To calculate the business expense for a director’s use of a personal vehicle for business journeys in the UK (tax year 2025/26), use the HMRC Mileage Allowance Payments (MAPs). This method reimburses a fixed rate per business mile and is straightforward, tax-free up to the approved rates, and covers all operating costs (fuel, maintenance, insurance, […]
Most Directors think this is a once-a-year effort. Reducing tax liability is a daily thought that involves thinking about the tax implications of all your actions, expenditure and plans for the business and personal. For example, HMRC allows the company to reimburse you for all allowable business expenses incurred personally by the director. The director […]
If you’ve provided loans of more than £10,000 to any directors or employees, these may be considered 𝘁𝗮𝘅𝗮𝗯𝗹𝗲 𝗯𝗲𝗻𝗲𝗳𝗶𝘁𝘀. This happens when the loan is employment-related and offered either interest-free or with interest below the official rate. Under the 𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 (𝗘𝗮𝗿𝗻𝗶𝗻𝗴𝘀 𝗮𝗻𝗱 𝗣𝗲𝗻𝘀𝗶𝗼𝗻𝘀), a loan is treated as a 𝘁𝗮𝘅𝗮𝗯𝗹𝗲 𝗰𝗵𝗲𝗮𝗽 𝗹𝗼𝗮𝗻 if: It […]
Beginning January 2026, Reporting Cryptoasset Service Providers (RCASPs) will be required to collect your user and transaction data and report to HMRC. These changes fall under the Cryptoasset Reporting Framework (CARF), introduced by the OECD and now adopted by the UK to enhance transparency in crypto tax reporting. The rules will apply to both international […]
Under the Economic Crime and Corporate Transparency Act (ECCTA), changes are coming to the way small and micro companies file accounts. From 1 April 2027, Companies House will require all accounts to be filed using commercial software. Paper forms and the current web-based filing system for accounts will no longer be accepted (though these may […]
Employers will need to note the new government timeline for mandating the reporting and payment of Income Tax and Class 1A National Insurance on benefits in kind (BiKs). Originally planned for April 2026, this requirement will now take effect from April 2027. This extra year is intended to give you—as an employer, payroll professional, or […]
HMRC is reporting that more than 100,000 PAYE clients have been impacted by unauthorized access and filings on their online accounts. They are now in the process of writing to all those clients regarding this issue. These incidents involved criminals using personal information they had already obtained from external sources to impersonate genuine customers and […]
As part of the Government’s Plan to Make Work Pay, changes to Statutory Sick Pay (SSP) are on the way that may affect how you manage employee leave. Through the new Employment Rights Bill, SSP will be strengthened to ensure that all employees have access to it from day one of sickness, regardless of how […]
Most firms have set up a war room to triage their immediate response to the crisis. But the lack of visibility around future demand complicates efforts to restart stalled portfolio companies…
Most firms have set up a war room to triage their immediate response to the crisis. But the lack of visibility around future demand complicates efforts to restart stalled portfolio companies…