News

  • Advisory fuel rates for company cars

    Advisory fuel rates for company cars

     

    New company car advisory fuel rates have been published which took effect from 1 December 2017. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car.

    The advisory fuel rates for journeys undertaken on or after 1 December 2017 are:

  • Employee gifts - tax free?

    Employee gifts - tax free?

     

    At this time of year some employers may wish to make small gifts to their employees.

    A tax exemption is available which should give employers certainty that the benefits provided are exempt and do not result in a reportable employee benefit in kind. In order for the benefit to be exempt it must satisfy the following conditions:

  • Help to Save Accounts

     

    The government have announced details of a new Help to Save saving scheme. The scheme is government backed and designed to support working people on low incomes build up their savings.

    The scheme, administered by HMRC, will be open to working people who receive Working Tax Credits, and those who receive Universal Credit with a household income equivalent to at least 16 hours a week at the national living wage (currently £120 a week).

  • Criminal Finances Act

     

    The Criminal Finances Act 2017 took effect on 30 September 2017. It makes companies and partnerships, a ‘relevant body’, criminally liable if they fail to prevent the facilitation of tax evasion being carried out by an employee, anyone acting on their behalf or someone acting as an agent. If found guilty, the business could face unlimited fines and potentially further consequential sanctions within their industry or profession.

  • Simple Assessment

     

    HMRC have changed the way in which they will assess some taxpayers removing the need for these individuals to complete a Self-Assessment Tax Return. These changes took effect from September 2017.

    The affected taxpayers fall into one of two categories:

  • Autumn Budget

     

    With the Chancellor’s first Autumn Budget due to be presented on 22 November, professional bodies and business groups are setting out their Budget wishlists. Recommendations include changes to Business Rates, a ‘Brexit ready’ Budget, incentives for business and an appeal for changes to the Apprenticeship Levy. The ICAEW is urging that the government give sufficient attention to Making Tax Digital to ensure a successful roll out and making the necessary changes to accommodate Brexit.

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