VAT on the costs of selling a subsidiary
When a holding company sells shares in a subsidiary, the VAT incurred on the professional fees involved would normally be irrecoverable, on the basis that a sale of shares is an exempt supply.
Childcare accounts can subsidise summer childcare costs
If you have children under 12 who attend a nursery, after school club, playscheme or childminder, or you are considering sending them
What is a pool car?
The conditions for a company car to be treated as a pool car are set out in the employment income legislation:
Diary of main tax events July/August 2024
Please find below our diary of main tax events for July/August 2024. If you have any questions we are here to help.
June advisory fuel rate for company cars
The table below sets out the HMRC advisory furl rates from 1 June 2024. These are the suggested reimbursement rates for employees’ private mileage using their company car.
HMRC official rate of interest remains at 2.25%
HMRC have announced that the official rate of interest will remain at 2.25% for 2024/25, despite the Bank of England Base Rate currently standing at 5.25%. The official rate of interest
Diary of main tax events June/July 2024
Please sell below for our diary of main tax events for June/July 2024. As always, we are here to make sure you meet these deadlines.
Should employees reimburse their employer for private fuel?
Where a company car is provided for use by an employee or director there is a benefit in kind taxable on the employee based on the original list price of the vehicle multiplied by the CO2 emissions percentage for that vehicle.
Deadline for reporting employment-related securities returns due by 6 July
The deadline for reporting shares and securities and share options issued to employees for 2023/24 is 6 July 2024. This is the same as the deadline for reporting expenses and benefits provided to employees on form P11d for 2023/24.
P11D form: Report employee benefits by 6 July
P11d forms for reporting expenses and benefits in kind provided to employees and directors in 2023/24 need to be submitted by 6 July 2024. Note that paper forms are no longer acceptable; the return must be made online using PAYE Online for employers or commercial software.