Tax

What are self assessment payments on account

It’s always a bit of shock the first time you submit a self assessment tax return and realise that you have to pay your tax in a lump sum rather than having it deducted from your wages monthly. It’s a double shock when you realise that you need to make payments on account towards next year’s tax bill...

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What is a P11D form

The P11D form is used to report benefits in kind.  These are items or services which you (or your employees) receive from your company in addition to your salary.  Common items which need to be reported on a P11D form are: Company carsPrivate healthcareAssets provided to the employee that have significant personal use – for instance if accommodation...

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How to pay your self assessment tax online

We’ve had a few clients that have contacted us to ask us how to pay their Self Assessment tax online. So we thought it would be a great idea to walk you through the process step-by-step! 1. Simply type HMRC into google. Click the first link that appears (https://www.gov.uk/government/organisations/hm-revenue-customs). 2. Once you're on the Gov.uk page, click the...

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What is a P60 and what do I need it for

A P60 is your proof of income for the whole tax year.   It is a summary of all your pay and the deductions that have been taken out of it. You should never destroy your P60, as it is one of the easiest ways to prove how much tax you have paid. How the P60 Works A P60...

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Government cuts BIK rate for electric cars

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For the tax year 2020-2021, the government plan to cut BIK (Benefit In Kind) tax rates for zero-emissions company cars down from 16% to 2%. As a result, electric vehicles may be a cheaper option for directors and employees.  Overview Company car tax was reformed in April 2002 to an emissions-based system. This was to encourage businesses to choose more...

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2021/2022 Tax Rates and Thresholds

Not sure how much income tax to deduct from your employees?  The amount of income tax you deduct from your employees depends on their tax code (https://www.gov.uk/employee-tax-codes) and how much of their taxable income is above their personal allowance (https://www.gov.uk/income-tax-rates/current-rates-and-allowances). The tax thresholds and rates for England and Wales from 6 April 2021 up until 5 April 2022...

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