Excess mileage payments

Excess mileage payments

Petrol and diesel pump prices are high but the tax-free mileage rates payable to employees who use their own vehicles for business have not been adjusted for over a decade. VehicleFirst 10,000 miles per yearAbove 10,000 miles per yearCars and...
Settle the tax with a PSA

Settle the tax with a PSA

Occasionally you may reward your employees with something special such as a holiday or a hamper. If the value exceeds the tax-free amount permitted under the rules for say long service awards, trivial benefits or staff suggestions it will be taxable. To avoid your...
Planning dividends in 2023

Planning dividends in 2023

Owners and directors of family businesses often take a small salary from the company and any extra funds as dividends. Other family members may also hold shares in the company and receive a dividend each year. The first £2,000 of dividends received by each taxpayer is...
MTD for income tax delayed again

MTD for income tax delayed again

Making tax digital for income tax self-assessment (MTD ITSA) was set to take effect from 6 April 2024. This has been postponed until 6 April 2026 The new regime will require sole traders and individual landlords to keep their business records digitally and to send...
Beware of early RTI returns

Beware of early RTI returns

Do you know what can happen if your FPS report is received early by HMRC? Employers must send their PAYE reports to HMRC on or before the day they pay their employees. The full payment submission (FPS) report sets out what has been paid and the deductions made. If the...