Advisory Fuel Rates from 1st March 2020

For employees using a company car, the new fuel rates for use from 1 March are as follows: Engine SizePetrolLPGDieselAmount per mile (in pence)1400cc or less12891401cc to 1600cc141091601cc to 2000cc141011Over 2000cc201413 For the purpose of fuel rates, hybrid cars are treated as either petrol or diesel cars. Please note: This article is a commentary on … Continue reading Advisory Fuel Rates from 1st March 2020

How to Deal With Seasonal Work Cover

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

Is My Christmas Party Tax Deductible?

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?

Can I Give My Employee a Tax Free Gift?

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?

How to Prepare Your Business for Adverse Weather Conditions

The particularly brutal weather we saw when the “Beast From the East” paid us a visit last year highlighted how unprepared many of us are for dealing with adverse weather conditions. And whilst a White Christmas is on many people’s wish-list, the disruption caused by bad weather can be costly for your business. The answer … Continue reading How to Prepare Your Business for Adverse Weather Conditions

How to Avoid Legal Issues at Your Company Christmas Party

Whilst you may enjoy letting your hair down with your staff at the annual Christmas Party, it is worth remembering that you are still the employer and, as such, responsible and, perhaps liable, for any bad behaviour. Any incidents of harassment, abuse or discrimination could have repercussions not just for those involved, but also for … Continue reading How to Avoid Legal Issues at Your Company Christmas Party

Does ‘Qualifying Car’ Always Mean ‘VAT Recoverable’?

The term ‘qualifying car’ is widely used and misunderstood. Car dealers may well tell potential buyers that it means you are able to reclaim the VAT. However, is that always the case? Generally, the input tax on the purchase of a motor car is blocked, unless the car is to be used for one of … Continue reading Does ‘Qualifying Car’ Always Mean ‘VAT Recoverable’?

Reviewing Your State Pension

Earlier this year, a report suggested that half a million people could be paying ‘unnecessary’ tax on their state pension. The issue arises where someone carries on working beyond state pension age. At 65, state pension age is now the same for women as for men. It rises to 66 in October 2020 and is … Continue reading Reviewing Your State Pension

IFS States High Earners ‘Increasingly Hit by Lack of Indexation’

The Institute for Fiscal Studies (IFS) recently published a report which revealed that more people are being 'dragged into higher rates of tax' as a result of tax thresholds failing to rise in line with the rate of inflation. The report states that, in 2007, the year before the top income tax threshold of £150,000 … Continue reading IFS States High Earners ‘Increasingly Hit by Lack of Indexation’

The Inheritance Tax Implications of Gifts

Research carried out by the National Centre for Social Research (NCSR) and the Institute for Fiscal Studies (IFS) recently found that there is a ‘staggering lack of awareness’ of the inheritance tax (IHT) implications of making a financial gift. Below we outline the gifting rules and the IHT implications. Annual £3,000 exemption Every year, an … Continue reading The Inheritance Tax Implications of Gifts