Inclusive work related social events .. the Christmas party…
Work related social events have many benefits to building a team and culture that is right for your business, although it can be difficult to get everyone attending at the same time.
Here are some top tips to consider to ensure your events are inclusive, fun and build relationships.
Don’t forget that there is an HMRC “annual parties” exemption allowance of £150 per head available to all employees. This figure is inclusive of VAT and includes the cost of all transport and/or overnight accommodation if provided to enable them to attend. The HMRC guidance on Social Functions can be viewed here.
R&D claims submitted on or after 1 August 2023, will require further details about the projects to be submitted using an online additional information form
HMRC has released details about the additional information form, which must be used for claims submitted on or after 1 August 2023.
The form must be submitted before submitting the company tax return, otherwise the R&D claim will be removed from the CT return.
The form can be submitted by an agent or a representative of the company. However, it must provide details of the main senior internal R&D contact in the company who is responsible for the claim, as well as any agent involved in making the R&D claim.
Protect yourself today!
Tax enquiries can be costly and our expert support in dealing with these is not included in your normal accountancy fees. Spending a small amount on your Tax Fee Protection means that you will receive complete support if HMRC targets you. This is especially topical at present for those companies with R&D claims, as the level of HMRC enquiries into these is growing.
Please contact Jo.firstname.lastname@example.org for more information
HMRC launches consultation on draft Making Tax Digital (MTD) regulations
HMRC is consulting until 12 January 2024 on draft regulations which will update the Income Tax (Digital Requirements) Regulations which set out the various digital record-keeping and reporting requirements for Making Tax Digital for Income Tax Self-Assessment (ITSA).
One key change will be to officially update the MTD for ITSA start date to 6 April 2026 rather than the original 6 April 2024 date which currently remains on the statute book.
The income thresholds are also formally updated to bring businesses, including rental income businesses, with revenue of over £50,000 into scope from 6 April 2026, and those with revenue of over £30,000 from 6 April 2027.
The draft regulations also include other Autumn Statement 2023 proposals:
- changes to quarterly updates, requiring year-to-date figures
- removal of end-of-period statements
- streamlined expenses for landlords with jointly owned property, with annual rather than quarterly submissions
- exemptions from MTD for foster carers and individuals without an NI number
Update to Advisory fuel rates
From 1 December 2023, HMRC have updated the advisory fuel rates for employees using a company car.
The advisory electric rate for fully electric cars will be 9 pence per mile.
Hybrid cars are treated as either petrol or diesel cars for advisory fuel rates.
Use this link to check the rates: Advisory fuel rates – GOV.UK (www.gov.uk)
Wishing you a very Merry Christmas and a Happy and Healthy New Year!
Please note, our office will be closed from 3:00 pm on Friday 22nd December 2023. We re-open at 8:00am on Tuesday 2nd January 2024
Office hours are Monday to Thursday 8am to 5pm and Friday 8am to 3pm.
This month’s Clear Vision positive thought:
Believe you can and you are halfway there.
IMPORTANT DEADLINE – 2022/24 SELF ASSESSMENT TAX RETURNS
31st JANUARY 2024
If you have not provided us with all the information we require to complete your 2022/23 Self Assessment Tax Return by 30 November 2023, we will not be able to guarantee that the deadline of 31st January 2024 will be met.