In an update for businesses and employees alike, HMRC has revised the advisory fuel rates (AFRs) for company car drivers. These changes, effective from 1st June 2024, will impact all journeys where employees claim back fuel costs from their employer. It is essential for companies to stay informed about these updates to ensure compliance and accurate reimbursement processes.
Companies have until 6 July 2024 to inform HMRC about ‘Employment Related Securities’ (ERS) arising in the tax year that ended 5 April, 2024. These are securities acquired by a person ‘by reason of employment’. ‘Securities’ include shares and share options – failure of the company to inform HMRC, could mean heavy penalties. If you haven’t already registered your scheme, and your employees have, for example, acquired shares in your company or options to acquire them, then you need to take action.
Principal Private Residence (PPR) relief can wipe out or significantly reduce the tax you owe when selling your home. A Principal Private Residence (PPR) is a house or apartment which you own and occupy as your only, or main, residence.
There isn’t a simple answer so speak to your tax adviser. You must prove that you intended to make it your permanent residence.
In a recent development, HMRC has issued a critical warning regarding fraudulent activities targeting businesses’ VAT repayments. Exploiting Form VAT 484, fraudsters manipulate businesses’ contact, return, and bank details, posing a significant threat to financial security.
A number of children currently in year 11 at school, who are turning 16 years old, have not received a National Insurance number. This is why.
The start of the 2024-25 tax year is almost here. It is important to understand any changes to UK tax rates and allowances because this allows you to make the most of the opportunities available to you. This applies to your business, and for you personally.
Changes to National Insurance contributions (NICs) and tax policies have been announced by the Chancellor. Take a look at the upcoming adjustments, including reductions in NICs rates for employees and the self-employed, changes to Capital Gains Tax rates, the introduction of a new British ISA allowance, updates to VAT registration thresholds, and plans to extend Full Expensing to leased assets. These changes are effective from 6 April 2024 and aim to support individuals and foster investment in promising UK enterprises.
Changes have been made by HMRC to the advisory fuel rates (AFRs) for all journeys on or after 1 March 2024 for company car drivers claiming back fuel costs from their employer. The rates are reviewed quarterly and are applicable where employers reimburse employees for business travel (company cars); or where employers require employees to repay the cost of private travel
HMRC is warning people about fake messages claiming to offer tax refunds. They say scammers are trying to trick people into giving away their personal information or bank details. Remember, HMRC will never contact you by email, text, or phone for a refund.
These scams are on the rise, especially as tax season comes to an end. Cybercriminals are using fake websites and messages to steal people’s money and personal information. Be careful with any unexpected messages asking for personal details or offering refunds.
As we near the end of the tax year on 5 April 2024, it’s essential to take stock of your family and business finances. Although tax rates and thresholds remain stagnant, the government’s tax revenue keeps climbing. Nonetheless, there are still plenty of practical ways to manage your affairs tax-efficiently, and we’re here to guide you through some of these strategies.
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