Articles in "Tax"

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Natalie Miller, Manager for Lovewell Blake

When there’s no benefit to child benefit

Natalie Miller
4 min read

You are entitled to Child Benefit payments if you are responsible for bringing up a child who is under 16, or under 20 if they stay in approved education or training. It is a non-taxable benefit, which can be claimed at a current rate of £21.80 per week for your eldest (or only) child, and then £14.45 per week for each further child. Although Child Benefit isn’t means tested and isn’t taxable as such, you may be subject to a tax charge to essentially ‘claw back’ some or all of the benefit if income exceeds £50,000. This is called the High Income Child Benefit Charge (HICBC).

Shaun Davison, manager for Lovewell Blake

HMRC targets business owners claiming Business Asset Disposal Relief (BADR)

Shaun Davison
3 min read

HM Revenue & Customs (HMRC) have announced they are reviewing the position of taxpayers who have made substantial gains during their lifetime and may have inadvertently exceeded their lifetime limit for Business Asset Disposal Relief (BADR).

Advisory fuel rates for company cars

Brian Floringer
Tax, News
1 min read

New company car advisory fuel rates have been published and took effect from 1 June 2022.

Business stock image

Company share schemes

Christina Futter
2 min read

As an employer, there are various ways to remunerate your team. Increasing salary may be enough to retain some staff whilst others want a ‘slice of the action’. Company share schemes are an increasingly common way to incentivise employees, and there are various different ways to achieve this, depending on your requirements, and theirs.

Christina Futter, Lovewell Blake Accountants

EMI schemes

Christina Futter
10 min read

The Enterprise Management Incentive (“EMI”) scheme is a tax-advantaged share option scheme.

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Chancellor cuts fuel duty in Spring Statement

The Marketing Team
2 min read

Chancellor Rishi Sunak announced a 5p per litre cut in fuel duty for petrol and diesel in the 2022 Spring Statement.

Man working on laptop

ERS reporting reminder

Edward Passmore
3 min read

The deadline for filing your annual ERS (Employment Related Securities) return is 6 July following the end of the tax year.

Matthew Waters partner for Lovewell Blake

Company Benefits and Expenses - Areas to Consider: What is Exempt?

Matthew Waters
5 min read

Employers have until 6 July to report any taxable benefits and expenses provided to their employees (including company directors) during the 2022 tax year on the forms P11D, and will have to settle any National Insurance arising on these by 19 July.

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