Car Benefit Reduced Where Unavailable
P11d forms reporting benefits in kind provided to employees and directors need to be submitted to HMRC by 6 July. Where a company car is “unavailable” for private use for 30 or more consecutive days the benefit is proportionately reduced.
During the various lockdown periods many employees and directors have not been using their company cars and it may have been sitting on their driveway. Unfortunately, that does not count as being unavailable.
Beware Mini-Umbrella Company Fraud
HMRC are urging businesses to look out for the use of mini-umbrella companies (MUCs) to pay contractors supplying their labour via agencies and other intermediaries. Businesses need to be aware of the financial and reputational risks of such entities in their labour supply chain and carry out due diligence to minimise those risks.
Our Monthly Newswire May 2021
Is Google Workspace suitable for business use?
Google Workspace is a low cost, web-based platform for creating documents, spreadsheets and presentations.
For decades, Microsoft Office has been the most popular software for business users around the world. Most businesses need a word processor, spreadsheets, presentations and email, and Microsoft Office was the first to offer all of this, in one package.
Details Of The Latest CJRS “Furlough” Grants
The fourth version of the CJRS “furlough” grant scheme starts on 1 May 2021 and will run until 30 September with employees affected continuing to be supported such that they are entitled to be paid at least 80% of their “usual pay” subject to a limit of £2,500 a month for hours not worked.
The government, via HMRC, will continue to provide support up to this 80% figure for the months of May and June. The government support then reduces to 70% for July and the 60% for August and September with the employer being required to make up the difference. The employer is also required to pay national insurance contributions and pension contributions on the full amount paid to the employee.
Further Information About The Chancellor’s March 2021 Budget
In the Budget on 3rd March the Chancellor announced a new 130% tax relief for expenditure on new plant and machinery incurred between 1 April 2021 and 31 March 2023. It turns out that this new tax relief is only available to limited companies and the latest Finance Bill reveals a nasty sting in the tail when the equipment is sold, as the clawback on disposal is potentially at the same 130% rate. So, if a new item of plant cost £100,000 the company would be able to deduct £130,000 in arriving at taxable profits thus saving £24,700 in corporation tax at 19%.
New Personal Service Company Rules Start In April 2021
The “off-payroll” working rules that apply to certain workers supplying their services to clients via their own personal service companies start from 6th of April 2021.
The Chancellor’s March Budget 2021
In the Chancellor’s second real Budget on 3rd March 2021 he announced that he had to level with people about the state of the UK economy. Prior to Budget day there were fewer leaks than normal about possible tax changes.
There were however announcements prior to Budget day of grants for High Street businesses and the hospitality sector and the widely predicted extension of the furlough scheme.
Top Tips for Driving Your Business Development Efforts
Business Developments (BD) is often misunderstood. Some might say that it’s all about relationships, another will say it’s all about sales and others will talk about marketing. They are all right, in a way. BD is the creation of long-term value for a firm, through effective management of customers, markets and relationships.
Deliver Effective Training When Working Remotely
Providing training for your team when they are working remotely can be challenging.
Delivering a training session to a room full of people can be difficult enough. Engaging with your audience remotely presents a whole new challenge.
Time to Review Your Will?
Top of the to do list for many individuals is to make or update their will. Many think this is something to leave until later in life but it is important to get things in place once property is acquired or when children come along.