Filing VAT online

You might have received a letter from the VATman that officially notifies your company or business to file its VAT return online, or face penalties. If your business had a turnover of £100,000 or more in the year ending 31 December 2009 you are legally required to file your VAT returns online, rather than as a…

Taxation of Double Cab Pickups

There has been a lot of publicity lately about the tax advantages of running cars with low CO2 ratings. There are a number of benefits: possible 100% first year tax deduction for the cost of the vehicle, much reduced benefit in kind charges, lower road fund tax and so on. But not all of us…

New fuel rates published by HMRC

Changes have been announced to the company car advisory fuel rates with effect from 1 July 2009. Unless you do a huge amount of private milage, you probably shouldn’t be provided with fuel for ‘private use’ because the tax charge on this is now very high. The rates below you can use to calculate the…

Tax on cars

From 2009/10 (i.e. from 1st  or 6th April 2009) the notion of an ‘Expensive Car’ will disappear for tax purposes. Instead of there being single asset pools for these vehicles, based on purchase cost to the business, cars will be added to the 10% or 20% pools depending on their CO2 emissions: Over  160 g/km…

National Minimum Wage changes April 2009

All employers should be aware that changes have been introduced to the penalties that will automatically be levied after 6 April 2009 if you fail to observe your obligations regarding payment of National Minimum Wage rates. From 6 April 2009, a new automatic penalty will be levied where HMRC compliance officers find arrears of the…

Tips for new employers

The basic rules for employers with new employees are important for any business. There is no ‘Casual Labour’ exemption, if you take an employee on with intention of keeping them for just a couple of weeks on a temporary basis – the rules still apply. If the correct PAYE and NIC is not deducted off…

Dispensations and benefits in kind

A dispensation removes the requirement to return to HMRC on P11d forms expense payments which are not taxable. If no dispensation exists the employee then has to submit a claim that the expenses reimbursed were incurred solely in relation to the business, and are therefore not taxable. In short a dispensation can save work for…