A Personal Tax Account is a safe and secure online account for you to check, update and manage your details with HMRC. It has all of your tax information in one place, enabling you to make changes or review upcoming payments. To set up your Personal Tax Account, you will need to do the following: … Continue reading How to Set up a Personal Tax Account
Once you have submitted your tax return, you will know how much you are due to pay by 31 January. To arrange an instalment plan (a 'time to pay' agreement), you will need your Government Gateway account details to log on to HMRC's online tool. You must meet all the following criteria to be eligible: No outstanding … Continue reading How Do I Set up a Payment Plan for My Tax Liability?
This post was originally published in 1 September 2020 and was updated on 1 December 2020 for freshness, accuracy and comprehensiveness. For employees using a company car, the new fuel rates for use from 1 December are as follows: Engine SizePetrolLPGDieselAmount per mile (in pence)1400cc or less10781401cc to 1600cc11881601cc to 2000cc11810Over 2000cc171212 For the purpose … Continue reading Advisory Fuel Rates
Last week, the Chancellor, Rishi Sunak, announced that the stamp duty threshold in England and Northern Ireland was being increased from £125,000 to £500,000. The tax break didn’t apply in Wales, but additional funding was being provided for the Welsh Government to implement a similar policy. It has been announced that the change to the … Continue reading Temporary Land Transaction Tax Changes in Wales
On Wednesday 8 July 2020, the Government held an emergency mini budget to minimise the pain as the economy faces the challenges of the past few of months. The main priority on the agenda was unemployment rates, with the Chancellor announcing that he wants to ‘protect, support and create jobs.’ What’s changing? Furlough Scheme With … Continue reading New Support Announced by the Chancellor in His Summer Statement
Most self-assessment taxpayers make one tax payment in January and a second in July each year. These are known as "payments on account". As part of the governments plan to help you through the coronavirus pandemic, they have extended the deadline for your second payment from 31 July 2020 to 31 January 2021. You don't … Continue reading Do I Need to Make My July Tax Payment?
A Government Gateway user ID is a series of 12 digits required, alongside a password, to access the UK government’s secure online services, including the HMRC portal. To setup your account, you will need to complete the following steps: Go the government website - https://www.access.service.gov.uk/registration/emailEnter your email addressEnter the confirmation code sent to your email … Continue reading How to Create a Government Gateway User ID
The festive season often sees an increase in activity for many businesses which may mean you need more hands on deck and seasonal work cover. Your first thought may be to take on more staff, perhaps on a fixed term or casual basis, but in some cases you can increase productivity by offering your existing … Continue reading How to Deal With Seasonal Work Cover
Like many employers, you probably like to treat your employees at this time of year by providing a Christmas Party, but to avoid any tax or VAT implications, you should make yourself aware of the rules. Entertainment for your employees is tax-free, providing it is available to all your staff, it’s an annual event and … Continue reading Is My Christmas Party Tax Deductible?
Christmas is all about giving, so you might like to take the opportunity of giving a gift to your employees or your customers. In many cases, however, gifts are not tax-free. A Christmas Bonus to staff members is treated as additional pay for tax purposes and will attract Income Tax and National Insurance under PAYE. … Continue reading Can I Give My Employee a Tax Free Gift?