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On 26 October 2023 one of the most significant pieces of company legislation came into being. The main thrust of the Economic Crime and Corporate Transparency Act 2023 is to ‘prevent companies and others from carrying out unlawful activities, or facilitating others to carry out unlawful activities‘. New obligations are to be imposed on companies
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The usual method of declaring employees’ benefits in kind and taxable expenses is via the annual P11D form submission. Employers can also ‘payroll’ these benefits and expenses instead, although completion of a P11D(b) for declaring National Insurance is required. However, not all employers want their employees to pay tax on those benefits and this is
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The Approved Mileage Allowance Payment (AMAP) was introduced in 2002 as a statutory simplification to allow employers to make tax-free payments up to certain limits to their employees when they carry out business travel in their cars, vans, motorcycles or cycles. The Allowance is a set rate supposedly to help cover the cost of fuel,
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Making any employee redundant is a difficult decision and potentially distressing for all involved. Getting the process wrong could result in one or more employment tribunal claims. Professional advice should always be sought. When an employee is made redundant, various elements may comprise the final payment. Apart from the normal earnings from the employment (salary,
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It is eight years since companies had to deal with two tax rates and marginal relief when calculating their corporation tax liability. That system has now been reinstated and, as of 1 April 2023, the amount of corporation tax will depend on a company’s profits as follows: under £50,000 – small profits rate of 19%
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Most business owners know that VAT registration is a legal requirement should total taxable turnover for the previous 12 months exceed £85,000 or turnover is expected to exceed £85,000 in the next 30 days. Once a business becomes liable, that liability ceases should HMRC be satisfied that the business is not expected to exceed the
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