If you pay for the fuel used in your company car you are entitled to recover the cost of the fuel – for business journeys - based on agreed Advisory Fuel Rates (AFRs), from your employer.
If your business processes materials or assembles goods for sale it will usually need to keep a stock of items to ensure that future sales can be met.
If you decide to employ students to assist with your staff needs over the summer, you will need to add them to your payroll and apply PAYE and NIC rules.
National Insurance Contribution thresholds are increasing from 6 July 2022. To accommodate this change, payroll software will need to be updated with the correct thresholds.
Our latest OMB survey found that nine out of ten business owners are worried about business costs. Here are four ways small and medium sized businesses can get financial support:
From 1 April 2022, the UK government introduced a new Plastic Packaging Tax (PPT) at a rate of £200 per metric tonne to incentivise businesses to increase their use of recycled plastic and combat the level of single use plastic heading towards landfill or incineration.
With sustainability at the forefront of the political agenda, businesses are facing increasing pressure to reduce their carbon footprint and become more environmentally conscious. Aside from the obvious benefits to the planet, going green can also provide considerable tax savings for businesses.
Empty office spaces are being turned into other buildings, which will often in turn change the property’s class and the VAT that should be applied.
Foreign Secretary Liz Truss has announced that all Russian businesses will be banned from using the services of UK accountants and other professional services including PR and management consulting.
The “Academies accounts direction 2021-2022” was released in March alongside the “Academies model accounts” and “Framework and guide for external auditors and reporting accountants of academy trusts”.
Shareholder directors of owner-managed businesses normally take a minimum salary and any balance of remuneration as dividends (distribution of company profits). Historically, dividend have been taxed as unearned income and this tends to reduce National Insurance Contributions (NIC), and in some cases income tax.
Employers can pay employees a fixed rate per mile to cover the costs of using their own vehicles on company business.