P11D Deadline Approaching

The forms P11D, and where appropriate P9D, which report details of expenses and benefits provided to employees and directors for the year ended 5 April 2014, are due for submission to HMRC by 6 July 2014. The process of gathering the necessary information can take some time, so it is important that this process is not left to the last minute.

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Advisory Fuel Rates For Company Cars and Fuel Benefit Charge

Where private fuel is provided by the employer for a company car then a separate benefit is assessable on the employee. This benefit charge is calculated by applying the same percentage figure used to calculate the company car benefit to a fixed figure which for 2014/15 is set at £21,700. The percentage is linked to the car’s CO2 emission figures.

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Increase In NMW Rates

The Government has approved a rise in the National Minimum Wage rates which will come into effect on 1 October 2014:

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Tax-Free Childcare

Details of the new Tax-Free Childcare scheme which is to be launched in autumn 2015 have been announced.

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More HMRC Guidance On The Employment Allowance

The Employment Allowance of up to £2,000 is available to most employers from 6 April 2014. Employers can reduce the amount of National Insurance contributions (NICs) they pay for their employees by up to £2,000. This is called the ‘Employment Allowance’.

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