Tax implications of benefits in kind
As a business owner we are all too aware of the importance of the various ‘clogs’ in the business machine. One of the most important elements of this are your employees.
Summer holiday Tax-Free Childcare reminder
With the summer holidays approaching, HM Revenue & Customs (HMRC) are reminding working families that Tax-Free Childcare top-ups can be used to help pay for childcare costs, such as accredited holiday clubs, childminders, or sport activities.
Trade credit insurance scheme to close
The temporary Trade Credit Reinsurance (TCR) scheme that helped struggling supply chain firms secure insurance protection during the pandemic will close at the end of June, it has been confirmed.
Reporting SEISS grants on your Self-Assessment tax return
The SEISS grants are subject to income tax and National Insurance contributions therefore, Self-Employed taxpayers who have received SEISS payments from HMRC will need to report these on their self-assessment tax returns.
Government confirms start date for Plastic Packaging Tax
The UK government has confirmed that its plastic packaging tax (PPT) will come into force on 1 April 2022.
Effectiveness of OTS set to be reviewed by Treasury
The Treasury has launched a review into the effectiveness of the Office of Tax Simplification (OTS), the independent body responsible for helping to make the UK tax system simpler and easier to interact with for taxpayers.
NIC reliefs set for Freeports
Freeport operators will be able to take advantage of a zero rate of secondary national insurance contributions (NICs) for employees, the government has announced.
Forms P11D - reporting employee benefits
The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2021, are due for submission to HMRC by 6 July 2021. The process of gathering the necessary information and completing the forms can take some time, so it is important that this process is not left to the last minute.