Changes to the Lifetime Allowance
The 2023 Spring Budget introduced a number of key changes to pension legislation, and in particular changes to the Lifetime Allowance.
Advisory fuel rates for company cars
New company car advisory fuel rates have been published and took effect from 1 June 2023.
Capital Allowances - Full Expensing
Following on from the success of the super-deduction, the Chancellor Jeremy Hunt announced in the 2023 Spring Budget the introduction of full expensing capital allowances, with the aim to help boost business investment and increase global competitiveness.
Exit planning – what does the future hold for Employee Ownership Trusts?
The UK government has announced that they are going to issue a consultation on the use and effectiveness of Employee Ownership Trusts (EOTs). The focus seems to be ensuring these are primarily being used to incentivise employees.
Company Benefits and Expenses – Areas to Consider: Employee Benefits
Employers have until 6 July 2023 to report any taxable benefits and expenses provided to their employees (including company directors) during the 2023 tax year on the forms P11D and will have to settle any National Insurance arising on these by 22 July 2023.
Due to the reversal of the additional 1.25% on national insurance rates in November 2022, Class 1A national insurance on employee benefits is at a rate of 14.53% for the 2023 tax year.
Company Benefits and Expenses - Areas to Consider: What is Exempt?
Employers have until 6 July 2023 to report any taxable benefits and expenses provided to their employees (including company directors) during the 2023 tax year on the forms P11D and will have to settle any National Insurance arising on these by 22 July 2023.
Company Benefits and Expenses – Areas to Consider: Vehicles
Employers have until 6 July 2023 to report any taxable benefits and expenses provided to their employees (including company directors) during the 2023 tax year on the forms P11D and will have to settle any National Insurance arising on these by 22 July 2023.
Capital Gains Tax changes – A summary
In the Chancellor’s Autumn Statement on 17 November 2022, he announced that Capital Gains Tax (CGT) allowances will be reduced from April 2023 and then further reduced from April 2024.