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For tax purposes, where an employee uses their own car for work, mileage allowances can be paid tax-free up to the approved amount, which is simply the business mileage for the year multiplied by the approved rate (which for cars and vans is set at 45p per mile for the first 10,000 business miles in
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As the end of the tax year approaches, it is prudent to review your pension contributions for the year and consider whether it is worth making pension contributions before 6 April 2024. Remember, any annual allowances brought forward from 2020/21will be lost if not used by this date. The amount of tax-relieved contributions that can
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As the end of the tax year approaches, it is prudent for those operating their business as a personal or family company to review the profits extracted so far in the tax year and to consider whether it is beneficial to take further profits before the end of the tax year. There are various ways
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We are increasingly hearing more and more about artificial intelligence (AI) and how its use can change our way of working both now and in the future. Artificial Intelligence is constantly evolving, but it generally involves machines using statistics to find patterns in large amounts of data, perform repetitive data tasks without the need for human
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Recruitment agencies often use umbrella companies to pay temporary workers. HMRC confirms that there is no statutory definition of an umbrella company and currently describes it as ‘a company that employs temporary workers who work for different end clients’, where ‘the umbrella will enter into a contract with a recruitment agency that will source work
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People set up in business for a variety of reasons. For some it is a dream that becomes a reality some years later. In working towards that dream, they may purchase items before the business starts to trade, to enable the business to trade, rather than for the purposes of the trade, e.g. a professional
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