The super-deduction, which allowed companies to claim an immediate deduction of 130% of their qualifying expenditure, came to an end on 31 March 2023. It was replaced with full expensing. As with the super-deduction, unincorporated businesses cannot benefit from full expensing (although the Annual Investment Allowance (AIA) will secure a 100% deduction for qualifying expenditure […]
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Employees often need to undertake business trips and it is common practice to reimburse the employeeโs fuel costs by means of a mileage allowance. The tax rules allow mileage payments to be made tax-free up to certain limits. However, the rules are different depending on whether the employee is driving their own car or a
In his March Budget, the Chancellor announced a number of changes to the pension tax rules, including an increase in the annual allowance and the abolition of the lifetime allowance. Annual allowance The annual allowance places a cap on tax-relieved pension savings. Individuals can obtain tax relief on contributions to a registered pension scheme of
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Pre-pandemic, giving discounts to employees was invariably only offered by the larger companies. However, because employee benefit schemes save the employer money, many SMEs are looking to provide such schemes. The discounts need not relate to the company’s products โ there are schemes available that give employees access to a wide range of deals with
