At first sight, company car drivers whose private fuel costs are met by their employers may seem to be onto a good thing, but there is a nasty tax hit… Enter, the Car Fuel Benefit charge. Let’s say the following circumstances apply: list price of your car when new was £30,000 your employer pays for […]
Monthly Archives: February 2020
The Insolvency Service has issued a warning that fraudsters have been contacting investors in insolvent schemes claiming to be from the Official Receiver’s office or to have been appointed by the Official Receiver to help recover funds for a fee. These approaches are always fraudulent. Official Receivers or any agent legitimately instructed to act on […]
If a company makes loans to its employees (including directors) there may be tax consequences. The same may also apply to loans extended to their family members. For example, the employer will have an obligation to report a beneficial loan to HMRC (and pay Class 1A NIC) and the deemed benefit would be a taxable […]
The 31 January has past and we are out of the EU. But what difference does this make and what is the transition period? The word “transition” is defined as: A change from one to another or the process by which this happens… Essentially, until 31 December 2020 – when the transition period ends – […]
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