Car or Van questions

When completing the annual expenses and benefits return (P11D) you need to know what company-provided vehicles each employee and director used in the tax year. A problem can arise when deciding whether small commercial vehicles should be treated as vans or as cars....

Changing NIC In July

The rates for national insurance contributions (NIC) increased by 1.25 percentage points for everyone on 6 April 2022. From 6 July the NIC starting threshold will rise to £12,570 per year (£1,048 per month) for employees. This means that some lower paid employees will...

Death of a company director

The untimely death of a sole shareholder/director of a private limited company can bring business to a standstill and put considerable pressure on the deceased’s personal representatives. When a sole director dies – and if there are surviving shareholders or members –...

Interest on late paid tax

All late paid tax now carries interest at 3%. Where the tax has been outstanding for more than six months a 5% surcharge on the outstanding amount may also apply. Surcharge rates of up to 15% can apply for VAT paid just one day late. If you can only pay some of your...