HMRC change RTI goalposts

Tax Resource Center Updated For 2011-12

Ray Stewart Business, Tax Matters Leave a Comment

You will be pleased to see that the much acclaimed Tax Resource Center on the website that is for the benefit of the registered members is now fully updated with the changes made in the budget last week.

This resource center is provided free of charge and is full of information and tax calulators. So, if you want to know what level of car benefit your new vehicle will attract – check it out…

Company Car Issues

Mileage Allowance Payments

Ray Stewart Business, Tax Matters Leave a Comment

After a discussion I had with new client on Friday afternoon, it seems there is still a huge amount of confusion about what and how much an employee/business owner can be re-imbursed for using their private vehicle for work. It is true that if you use your private vehicle in your business, you can claim 40p/mile for the first 10,000 miles in a tax year and then 25p/mile over that level completely tax and NI free. This is fairly straight forward and hasn’t changed for a while. Just remember to keep mileage records in your diary or similar to back up your claim.

New VAT Fuel Scale Charges – Use From 1st May 2010

Ray Stewart General, Tax Matters, VAT Leave a Comment

Here is some more “good” news in the run up to the general election next week…

Are you a business that provides private fuel for your employees? If so, you must apply the new VAT Fuel Scale Charges detailed below from the 1st May 2010.

This means any VAT period that starts on or after 1st May 2010.

These scale charges are a reduction of the input tax claimed on the fuel used for private motoring and work hand in hand with the P11D taxable benefit for private fuel provided to employees.

The new quarterly charges are (figures are inclusive of VAT)…

Hot Tax Tips Are Coming…

Ray Stewart General, Tax Matters Leave a Comment

This site has been running now since September 2007 and there is a lot of information and advice that I have put on here since then, all for free, and available to anyone who dropped by. Times are changing! I will still provide the content for free but access to it will require a commitment from you to register as a basic level member.

When Voting In May – Remember Labour’s Highest Rate Of Tax Is 60%!

Ray Stewart General, Tax Matters Leave a Comment

Having discussed tax with a high earning client earlier today, I was suprised they hadn’t realized there is a current highest rate for some earners of 60%. So I thought if one person didn’t know then there are probably a few more out there that ought to be informed before they cast a vote on May 6th.

OK. It isn’t a universal tax rate. It only applies to some people whose income falls into a certain range…

Tax Saving Tip – No. 3

Ray Stewart General, Tax Matters Leave a Comment

This is the third tax saving tip article in the series and this tip deals with working from home and what household expenses you can rightfully claim against business profits. Any business person that works even partially at home in the evenings/weekends can properly claim an allowance against their business for “Use of home as office”.  The questions arise when …