As an employer who offers employee benefits in kind you may be aware of the requirement to submit forms P11d and P11D(b) to determine how much income tax and employer Class 1A National Insurance is payable on the benefits received. H M Revenue & Customs (‘HMRC’) announced in January 2024 that form P11d is...
On Wednesday, October 30, 2024, Chancellor Rachel Reeves presented her Budget, committing to “invest, invest, invest” as a strategy to fuel growth and “bring back economic stability.” We have prepared a Budget Summary which provides an overview of the key announcements arising from the Chancellor’s 2024 Autumn Budget. The Summary includes helpful notes to assist you in...
With the Budget coming on 30th October, speculation is increasing on what changes will be announced. The Chancellor and the Prime Minister have made comments to indicate that the Budget will bring “difficult decisions”. The Chancellor reported shortly after taking office that there was a £22bn “black hole” in public spending inherited from the...
Winning the Accountancy Firm of the Year at the Corporate Finance Awards is a remarkable achievement that reflects more than just technical expertise—it highlights the dedication, teamwork, and collaborative spirit of the entire firm. Such recognition not only affirms the quality of work delivered to clients but also underscores the strength of the internal...
As you are aware, Labour have been victorious in winning the General Election 2024. We have prepared an overview which highlights what the main parties are saying about tax. Both the Conservative and Labour parties have pledged not to increase income tax, national insurance or VAT, although the Labour party have pledged to introduce...
P11D forms for reporting expenses and benefits in kind provided to employees and directors in 2023/24 need to be submitted by 6 July 2024. Note that paper forms are no longer acceptable; the return must be made online using PAYE Online for employers or commercial software. Remember that reimbursed expenses no longer need to...
Chancellor Jeremy Hunt delivered his ‘Budget for Long Term Growth’ on Wednesday 6 March 2024. His speech promised ‘more investment, more jobs, better public services and lower taxes’. We have prepared a Budget Summary which provides an overview of the key announcements arising from the Chancellor’s 2024 Budget. Throughout the Summary you will find informative comments...
H M Revenue & Customs announced in January 2024 that the payrolling of benefits in kind is to become mandatory. This will reduce the administrative burden on H M Revenue & Customs and employers alike. What are benefits in kind? Benefits in kind are any benefits given by an employer to its employees (or...
With many businesses approaching the end of the accounting period’s final quarter (31st March), this is a perfect opportunity to review your employer pension contributions. For the contributions to be deductible against corporation tax, they must be paid on or before 31st March. From 1 April 2023, the headline (i.e. main) corporation tax rate...
With the end of the tax year approaching, it is a good time to start planning your tax affairs before the 5th April arrives. An obvious tax planning point would be to maximise your ISA allowances for the 2023/24 tax year (currently £20,000 each). You might also want to consider increasing your pension savings...