Thursday, 9 June 2016

Advisory Fuel Rates from June 2016



Advisory Fuel Rates from June 2016

New Rates: HMRC has updated its advisory fuel rates (AFRs). These apply from 1 June 2016. The table below shows the new AFRs with the previous figures in brackets.

 

Private journeys. AFRs can be used to avoid tax charges where your business pays for fuel used in a company car which you use for private journeys, or where you pay for fuel used in your company care or van and an allowance is paid to cover any business travel.

 

ENGINE SIZE
PETROL P/MILE
LPG P/MILE
DIESEL P/MILE
Up to 1,400 cc
10p (13p)
7p (9p)
-
Up to 1,600 cc
-
-
9p (11p)
1,401 cc to 2,000 cc
13p (16p)
9p (11p)
-
1,601 cc to 2,000 cc
-
-
10p (13p)
Over 2,000 cc
20p (23p)
13p (16p)
12p (16p)

 

 

Wednesday, 16 December 2015

Christmas Opening Hours



Please note our office will close at 5.15pm on Wednesday 23rd December for the Christmas holiday. The office will re-open on Monday 4th January 2016 at 8.45 am. The Southwell office will close at 5pm on Tuesday 22nd December and will re-open on Tuesday 5th January 2016 at 9 am.

 

We would like to take this opportunity to wish all our clients a very merry Christmas and a happy and prosperous New Year.

Monday, 5 January 2015

Self Assessment

All self assessment tax returns for the fiscal year ended 5th April 2015 must be submitted electronically with HMRC by 31st January 2016 to avoid any late submission penalties and any tax due must be received, cleared funds, by this date.

Friday, 19 December 2014

Advisory Fuel Rates & Mileage Rates from June 2015

New Rates: HMRC has updated its advisory fuel rates (AFRs). These apply from 1 June 2015. The table below shows the new AFRs with the previous figures in brackets.

Private journeys. AFRs can be used to avoid tax charges where your business pays for fuel used in a company car which you use for private journeys, or where you pay for fuel used in your company care or van and an allowance is paid to cover any business travel.

 

ENGINE SIZE
PETROL P/MILE
LPG P/MILE
DIESEL P/MILE
Up to 1,400 cc
12p (13p)
8p (9p)
10p (11p)

1,401 cc to 1,600 cc

14p
9p
10p
1,601 cc to 2,000 cc
14p
9p
12p
 
 
 
 
Over 2,000 cc
21p (23p)
14p (16p)
14p (16p)

 

Mileage rates

Changes to the HMRC business mileage rates are announced from time to time. The rates from 1 June 2015 are as follows:

VehicleFirst 10,000 milesThereafter
Car / Van                45p                 25p
Motorcycle                24p          24p
Bicycle                20p          20p

CHRISTMAS OPENING HOURS


Please note our Mansfield office will close at 5.15pm on Tuesday 23rd December for the Christmas holiday. The office will re-open on Friday 2nd January 2015 at 8.45 am.

The Southwell office will close at 11am on Tuesday 23rd December and re-open on  Tuesday 6th January 2015 at 9am.
 

We would like to take this opportunity to wish all our clients a Very Merry Christmas and a Happy and Prosperous New Year.

Wednesday, 5 November 2014

Real Time PAYE Penalties


Employers with fewer than 50 employees will face automated in-year penalties for late real-time PAYE returns from 6 March 2015. Those who employ 50 or more people will face penalties from 6 October 2014. 

HM Revenue & Customs (HMRC) will email all employers to let them know when the penalties will apply to them, based on the number of employees shown in the department’s records.

Tax and Deadline Dates for November/December 2014


November 6 (Thursday): Women born between 6 July and 5 August 1952
reach State Pension Age today. Generally speaking, Class 1 primary (employee’s)
National Insurance contributions should not be deducted from earnings paid on
or after today, but secondary (employer’s) contributions remain payable (and
should be paid at the not-contracted-out rate, even if the contracted-out rate has
applied hitherto).
The same group of women are not liable to pay Class 2 contributions for the
week beginning Sunday, 2 November 2014 and subsequent weeks. 

November 7 (Friday): VAT Returns for the quarter (or month) ended 30
September 2014 should be filed online by today. The relevant tax should be paid
electronically so as to reach HMRC by today. 

November 14 (Friday): If submitted on paper, EC Sales Lists for October 2014
should reach HMRC by today. 

November 18 (Tuesday): 5% penalty charged if tax and Class 1B National
Insurance in respect of 2013/14 PAYE Settlement Agreements not paid by
today (with an extension until Friday, 21 November if paid electronically). 

November 19 (Wednesday): Where an employer/contractor makes his PAYE/
CIS remittance for the month ending 5 November 2014 by post, the cheque
should reach HMRC’s Accounts Office by today. 

An employer must submit an Employer Payment Summary (EPS) for the
month to 5 November 2014 by today, to be able to deduct recoverable amounts
(Statutory Maternity Pay, etc paid that month, or CIS deductions suffered by a
subcontractor company) from his remittance for that month. 

Whether submitted online or by post, a contractor’s CIS Return for the month
to 5 November 2014 must reach HMRC by today. 

November 21 (Friday): If submitted online, EC Sales Lists for October 2014
should be filed by today. Intrastat Supplementary Declarations for October
should also be made by today. 

5% penalty charged if tax and Class 1B National Insurance contributions in
respect of 2013/14 PAYE Settlement Agreements paid by electronic transfer
after today. 

November 22 (Saturday): Where an employer/contractor makes his PAYE/
CIS remittance for the month ending 5 November 2014 by electronic transfer,
the payment should reach HMRC’s account as cleared funds no later than today. 

November 30 (Sunday): CTSA Returns for accounting periods ended 30
November 2013 should reach HMRC by today. 

Private companies with 28 February 2014 year-ends, and public companies
with 31 May 2014 year-ends, should file their accounts at Companies House by
today.
December 1 (Monday): Due date for payment of corporation tax for accounting
periods ended 28 February 2014. 

December 3 (Wednesday): The Chancellor of the Exchequer will make his
Autumn Statement to Parliament today and the Office for Budget Responsibility
will publish its updated Economic and Fiscal Outlook 

December 7 (Sunday): VAT Returns for the quarter (or month) ended 31
October 2014 should be filed online by today. The relevant tax should be paid
electronically so as to reach HMRC by today. 

December 10 (Wednesday): The Financial Secretary has confirmed that
Draft Clauses for the Finance Bill 2015 will be published today.  

December 12 (Friday): If submitted on paper, EC Sales Lists for November
2014 should reach HMRC by today. 

December 19 (Friday): Where an employer/contractor makes his PAYE/CIS
remittance for the month ending 5 December 2014 by post, the cheque should
reach HMRC’s Accounts Office by today. 

An employer must submit an Employer Payment Summary (EPS) for the
month to 5 December 2014 by today, to be able to deduct recoverable amounts
(Statutory Maternity Pay, etc paid that month, or CIS deductions suffered by a
subcontractor company) from his remittance for that month. 

Whether submitted online or by post, a contractor’s CIS Return for the month
to 5 December 2014 must reach HMRC by today. 

December 21 (Sunday): If submitted online, EC Sales Lists for November
2014 should be filed by today. Intrastat Supplementary Declarations for November
should also be made by today.