HMRC surprised all taxpayers who own a double cab pickup as a company vehicle on 12 February by announcing that these vehicles would be classified as cars and not vans, which would have led to higher National Insurance Contributions (NICs) for owners.
Managing payroll effectively is crucial, especially when it involves apprenticeship wages. Employers must adhere to government regulations to avoid potential fines, penalties and disputes.
Making Tax Digital (MTD) is designed to simplify the tax process for business owners.
The Chair of the Conservatives, Richard Holden, has said that there could be two more changes to UK tax law before the election – which is expected to be called in the latter part of this year.
The 500T tax code in the UK is a temporary, non-cumulative code used by HMRC when they lack information.
Consistent financial reporting needs to be a core part of your financial strategy to ensure sustainable business growth.
Although it can have negative connotations, debt is inevitable for most businesses.
Environmental consciousness is becoming more and more aligned with business operations, and electric vehicles (EVs) are becoming a popular choice for company cars as a result.
If you’re concerned about how rising costs will impact your SME, you’re not alone.
If you employ one or more people for paid work, it’s essential that you have a properly managed payroll.