What is a trivial benefit? A trivial benefit is a tax free gift to the cost of £50 or less that an employer can give employees occasionally. You don’t have to pay tax on a benefit for your employee if…
Trivial benefits
HMRC is changing how they assess profits for some sole traders and partnerships
How HMRC assesses profits for sole traders and partnerships who use an accounting date between 6 April and 30 March will change from 6 April 2023. This change will not affect companies. Your accounting date is the last day of…
Advisory fuel rates from 1 December 2022
From 1 December 2022 the advisory fuel rate for fully electric cars will rise from 5 pence to 8 pence per mile. In line with advisory fuel rates, this electric rate will also be reviewed quarterly from 1 December 2022….
Get ready for new VAT penalties from 1 January 2023
For VAT periods starting on or after 1 January 2023, HMRC is replacing the default surcharge with separate penalties for late returns and late payment of VAT. At the same time, HMRC is introducing a new approach to charging interest on late-paid…
Right to work checks
As an employer it is essential when you employ someone to obtain information from the employee, such as full name, date of birth, national insurance number (if they have one) and their address. All employers in the UK have a…
Repurpose your online marketing budget
Only a tiny percentage of people click on online adverts. Businesses can spend a fortune on online advertising, which is all well and good for large international corporations with huge budgets. However, small and medium sized businesses might be better…
Mini budget – key points
Chancellor unveils new growth plan, tackling energy costs to bring down inflation, backing business and helping households. Corporation tax rise cancelled, keeping it at 19% as government sets sights on 2.5% trend rate of growth. Basic rate of income tax…
Variable direct debit for PAYE
HM Revenue & Customs (HMRC) have announced that from 3 October 2022 employers’ PAYE customers will be able to take advantage of a new variable rate direct debit payment plan. The service can be accessed through Pay employers’ PAYE or directly through the…
Self-employed need to plan for big tax bills in 2023/24
The changes to the basis of assessment of self-employed profits are scheduled to change from 6 April 2024. The new rules mean that profits (and losses) will be assessed based on the amounts arising between 6 April and 5 April…
Proposed changes to CGT for separating couples
In response to a recommendation by the Office of Tax Simplification the Government have introduced draft legislation for inclusion in Finance Bill 2023 that extends the no gain/no loss rule when a couple separate. Under the current rules the no…
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