Tax Diary March/April 2018
1 March 2018 – Due date for corporation tax due for the year ended 31 May 2017. 2 March 2018 – Self assessment tax for 2016/17 paid after this date will incur a 5% surcharge. 19 March 2018 – PAYE and NIC deductions due for month ended 5 March 2018. (If you pay your tax […]
Claiming expenses by the mile
A reminder that employees can make a claim for the business use of their own cars, motorcycles or cycles by logging their business mileage and applying an approved mileage rate. Mileage allowance payments (MAPs) are the HMRC approved rates used by most employers to reimburse employees when they use their own transport for business purposes. […]
Tax-free childcare support expanded
From 14 February 2018, tax-free childcare is available to all remaining eligible families: parents whose youngest child is under 12. The new scheme aims to help working parents with the cost of childcare. According to government, it is quick and easy to apply, and parents could save thousands of pounds each year. For every £8 […]
Inheritance tax in for an overhaul
The Office for Tax Simplification (OTS) has been tasked by government to review key aspects of the inheritance tax (IHT) legislation. According to information posted to the government’s website recently, the review would appear to be wide ranging. Issues to be examined include: The process around submitting IHT returns and paying any tax, including cases […]
Tax and making loans to employees
A reminder that making loans to your employees or their relatives can create tax problems for employees and employers. For example, the employer will have an obligation to report a beneficial loan to HMRC and the deemed benefit would be a taxable benefit in kind for the relevant employee. A beneficial loan is one that […]
New protection for company directors from identity fraud
The Department of Business, Energy & Industrial Strategy issued the following announcement last week: Company directors are twice as likely to be victims of identity fraud, research shows New laws will allow directors to remove their personal address from the company register whilst still ensuring transparency at Companies House Protection will help to ensure the […]
