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
Business entertaining โ The tax position Many businesses view entertaining clients and customers to be an important part of their marketing budgets, whether as a networking opportunity, a thank you for business or an incentive to attract more business โ but what is the tax position? The tax rules are clear. HMRC define entertainment expenses
When should a business leave a VAT scheme? HMRC are currently taking an inordinately long time to issue VAT registration numbers. You used to be able to get a VAT number within 24 hours but HMRC now advise a delay of up to three months. The delay is because HMRC have updated the registration process,
