From April 2027, Benefits in Kind (BIK) payments will need to be paid and recorded via payroll each month. Businesses need to prepare for this change.
Benefits in Kind via the Payroll
Tag Archives: tax
Download your 2025-26 Tax Card – all the Key UK Tax Rates in One Place
HB Accountants understand how important it is to stay on top of the latest tax rates and allowances. If you are running a business, managing payroll or planning your personal finances, our Tax Card is a great resource. We summarise all the key UK tax rates you need in one convenient place.
Working From Home tax relief – you can still claim for the Covid-years
During the lockdowns of 2020-2021, a number of people were asked to work from home. The Working From Home Rules on Tax Relief were relaxed to cover additional energy and other household costs encountered by working from home. The rules for working from home tax relief have evolved now that people are back to working from the office but you can still claim for the covid-years and may still be eligible for relief today.
Most tax effective director’s salary and dividends for 2025-2026
You may wish to change how you pay a director’s salary and dividends due to the changes to Employer’s National Insurance Contributions (NICs) announced in the October budget. NICs are not payable on dividends so despite salaries being tax deductible, the optimum balance between paying a salary and a dividend may have shifted – depending on how many directors are in your business. If you are a director or shareholders of a small, limited company, read on to find out more.
Take the Stress Out of Your Self-Assessment Tax Return
As the self-assessment tax return deadline looms, freelancers, sole traders, and ‘solopreneurs’ across the UK are bracing themselves for what can feel like one of the most daunting tasks of the year. If you’re already feeling the pressure, you’re certainly not alone.
HMRC Advisory Fuel Rates (AFRs) from 1st December 2024
Advisory fuel rates (AFRs) are recommended reimbursement figures for drivers reclaiming business mileage, usually for those in company vehicles. The advisory fuel rate is updated by HMRC based on fuel prices every quarter, and publish revised figures if required in late February, May, August and November each year
HB Accountants’ First Podcast: Episode 1 Autumn 2024 Budget Playbook
At HB Accountants, we understand how challenging it can be to keep up with the ever-changing financial landscape. Are you looking to make the most of the recent budget changes for your finances or business? We have exciting news. Join us for our first podcast, where two seasoned experts will break down everything you need to know in practical, easy-to-understand terms.
Budget Breakdown: Insights for Self-Employed, Companies, and Everyday Earners
On 30th October, Chancellor Rachel Reeves has presented Labour’s first Budget since their election. Understanding how their changes to the UK tax system impacts on your business and personal affairs is paramount. Get budget clarity here.
Has the Dividend Allowance or Capital Gains Cut Put You in Self-Assessment?
Significant tax changes are coming for 2024-25, with reductions to both the Dividend Allowance and Capital Gains Tax (CGT) annual exempt amount. These changes could impact how you manage your investments and finances, making it important to stay informed and plan ahead. Here’s what you need to know and how to prepare.
Navigating IR35 Rules: A Guide for Businesses
The IR35 off-payroll working rules have seen significant changes in recent years. Historically, this has impacted public companies but since 2021, this is also an issue for all businesses. This is a brief overview of the current IR35 situation and how it may impact your business if you employ contractors.
