HMRC recently updated its advisory fuel rates for company cars. However, the new rates don’t even come close to reflecting the current pump prices. Can you pay employees a more realistic rate? Naomi Swan advises. If you provide employees with company cars, you are entitled to pay them a fuel rate to reimburse them for...

Within a family-run business it is naturally very common to employ family members. Whilst this does allow for more tax-deductible money to stay within the family, there are issues and potential minefields that you should be aware of. Helen Johnstone advises. When it comes to employing family members and putting their wages through the books...

If you are carrying out repairs to a dilapidated property, this may be treated as capital expenditure rather than revenue expenditure. Brona MacDougall explains the position regarding tax relief. Buying a property and doing it up for letting out can make good financial sense, however, repairs and renovations are expensive, so it is important to...

The first step towards alignment of VAT and direct tax penalties was due to take place in just two months but the government recently announced a delay. What’s the full story? Audrey Rankine takes a closer look. HMRC’s original timetable for the harmonisation of its late filing penalty and late payment interest regimes across most...

Your business has mobile phone contracts and hires vehicles for employee business trips. How do you check that you are not being overcharged VAT following HMRC’s change of rules on termination fees and compensation payments? VAT expert John Craig takes a closer look. New legislation for early termination fees and compensation payments took effect on...

Rishi Sunak’s Spring Statement last week provided some good news for taxpayers but hasn’t been as well received as his previous giveaways. The highlights are: • 5p per litre cut in fuel duty • An increase in the NIC primary threshold and lower earnings limit from £9,570 to £12,570 • Class II NI liabilities reduced...

HMRC is changing its policy on termination payments. As a result, some businesses will be entitled to a VAT refund while others will owe more. What’s the full story? VAT expert John Craig takes a closer look. In September 2020, HMRC changed its policy on one-off payments made in connection with a contract, e.g. early...

Lots of employees don’t understand how their tax code is made up and they are likely to come to you when they have a question or a problem. What do you need to know to help them? Head of Payroll Joanne Gibson advises. When do codes change? There are several fixed occasions annually when tax...

Your accounting period is due to end soon and your fellow directors want to pay a bonus so the company can reduce its corporation tax bill. However, they don’t want to pay tax on it until the following year. Is this possible? Brona MacDougall advises on the timing and rules that you should be aware...

Can a director take a company vehicle out of the business to sell? Q. A company director bought a car through his business on finance, it has been a company vehicle for a few years. The finance is now paid off, and he would like to sell it, but as the business is VAT registered,...