Please find below the latest advisory fuel rates for the company cars published by HMRC.
This is the amount that can be paid where an employee has a company car but the employer does not provide fuel as part of the package.
HMRC adjust this table regularly but unfortunately, if you use your own vehicle for business, the rate is still 45p a mile and has been for very many years.
The Chancellor gave his Autumn Statement on Wednesday and you can find a summary of the major points below.
From a personal point of view, I think the Chancellor has evoked the usual Shakespearean theme of “Much Ado About Nothing”.
Our staff will be very pleased to receive a 2% tax cut through the form of the National Insurance reduction but for most people that will only go so far as to offset their increased fuel bills from January.
From a small business owner’s point of view, there has been absolutely nothing done to alleviate the extremely high tax rates that owners of successful small to medium sized companies now face, and yet the Chancellor says he wishes to encourage growth!
If you have any queries relating to the new provisions, and the impact they may have on you, although in my view these will be minimal, please do not hesitate to contact us here at the Martlet Partnership.
We are pleased to advise that the Government has announced changes to Holiday Pay, Working Time Regulations and TUPE (Transfer of Undertakings Protection of Employment) Rights.
For once, the changes can be regarded as beneficial for small and medium size businesses.
The calculation of Holiday Pay for part-year workers and those who have irregular hours can be calculated at 12.07% of hours worked each pay period and paying this each pay period (… Holiday Pay) will be allowed, simplifying the process.
Holiday Pay must be based on their normal pay and should include commission, overtime, on-call and other regular payments.
The changes to Working Time Regulations reduce the onerous detail of keeping records of all employees’ hours of work.
The simplification of TUPE Regulation will allow employers undertaking some small transfers to consult directly with staff involved.
As regulations relating to payroll have been getting ever more complicated over the past few years, these developments are to be welcome.
There is no need to make any changes yet but these draft regulations are expected to come into effect on 1st January 2024 and Holiday Pay provisions will apply to holiday years commencing on or after 1 April 2024.
We are conducting a short survey to understand how businesses are coping in the current climate, including their outlook for the future.
We conduct this business confidence survey from time to time to understand confidence levels and the views of businesses on their outlook. The findings provide us with insights to develop appropriate support for businesses and individuals.
We share these insights with the government and other industry bodies to ensure the right conversations are taking place and measures being developed to support business in the longer-term.
We are conducting this survey in collaboration with other members firms of the UK200Group, the UK’s leading professional organisation of chartered accountants and law firms., of which we are a member.
This means we will capture feedback from businesses from right across the UK which we can use to help develop and shape support to help businesses like yours.
The survey will only take 1-2 minutes of your time to participate. It contains just 4 short questions.
Please take a moment to participate:
A lot changes are planned for companies and other entities which file documents with Companies House.
Amongst these changes are the following, which will impact on us all:
In order to notify our clients well in advance, we have created A Guide to the Companies House Reforms.
The UK Companies House reforms are set to make significant changes in the way businesses operate, with increased transparency and more stringent measures to combat financial crime, including the proposed requirement for all companies, including small companies, to file a profit and loss.
These reforms will affect all limited companies, particularly small businesses, making it crucial for you to understand the implications and adapt accordingly.
What’s inside the guide?
Our comprehensive guide covers everything you need to know about the Companies House reforms, including:
How our guide will help you
With expert advice and easy-to-understand explanations, our guide will help you:
You can download the guide below:
Please do get in touch if you would like to discuss these reforms or if we can help you in any way.
The Martlet Partnership is delighted to announce that our Paisley Thomson has smashed her ICAEW Professional Level Tax Compliance exam with an excellent mark of 68%!
Well done Paisley!
The Martlet Partnership is delighted to announce that our George Moyle has passed his Management Accounts exam in his Level 3 AAT (Accounting Technicians), smashing the pass mark with 75%.
He is also 21 today so what better birthday present?
The Martlet Partnership is delighted to announce and we send our full congratulations to our Rena Lourenço who registered 81% in her final exam for the AAT qualification and is now a fully qualified accounting technician.
We are writing to advise you that the leading accountancy software producers Xero have recently announced the launch of the Xero Beautiful Business Fund. It is their new initiative, backing small businesses for the future.
What does this mean?
Xero is offering more than NZ$750,000 (£352,500) in funding to Xero small business customers across Australia, Canada (excluding Quebec), New Zealand, Singapore, South Africa, the UK and the US. The Xero Beautiful Business Fund is open until 6th October.
Applications for the fund are now open and we encourage you to apply.
About the fund
There are four funding categories, with no cap on how many you can enter.
How are you taking the next step on your sustainability journey?
How are you striving to give back to your community?
How are you seeking to innovate and set pace with technological advancements?
How are you thinking ahead and preparing for the future?
For each category you would like to enter, create a 90 second pitch video and complete the short online application form here.
Referrals
If you choose to enter, you will be asked if you have been referred by your accountant or bookkeeper. Please select yes and add the name of our firm and your primary contact.
Please spread the word.
In an unexpected move, HMRC have announced that we effect from April 2025, there will be new rules on dividend disclosures for anyone involved with an owner managed business.
On their self-assessment tax return, you will need to split out the amount of dividend income received from your own companies and the percentage share you hold in those companies, and disclose dividend income from other sources separately.
Three years ago, during COVID, huge numbers of owners of small businesses were not eligible for grants because HMRC said they did not have sufficient information, namely regarding private company dividends. It would seem they are going to ask for it now and if they had done so earlier, a lot of people might have been in receipt of some Government help during those difficult times.
It is not exactly clear why HMRC need this level of information but there are a number of reasons why this may increase pressure on small business owners.
Also, from 2025/26, employers will have to report the number of hours worked by individual employees. We will have to see what this all means when the time comes but one thing will be clear. It is more administration and cost for small business owners.
