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June 2022

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.

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.

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.

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. 

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:

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.