- £5 The duration in that day is 5 hours or more
- £10 The duration in that day is 10 hours or more
- £15 The duration in that day is 15 hours or more and is ongoing at 8pm
- £10 An additional meal allowance not exceeding £10 per day may be paid if an allowance under the first two points above is paid and travel is ongoing at 8pm.
Companies can reimburse employees using HMRC's benchmark rates for subsistence.as listed below (correct as at July 2019) when qualifying business travel has taken place. Get in touch to see how these can be used in your business to help simplify the process.
Disposals of any UK chargeable properties will need to report and pay any capital gains to HMRC within 30 days of completion. This is a significant change to being able to declare it on your self assessment tax return months after the end of the tax year and will affect individuals and landlords disposing of property.
PPR relief is available for the last period of a property that has one point been declared as your home. The period this can apply to is being reduced from the current 18 months down to 9 months.
This is going to be restricted and will only apply where duel occupancy has taken place, thus excluding the majority of rental properties from being able to apply this relief.
If you think you could be affected by the above please get in touch to discuss your options.
Company cars have been under scrutiny recently and higher tax rates has meant that putting cars through the company is no longer tax efficient for the majority of makes/models.
However - under current proposals the government is looking to reduce the benefit in kind charged on some electric cars from 20/21. If you are considering changing your car for a more economical vehicle in the coming years, it may be worth considering waiting for these new rules to come in, and taking a look at the vehicles included in this band.
This is a few years ahead yet and the proposed legislation may change
If you wish to discuss this further please don’t hesitate to get in touch. Company Cars
This is an interesting article highlighting some of the complexities behind the current legislation _Click here
There have been several key changes affecting small business this April.
The shake up in the taxation of dividends and withdrawing the availability of the Employer Allowance for sole director payrolls are but a few.
See the BBC summary of key changes here.
From the 1 January 2014 HMRC are withdrawing the partial exemption concession on road fuel scale charges. See the full article HERE
A cap has been introduced on income tax relief. The measures limit the amount of income tax relief that an individual may deduct at step 2 of their income tax calculation for a tax year with effect from the 2013/14 tax year. The limit is the higher of £50,000 or 25% of the taxpayer’s adjusted total income for the tax year.
Among the reliefs affected are s63 and s72 so if you are an individual with trading losses you need to be aware of the changes.
The upgrade to HMRC on-line services is taking place from 16:00 on Wednesday 9 October 2013 to Tuesday 15 October 2013 – though most services will be affected for only part of that time.
For self assessment, as noted last week, the online service will be unavailable between 06:00 on Friday 11 October and 06:00 on Monday 14 October.
The extent to which an on-line service is unavailable or otherwise affected will depend on which service it is – full details for all on-line services are on HMRC Service availability page.
Individuals who have not opted out and earn more than £50,000 and who (or their partner) have claimed child benefit since 7 January 2013 should by now have notified HMRC that they are required to file a tax return on-line. The 5 October deadline has now been and gone and fines and penalties could be payable for not declaring the need to file. If you are unsure if you are affected then please get in touch.
The rates change from 1st October 2013 - make sure you are paying or receiving the right amount: