Reporting Employee Benefits on Form P11D By 6th July

The way in which benefits in kind and expenses are reported is changing for businesses. 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 ...

Investing In an Unquoted Trading Company

If you are considering lending money to, or subscribing for shares in, an unquoted trading company then, like many investments, there is always a risk that you may lose your money. However, there is potentially tax relief for the lender if the loan meets certain ...

HMRC Publish Updated Guidance On Work Travel

Travelling from home to an employee’s normal workplace does not qualify for tax relief. This is referred to as “ordinary commuting and, furthermore, if the costs of the journey are reimbursed by the employer, those costs are taxable. There are exceptions to this rule, in ...

CN Complete Born Survivor for Charity Partner, Mentell

Four members of staff from CN Chartered Accountants completed Born Survivor last weekend to raise money for the Stockport Business Awards Charity Partner, Mentell. CN Chartered Accountants are the founders, organisers and headline sponsors for the business awards and each year a local charity is ...

Spring Budget 2024: Our Assessment

Earlier today the Chancellor, Jeremy Hunt, announced the 2024 Spring Budget in Parliament. The aim of the budget was to promote long-term growth by delivering lower taxes, better public services and more investment. Here is a breakdown of some key take-home messages from the announcement ...

HMRC Reverse Decision On Double Cab Pick Ups

HMRC have announced that they are going to reverse (pun intended) their decision to class double cab pickup trucks as cars, instead of vans. Lots of business owners chose to own double cab pickup trucks for both personal and business use due to their ability ...

HMRC to class double cab pick-up trucks as company cars from the 1st of July

HMRC is set to close the loophole in which pick-up trucks, such as the Ford Ranger and Nissan Navara, are used as company vehicles for the benefits of tax, from the 1st of July this year. Currently, double cab trucks are classed as vans, rather ...

Payrolling Benefits in Kind to be Mandatory from 2026

HMRC have recently announced that from April 2026, the way in which benefits in kind are to be reported and paid is to change. Rather than using form P11D to report benefits annually, income tax and Class 1A National Insurance Contributions (NIC) on benefits in ...

Income Tax Planning 2023/24

Tax thresholds  Currently, income tax rates and thresholds (except in Scotland) are set to remain unchanged for 2024/25. The Personal Allowance (PA), below which income is not taxed, is £12,570. The higher rate threshold at which 40% tax kicks in is £50,270 and top rate ...

Tax Uncertainty In An Election Year

2023 has been a lot more stable, politically and economically, than 2022. Rather than the multiple fiscal events of the latter, there has been a single Budget plus an Autumn Statement. However, with a pre-election Budget due on 6th March, we wait to see whether ...

The Benefits of Switching to Electric Company Vehicles

It’s well known that the UK Government has been offering tax benefits to fuel demand for vehicles with the lowest CO2 emissions. 20 years ago, the demand was for diesel cars, however as the world has moved on, electric vehicles are the hottest property in ...

Major changes to R&D reliefs

There have been major tax incentives for research and development expenditure for many years. Until recently, HMRC has adopted a ‘light touch’ approach to compliance in this area. However, those days are now over, as Finance Act 2023 introduces a number of changes, including more ...