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Advisory fuel rates

If you pay for the fuel used in your company car you are entitled to recover the cost of the fuel – for business journeys - based on agreed Advisory Fuel Rates (AFRs), from your employer.

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How stock holding and inflation will affect your cash flow

If your business processes materials or assembles goods for sale it will usually need to keep a stock of items to ensure that future sales can be met.

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Employing students in the summer break

If you decide to employ students to assist with your staff needs over the summer, you will need to add them to your payroll and apply PAYE and NIC rules.

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Don't forget to update your payroll software for the July NIC increases

National Insurance Contribution thresholds are increasing from 6 July 2022. To accommodate this change, payroll software will need to be updated with the correct thresholds. 

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Four ways small and medium sized businesses can get financial support

Our latest OMB survey found that nine out of ten business owners are worried about business costs. Here are four ways small and medium sized businesses can get financial support:

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Plastic Packaging Tax: what do you need to know?

From 1 April 2022, the UK government introduced a new Plastic Packaging Tax (PPT) at a rate of £200 per metric tonne to incentivise businesses to increase their use of recycled plastic and combat the level of single use plastic heading towards landfill or incineration.

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Utilising the environmental tax savings on offer to your business

With sustainability at the forefront of the political agenda, businesses are facing increasing pressure to reduce their carbon footprint and become more environmentally conscious. Aside from the obvious benefits to the planet, going green can also provide considerable tax savings for businesses.  

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What type of VAT relief will apply to your office to residential conversion?

Empty office spaces are being turned into other buildings, which will often in turn change the property’s class and the VAT that should be applied.

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Government bans Russian businesses from using UK professional services

Foreign Secretary Liz Truss has announced that all Russian businesses will be banned from using the services of UK accountants and other professional services including PR and management consulting. 

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Academies Accounts Direction and related documents – 2022 Update

The “Academies accounts direction 2021-2022” was released in March alongside the “Academies model accounts” and “Framework and guide for external auditors and reporting accountants of academy trusts”.

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Will your director and shareholder dividends be hit by the NIC increase?

Shareholder directors of owner-managed businesses normally take a minimum salary and any balance of remuneration as dividends (distribution of company profits). Historically, dividend have been taxed as unearned income and this tends to reduce National Insurance Contributions (NIC), and in some cases income tax. 

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What are the rules when using a private vehicle for business journeys?

Employers can pay employees a fixed rate per mile to cover the costs of using their own vehicles on company business.