Employee Benefits Articles

Reporting company car changes

There is a requirement for reporting to HMRC if you make any company cars available for private use by company directors or employees. The definition of ‘Private use’ includes employees’ journeys between home and work unless they are travelling to a temporary place of work. HMRC’s guidance states that you need to send a P46 (Car) form to HMRC if you: provide company cars to your employees stop...

Using your vehicle for work related journeys

If you use your car or other vehicle to undertake business journeys on behalf of your employer, and your employer does not: Fully reimburse you for the business use, or Reimburses you but at a lower rate per mile than the approved HMRC rates (see below). Then you may be able to make a claim to HMRC and reduce your overall tax bill. HMRC’s notes on this topic are reproduced below: Vehicles you...

Tax consequences of loans to employees

An employee can obtain a benefit when provided with an employment-related cheap or interest-free loan. The benefit is the difference in interest. The difference in interest been that the employee pays and the commercial rate they would pay on a loan elsewhere. We refer to these as beneficial loans. Employers might not have to report anything to HMRC. Additionally they may not have to pay tax and...

Are you self-employed?

Notify HMRC promptly when self-employed, by October 5 after tax year-end, for timely self-assessment and penalty avoidance. Follow HMRC guidelines...

Cost of living final payment 2023-24

The Cost of Living support package has been designed to help over 8 million households in receipt of means tested...

Beware fake tax rebate offers

HMRC continues to warn of the ever-present problem of fraudulent phishing emails, suspicious phone calls and texts. These unwanted emails,...

Importing or exporting for the first time?

When engaging in international trade, navigating regulations can be overwhelming. Utilize HMRC’s digital assistant on GOV.UK for guidance on EORI...

Top-line, bottom-line?

Monitoring small business finances involves more than tracking sales; it requires assessing costs, creating forecasts, and analyzing balance sheets. Regular...

Autumn Finance Bill 2023 update

The Autumn Finance Bill 2023, officially named Finance Bill 2023-24, introduces tax measures like permanent full expensing and extended reliefs....

What is Class 1A NIC?

Employers pay Class 1A NICs on benefits, subject to Income Tax. Special rules and conditions, including no existing Class 1...

Tax on inherited private pensions

Inheriting private pensions involves grasping tax implications, nominations, and rules, considering the owner’s age and limitations for defined benefit pots....

Eligibility for the VAT Flat Rate Scheme

The VAT Flat Rate scheme is for businesses with an expected turnover below £150,000. It involves a fixed percentage of...
Load More

Need Employee Benefits Advice?

Our experts are on hand to discuss your specific needs or concerns