Articles in "Tax"

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).

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).

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

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.

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

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

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

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.