovation and Skills (BIS) unveiled the 141 winners of the Queen’s Awards for Enterprise and 6 individual recipients […]
If you move abroad If you open an Individual Savings Account (ISA) in the UK and then move abroad, you can’t put money into it after you move (unless you’re a Crown employee working overseas or their spouse or civil partner). However, you can keep your ISA open and you’ll still get UK tax relief […]
On 26 March 2015 the government announced a new initiative to support taxi owners to convert to lower emission vehicles. The initiative is £45 million to support the rollout of greener taxis. A £20 million fund will be made available to local authorities to support the rollout of ultra-low emission taxis across the UK. The […]
You’re on an emergency tax code if your payslip says your tax code is one of the following: 1060L W1 1060L M1 1060L X Emergency tax codes are temporary. While you’re on an emergency tax code, you pay tax on all your income above the basic Personal Allowance (£10,600 for the 2015 to 2016 tax […]
Following on from our previous blog posting: tax changes that were effective from 1 April 2015 (and that mainly affected Companies), we have included below tax changes that affect individuals from 6 April 2015, the start of the 2015-16 tax year. Individuals over the age of 55 have flexible access to their defined contribution pension […]
Parents in work can now share responsibility for looking after their newborn or newly adopted child as Shared Parental Leave law becomes effective 5 April 2015. Eligible couples whose child is due on or after Sunday 5 April 2015 can now share up to 50 weeks of leave and 37 weeks of pay in the […]
The Corporation Tax rate has been reduced to 20% The new Diverted Profits Tax has been introduced The bank levy has increased from 0.156% to 0.21% Air Passenger Duty has been restructured – abolishing bands C and D Hospice charities, blood bikes, search and rescue, and air ambulance charities will be eligible for VAT refunds […]
The new flexibility, that certain pension pot holders can avail themselves from 6 April 2015, offers more opportunity regarding the funds they have saved. Once you reach minimum pension age, normally 55, you will be able to: leave your pension fund invested, no change; enter drawdown, thereby taking some of your money whilst leaving the […]