If employers provide company cars for their employees’ private use, they need to work out the taxable value so it can be reported to HMRC and the ‘Benefit In Kind’ can be paid. In recent years BIK’s have been off-putting unless the vehicles were commercial or full electric.
Whilst we all understand paying our taxes are important and play an essential role in today’s economy. There are several ways from protecting your personal pocket and reducing your tax liability!
With the new tax year in April 2021 and Mr Sunak’s Budget came increases to some allowances, therefor you can earn more tax free. Here’s an update on ways to protecting your hard-earned money.
The pandemic has saw the rise of big fraud threats, with SMEs being particularly targeted as they often do not have security systems as robust as larger organisations. With new security processes being quickly implemented, there may be gaps in the chain which fraudsters could exploit. Now, more than ever, your business needs to be aware of these threats and how to protect yourself against them. Read More
As we face yet another month of lockdown, the Finance Minister has announced new business support grants which will provide £177.9 million of support to around 20,000 business.
There are four new support grants amounting to £50,000, £25,000. £10,000 and £5,000.
The awaited budget has finally arrived, and I am sure we were all waiting with bated breath to see what the Chancellor would announce. With Covid-19, still very much still sitting as a heavy weight on all our shoulders, the Chancellor has announced his budget in light of the ongoing situation.
Under the Finance Act 2020, HMRC regains its status as a preferential creditor for insolvencies that commence on or after 1 December 2020. The preferential status is for certain taxes due from an insolvent business, to include VAT, PAYE, Employees NIC, and CIS deductions – and will be paid secondary after the primary preferential creditors for wages and unpaid holiday pay. HMRC will remain an unsecured creditor for direct taxes such as Corporation Tax and Employer NICs. Read More
If you were unable to apply for the current Self-Employed Support Scheme, the Minister for the Economy has announced a support scheme for those have recently become self-employed (sole traders and those in partnerships) who have been adversely impacted by Covid-19. The NSESS has been administered by Invest Northern Ireland on behalf of the Department for the Economy.
January 2021 is not looking much different to March 2020 currently and the Minister for the Economy is once again announcing more support schemes.
The Minister for Economy has announced a support scheme for Directors of Limited Companies who have been adversely affected by Covid-19.