Tax

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

Clear and concise tax guide 2026/27 This guide provides practical tax information to help you navigate through the tax system and plan tax efficiently by providing you with an overview of the key tax rules. The first part of this guide covers rules potentially impacting you as an individual including certain scenarios which may be […]

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

From 1st April 2026, the national minimum & national living wage will be increasing to the following: New Old Apprentices* £8.00 £7.55 Under 18 £8.00 £7.55 18-20 year olds £10.85 £10.00 21 & over £12.71 £12.21 *The apprentice rate only applies to enrolled apprentices under the age of 19. Any apprentices aged 19 & over must […]

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

The run up to the end of the tax year on 5 April 2026 is a good time to check that your family and business finances are arranged in the best way possible. In this Year End Tax Planning Guide, we look at useful ways to take advantage of available tax reliefs and planning opportunities. […]

For Income Tax: What you need to know to get ready Making Tax Digital for Income Tax (MTD IT) will be rolled out to the self-employed and landlords in stages from April 2026. Will it happen? The MTD programme has had a history of delays. This time, however, it seems extremely unlikely that there will […]

If your employees are regularly paid overtime, commissions, or bonuses, you should likely be factoring this into any holiday pay they receive. Following recent court cases and legislative updates employees should now receive ‘normal remuneration’ when they’re on annual leave, this should be calculated using a 52-week average, for all staff with regular extra payments. […]

Clear and concise tax guide 2025/26 This guide provides practical tax information to help you navigate through the tax system and plan tax efficiently by providing you with an overview of the key tax rules. The first part of this guide covers rules potentially impacting you as an individual including certain scenarios which may be […]

From 1st April 2025, the national minimum & national living wage will be increasing to the following: New Old Apprentices* £7.55 £6.40 16-17 year olds £7.55 £6.40 18-20 year olds £10.00 £8.60 21 & over £12.21 £11.44 *The apprentice rate only applies to enrolled apprentices under the age of 19. Any apprentices aged 19 & […]

The Employment Allowance (EA) is an annual offset against your Employer’s National Insurance (NI) cost that you pay on top of your staff’s wages. From the 2025-26 tax year, the EA will be increasing to £10,500 per year (up from the current £5,000) which covers the Employer’s NI cost of 4 employees working 35 hour […]

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

If you receive tips on ‘more than an occasional’ basis, there is new legislation which is effective from October 2024, that you need to be aware of. By more than occasional, HMRC seem to deem a few tips a year as occasional and so if your business receives tips more than this, you need to […]

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

Due to changes announced in the Budget, if you/your partner currently have a Child Benefit claim in place but are not actually receiving the payments as one parties income is over £60K (and you would have to pay it back in full via the HICBC), you may wish to look at restarting payments from April […]

Within the next couple of weeks we will be mailing all our clients inviting them to join/renew the tax enquiry scheme. For more information please click here.

Mansfield Accelerator is a newly established, fully-funded business support initiative aimed at assisting local businesses throughout all phases of their development, fostering commencement, sustainability, growth, and innovation. Additional support will be extended to startup businesses in the Mansfield area. The initiative, led by the East Midlands Chamber and funded by the Government through the UK […]

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

For accounting periods which began on or after 1 April 2023; Companies that have not previously claimed R & D or have not made a claim in the last three accounting periods need to notify HMRC that they intend to make a claim within six months of the end of the accounting period they wish to claim for.

It is a legal obligation to maintain your limited company statutory books with any changes/updates to directors, shares, registered office and other statutory information.

Did you know if you are planning to claim the UK state pension, you have until 5 April 2023 to check your National Insurance record and make voluntary contributions?

From 1 April 2023 the minimum wage will increase to the following amounts:

From Tuesday 1 November 2022, VAT registered businesses will no longer be able to use their existing VAT online accounts to file VAT returns.

For VAT periods starting on or after 1 January 2023, the default surcharge will be replaced by new penalties if you submit VAT returns late or pay VAT late.

If you process your own payroll please be aware that there will be an update to the Basic PAYE Tools (BPT).

All VAT-registered businesses are now within MTD for VAT and VAT-registered businesses with turnover below the VAT registration threshold of £85,000 which have not already signed up to MTD for VAT voluntarily must comply with the requirements from the start of their first VAT accounting period beginning on or after 1 April 2022.

Sage will be running essential security updates to Sage services which will directly impact older versions of Sage 50 Accounts and Sage 50cloud Accounts.

Within the next couple of weeks we will be mailing all our clients inviting them to join/renew the tax enquiry scheme. For more information please click here.

The Statutory Sick Pay Rebate Scheme will close on 17‌‌‌ ‌March‌‌‌ ‌2022.

Full customs controls came into effect on 1‌‌ ‌January‌‌ ‌2022. You might be affected if you move goods between Great Britain (GB) and countries in the European Union (EU).

HMRC has announced that there will be no penalties for late filing of the Self Assessment 2020/21 tax returns which were due to be filed on 31 January 2022. The new due date is 28 February 2022.

As I write this, Boris has just announced Plan B is to come into operation as a result of the rapid spread of the OH MY GOD Variant!!

Anyone who is currently being paid a salary of £735 per month (or £170 p/week) in order to secure National Insurance Contributions should note that, from 6 April 2022 this should be increased to £755 (£175 p/week).

Along with the CJRS the Sick Pay Rebate Scheme will also be ending on Thursday 30th September 2021.

PREPARE FOR WHEN MTD BECOMES MANDATORY FROM 1 APRIL 2022

There is still financial support available for Employers If you’re bringing back your employees part time, you can claim furlough flexibly for them under the Coronavirus Job Retention Scheme (CJRS), part of the UK Government’s Plan for Jobs.

From the 1st July the claimable amount for CJRS will be reducing, below is a table showing the monthly reduction.

Applications are now open for a cut of the £20m SME Brexit Support Fund which can help with training or professional advice.

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

Within the next couple of weeks we will be mailing all our clients inviting them to join/renew the tax enquiry scheme.

If your business took advantage of the Bounce Back Loan then you will now have more flexibility when considering how and when to repay.

HMRC has announced that there will be no penalties for late filing of the Self-Assessment 2019/20 tax returns which were due to be filed on 31 January 2021.

Don’t miss out on the various support grants available due to the COVID-19 pandemic.

The Chancellor announced on Tuesday that there will be even more support available to Businesses through this current lockdown period

Well, what a year!!

Mansfield District Council have introduced the Discretionary Business Rate Relief Scheme to help create the right environment for businesses to achieve their growth plans, create jobs and contribute to the economic development of Mansfield.

This has been delayed to 1 January 2022, but the same problem will occur next year.

Mansfield District Council are running a virtual information session on Monday 23rd November to help businesses understand how ‘The Kickstart Scheme’ could assist them with funding for job placements for 16 to 24 year olds.

Companies House are starting to send out letters notifying all limited companies that important reminders, currently sent out by paper, will be stopping.

The Coronavirus Job Retention Scheme (CJRS) has been extended for a month with employees receiving 80% of their current salary for hours not worked and there has been further economic support announced.

The Coronavirus Job Retention Scheme (CJRS) has been extended for a month with employees receiving 80% of their current salary for hours not worked and there has been further economic support announced.

Earlier in the year we wrote to our clients asking if the Tax Enquiry Scheme would be of interest and at this time many of our clients decided to take up this additional service. BUT it’s not to late to join!

The Chancellor has announced that Self Assessment customers can now apply online to spread the cost of their tax bill into monthly payments without the need to phone HMRC to organise.

From 1 March 2021, the way VAT is collected in the construction industry is changing

The company car fuel rates are reviewed and adjusted each quarter on

Through the pandemic the Government have assisted Employers by offering the Coronavirus Job Retention Scheme (CJRS), this has been massively used by Businesses across the Country.

Early on in the COVID-19 crisis, it was announced that anyone who had a Payment on Account for 2019/20 due on 31 July 2020 could defer his until 31 January 2020 without interest being charged.

The deferral of VAT payments due to COVID-19 is coming to an end on 30 June and action will need to be taken to reinstate your VAT direct debit.

As previously highlighted by HMRC if a business has made an CJRS claim error that resulted in receiving too much money via the scheme, they are required to pay the amount over-claimed back to HMRC.

With shops and businesses starting to re-open as part of the Covid-19 recovery programmes, they must risk assess their working practices and premises to incorporate government guidance to protect the public and employees.

The Self-Employment Income Support Scheme (SEISS) will allow you to claim a taxable grant of 80% of your average monthly trading profits, paid out in a single instalment covering 3 months, and capped at £7,500 altogether.

Stopfords client Source Control Masks Ltd has been launched today as a trading name of Hall-Fast Industrial Supplies Limited

Unfortunately we have made the decision to keep our office closed following Government Guidelines on lockdown for a further 3 weeks.

Follow the link for Chesterfield Borough Council’s update advising people facing financial difficulties during the COVID-19 pandemic.

As from 5pm on Friday 27th March the office will be closed, however the phones will be manned and this will enable you to contact Brian, Glen & Phil.

As you are no doubt aware if aa van (including a pick-up with a payload of at least 1 tonne) is provided to an employee who can it for private journeys (for this purpose only home to work travel and vice versa is NOT treated as private), then a benefit in kind arises which must be declared on from P11D a the end of each tax year.

Following our previous articles and notifications we thought it would be wise to remind clients who have / or are thinking of having a rental portfolio that there are major changes arriving from 6 April 2020, when a property is sold.

Within the next couple of weeks we will be mailing all our clients inviting them to join/renew the tax enquiry scheme. For more information please click here.

Anyone who is currently being paid a salary of £715 per month (or £165 p/week) in order to secure National Insurance Contributions should note that, from 6 April 2020 this should be increased to £730 (£168p/week).

The 2020 budget has been announced and will take place on Wednesday 11 March 2020

Although management accounts aren’t a legal requirement, they are so useful that they could be worth more to your business than the price you pay for them. From manufacturers to service businesses, we prepare management accounts for many of our clients, who want to keep up to date with their financial figures on a monthly or quarterly basis.

If you have been affected by the recent flooding HMRC offers a telephone helpline that will give you support, practical help and advice on a wide range of problems that you may be facing.

If you employ “term-time” or “part-year” workers, the recent court case of Brazel v Harpur Trust could put your current annual leave entitlement calculation in jeopardy of being unlawful.

HMRC have produced a number of videos to help businesses prepare for trading with the EU following a no-deal Brexit.

Please follow the link for your Free Business Seminar Invite

HMRC’s never ending tinkering with the tax legislation involving Landlords has come around yet again as proposed changes could see thousands of Landlords hit with a Capital Gains Tax bill, when selling a property which was once their main residence.

Friday 17th May saw the annual LABC East Midlands Building Excellence Awards 2019 take place at the Athena in Leicester.

Friday the 10 May saw Mansfield 2020 hold its annual business awards and ball. Leading local business people gathered together to recognise the achievements of the local business community.

Have you received a letter from HMRC advising you of the deadline for VAT filing changes?

HMRC introduced their “Let Property Campaign” allowing landlords to make “Voluntary Disclosures” to them regarding undeclared rental income in 2013.

With the introduction of the new Postgraduate loans from April 2019, HMRC have revised their starter checklist accordingly.

Sage have identified a small issue in Sage 50 Accounts.

HMRC recently changed the rules around women who get paid maternity pay and have two jobs.

When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel.

Within the next month we will be mailing all our clients inviting them to join/renew the tax enquiry insurance scheme.

The way in which UK residents are required to report residential property disposals is changing in a dramatic fashion.

Now that the 31st January 2019 Tax Return deadline is looming please sign and return your completed tax return to us to from submission to HMRC.

When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel.

HMRC have confirmed that they have reviewed 30,000 self-assessment tax returns for 2016/17. These have been reviewed where HMRC have considered that there was a risk the HMRC tax calculator incorrectly computed the individuals tax liability because of a known exclusion.

The chancellor Philip Hammond presented his second Autumn Budget on Monday 29 October 2018. In his speech he stated that ‘austerity is coming to an end- but discipline will remain’.

When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel.

The Carbon Trust is currently providing an attractive support package to assist small and medium sized companies in England, Scotland and Wales identify energy saving options and install energy efficient equipment in their business.

It’s the tax year end (AGAIN!) and hence we thought we’d summarise the basics on benefits, expenses etc.. Here goes:

From 1 April 2018 the minimum wage will increase to the following amounts:

Online Tax Return deadline is fast approaching but how do you file yours? Below are Tax Return Tips for those who are filing for the first time or need a refresher.

Businesses are being warned that VAT rules could change once Britain leaves the EU. Concerns are over how Businesses could have to pay for VAT on imports from the EU upfront.

Below are some important dates for the beginning of next year (2018).

Mainly at the festive period staff parties are high on the agenda for businesses. So, are staff parties taxable?

When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel. To ensure this is the case, two methods are available, the first being preferable: The employee initially pays for all fuel. The employee logs their business miles and makes a claim […]

As November 22nd gets ever closer, the rumours of what will be included in the Autumn Budget grow more each day.

On 30th September 2017, HMRC released a press release concerning Tax Evasion. This coincided with the Criminal Finance Act 2017. The press release concentrated on how the HMRC will take a firmer stance on Tax Evaders, or those who deliberately aid those to Evade Tax. What’s Changed? Previously only organisations were liable if the […]

For a shareholder to qualify for CGT entrepreneur’s relief on the disposal of their shares, they must tick a series of boxes.

A huge problem for businesses is that people use passwords that they easily remember.

When an employee is provided with a company car, to avoid tax taxable car fuel benefit, fuel must only be provided for business travel.

If you pay employees a Flat Rate/Round Sum Allowance agreed in a Dispensation with HMRC prior to 5 April 2016 (say for overnight accommodation and/or food), firstly you should note that if it was agreed prior to 6 April 2011 then it became redundant on 6 April 2016 when dispensations were abolished.

We have received the news that the plans for Making Tax Digital were changing.

When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel.

The introduction of the £5,000 tax free dividend allowance has tempted many family company shareholders to give shares to other family members so that they can be paid £5,000 a year tax free. (Note that this allowance reduced to £2,000 from 6 April 2018).

Have you used your 2016/17 £11,100 annual capital gains exemption?

The current ISA allowance is £15,240, rising to £20,000 for 2017/18.

From 1 April 2017 the minimum wage will increase to the following amounts;

When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel.

Remember that there is £7,500 a year allowance deducted from rent received from lodgers where you rent out part of your main residence.

Where an individual is resident in the UK, he or she is generally taxable on worldwide income and gains whether or not it is brought back into the UK. Again, there can be significant interest and penalties on top of the unpaid tax if HMRC find out.

When married couples hold savings accounts and other investments in joint names, the income form these investments is split 50:50 for tax purposes, unless there is an election to allocate the income in accordance with their beneficial interest.

Earlier on this year a few members of the Rotherham Round Table had an idea to purchases 2 cars that cost £500 each and drive them from Rotherham to southern Spain (via Cornwall) in 4 days as part of the 2016 Vegas or Bust Banger Challenge.

The Bank of England has published guidance for retailers to help them prepare for the introduction of the new £5 bank notes, which entered circulation on 13 September 2016.

The first league game of the season kicked off at Eakring Road on Saturday 10 September.

The national minimum wage (NMW) and the National Living Wage (NLW) is an area most employers think they have got right, however they often get tripped up on one of the many details of the law surrounding this area. Getting this wrong even for one person can become very costly for the employer.

We were thrilled to see so many of our clients at our Summer Pizza Party earlier this month and thankfully after a wet start to the day the weather was kind and the sun was shining for an evening of pizza and fun.

Where a sole trader, partnership or LLP has established a significant value for the goodwill of their business it was possible up until 3 December 2014 to transfer that good will to a limited company and pay just 10% capital gains tax by claiming entrepreneurs’ relief.

The VAT Flat Rate Scheme is intended to simplify VAT accounting and reporting for small businesses, and some may even find that they pay less VAT than using normal VAT accounting.

Here is a list of important dates for you to remember for July and August.

The deadline for filing the 2015/16 returns on benefits and expenses paid to employees is 6 July 2016. Please note that the penalties for incorrect P11Ds can be significant therefore these will need to be completed with due care and attention.

Mansfield District Council has recently approved an ‘Economic Stimulus Fund’ which will provide grants for individuals looking to start a business within the district. The grant is available for individuals who take the legal form of a sole trader, partnership, limited company or social enterprise/CIC (Community Interest Company).

Marriage allowance allows you to transfer 10% of your personal allowance (£1,100) to your husband/wife/civil partner. This can reduce their tax by up to £220 in the tax year. (6 April – 5 April the next year) To benefit as a couple, you will need to earn less than your partner and have an income of £11,000 or less. If you were eligible for the Marriage Allowance from 2015 to 2016 tax year, you can backdate your claim to 6 April 2015.

Friday the 29 April saw Mansfield 2020 hold its 10th year of the annual business awards and ball. Over 280 leading local business people gathered together to recognise the achievements of the local business community. Stopfords client Lindhurst Engineering Limited won the Business Innovation of the Year Award. What a fantastic achievement!

The new 32.5% rate on dividends received by higher rate taxpayers means paying interest on directors’ loan account credit balances is now more tax efficient than paying dividends, once the new £5,000 dividend allowance has been used.

Anyone who is currently being paid a salary of £670 per month (or £155 per week) in order to secure National Insurance Contributions should note that, as there has been no increase in the National Insurance bands from 6 April 2016, this continues to be the amount to pay for 2016/17.

The VAT registration limit has been increased by £1,000 to £83,000 from 1 April 2016.

From April 2017, the government will introduce new allowances for the first £1,000 of trading income and the first £1,000 of property income. Those with income below this level will no longer need to declare or pay income tax on that income.

Where a “close” company controlled by 5 or fewer shareholders (participators) makes a loan to one of those persons the company is required to pay tax to HM Revenue and Customs. The rate of tax increases from 25% to 32.5% from 6 April 2016 in line with the dividend rate for higher rate taxpayers.

Stopfords took 2nd place at this year’s Question of Sport Evening hosted by the Mansfield Armchair Club at the Mansfield Town Football Club Corporate Venue, 851 Suite. Glen and the Stopfords Team, consisting of clients and contacts, pulled together their sporting knowledge to secure the runners up place.

Tax relief for the replacement of furniture, including white goods, is being reinstated where the expenditure is incurred on or after 6 April 2016

Take advantage of the pension carry forward rules in order to benefit from any unused allowances from the previous three tax years. This is generally the difference between the old £50,000 annual pension allowance and your pension input that year and can be added to your relief for 2015/16.

Something that we have mentioned in previous articles for those running their own companies is to consider paying dividends before 6 April 2016 when the new system of dividend taxation starts.

For every £2 that your adjusted net income exceeds £100,000, the £10,600 personal allowance is reduced by £1

Following the restriction of tax relief for mortgage interest and the 3% increase in Stamp Duty Land Tax, all is not doom and gloom for buy to let landlords. Following on from the consultation this summer, the draft Finance Bill 2016 includes the legislation to reintroduce tax relief for the replacement of furnishings in buy to let properties from 6 April 2016.

The Government announced in the 2015 Budget Statement, the introduction of a Personal Savings Allowance and the ending of the Tax Deducted Scheme for interest. This scheme required banks/ building societies to deduct tax from interest paid on deposits, for certain business and personal accounts.

The Living Wage along with Auto Enrolment, are the changes that are really making an impact on employers this year. Yet business owners are still not preparing for the changes or don’t know anything about them. The National Living Wage means that many employees will see at least a 50 pence per hour increase to their wages, this will mean a higher wage bill for the employer, also it may have an impact on pension contributions.

From 1 April 2016 for staff aged 25 ears & over the living wage rate is: £7.20 per hour. From 1 October 2015, the minimum wage set by the government is:

On Wednesday 25 November the Chancellor George Osborne presented the first Autumn Statement of this Parliament along with the Spending Review.

In the summer budget 2015, it was announced that the mortgage interest relief for buy to let landlords would start being phased out from 2017/18 onwards and restricted the basic rate only from 2020/21.

Are you on Standard VAT accounting (often called Invoice Basis), where you claim back the VAT based on the invoice date rather than the payment date? If so, do you ever have amounts owing to suppliers for more than 6 months?

Client’s who sell alcohol as a retailer or wholesaler need to prepare for a new alcohol wholesaler registration scheme (AWRS) which has been introduced with effect from 1 October 2015. It has been administered by HMRC. The scheme is designed to stamp out alcohol fraud, including sales of counterfeit alcohol and non-payment of duty. There will be civil penalties and criminal sanctions for non-compliance with the scheme.

Auto Enrolment is still a hot topic and all year we have been bombarding you with information so as to hopefully prevent our clients being the ones issued with unnecessary fines!

When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel. To ensure this is the case, two methods are available, the first being preferable:

When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel. To ensure this is the case, two methods are available, the first being preferable:

From 6th April 2015 there are 4 new National Insurance categories being introduced. These relate to all employees under the age of 21 and over the age of 16.

George Osborne announced the 2015 Budget to Parliament on 18 March. In his speech the Chancellor reported ‘on a Britain that is growing, creating jobs and paying its way’. To find out more about the Budget including personal tax, business tax and rates and allowances take a look at our free Budget summary. Our summary […]

1 December 2014 – fuel only mileage rates for company cars/ reclaim of VAT on private car mileage

Overview A long-standing Employment Allowance issue left a UK business with unresolved PAYE tax credit discrepancies across multiple tax years. Following a detailed review and communication with HM Revenue & Customs (HMRC), the account was successfully reinstated and corrected, resulting in a substantial credit balance being restored. This case study highlights the challenges, resolution process, […]

Please visit our tax rates guide to check the tax rates you are using from the 6 April 2026 are the correct ones.

Urgent Update for Landlords: Mandatory Renters’ Rights Act Information Sheet The government has released the official Renters’ Rights Act Information Sheet, which all landlords are legally required to give to their tenants. This document explains the changes introduced under the Renters’ Rights Act and forms a compulsory part of the new legislation. Deadline for issuing […]

Rachel Reeves delivered the Spring Statement on Tuesday 3 March, and the link below will direct you to the information and key points announced. If you wish to discuss any of the contents, please contact our team on 01623 420269.

Death of the P11D form! From April 2027, ‘Benefits in Kind’ provided to employees/directors will, with only a couple of exceptions which are not common, have to be ‘payrolled’ rather than declared to HMRC on forms P11D at the end of the tax year. This can currently be done on a voluntary basis but it […]

Firms report persistent hiring challenges due to a mix of structural labour shortages, stagnant wages, and shifting worker expectations. Even with falling vacancies. Why is this? Structural and Economic Factors Employer Challenges Labour Market Trends Cultural and Generational Shifts It isn’t much comfort, but you are not alone… We hear this everywhere and are experiencing […]

When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel. To ensure this is the case, two methods are available, the first being preferable: Many years ago HMRC started to issue ‘Advisory Fuel Rates’, which they allow for the above calculations […]

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

The Chancellor, Rachel Reeves, delivered the Spring Statement on Wednesday 26 March, the link below will give you all the information and key points. If you do wish to discuss any of the contents with one of our team, please contact the office on (01623) 420269.

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

The Chancellor, Rachel Reeves, delivered the 2024 Autumn Budget on Wednesday 30th October, the link below will give you all the information and key points. If you wish to discuss any of the contents with one of our team, please contact the office on (01623) 420269.

Hopefully you are already aware that HMRC have introduced legislation that requires certain individuals to keep and submit electronic records on a quarterly basis, for their business / rental income. MTD comes in to force from 6 April 2026 if your turnover / rental income or both added together exceed £50,000 and from 6 April […]

Don’t get caught out by scam contacts posing as HMRC! HMRC have updated their guidance with examples of related phishing emails, suspicious phone calls and texts to help individuals identify when they are being scammed. Follow the link below. https://www.gov.uk/government/publications/phishing-and-bogus-emails-hm-revenue-and-customs-examples/phishing-emails-and-bogus-contact-hm-revenue-and-customs-examples

Since changes to National Insurance bands for employees, it is marginally better for directors to have a salary up to the Personal Allowance rather than the lower amount we previously advised (below the employer’s secondary National Insurance threshold). This is the case regardless of whether Employers National Insurance ends up being payable because the Employers […]

The Chancellor, Jeremy Hunt, delivered the 2024 Budget on Wednesday 6 March, the link below will give you all the information and key points. If you wish to discuss any of the contents with one of our team, please contact the office on (01623) 420269

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

The government announced the delay of Making Tax Digital for Business

On Saturday 5th August we are fundraising for the wonderful John Eastwood Hospice Trust, in memory of our Angela Strouther who sadly lost her battle with Cancer in April of this year.

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

Please note that our office will be closed all day on Thursday 30th March, this is not through choice more of a necessity as our IT system is having some major work carried out and we will therefore have no computers including access to any systems or email facility.

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

Please be aware that we will be having building work carried out at the office w/b 5th September which will mean access to the front of the building will be very limited.

From 19 September 2022, Employers’ PAYE customers will be able to take advantage of a new variable Direct Debit payment plan.

If you have received a letter from HMRC regarding the government’s Employment Allowance and we complete your payroll, then be assured we have already claimed or commencing claiming this allowance at the start of the tax year.

Class 1 The calculation of Class 1 National Insurance contributions is complicated for 2022/23 by the in-year change to the primary threshold. This is the point at which employees start paying National Insurance contributions on their earnings.

HMRC would like to raise awareness of how vehicles should be classified for benefit in kind purposes.

The total revenue in 2021 generated from HMRC’s tax investigations has risen to £30.8bn.

HMRC will now be temporarily closing the Corporation Tax & VAT phonelines throughout February and March to help the tax authority deal with the COVID post backlog

From 1 April 2022 the minimum wage will increase to the following amounts

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

Until 31 December 2021 the Annual Investment Allowance is £1 Million, on 1 January 2022 it falls to its previous level of £200k.

The Coronavirus Job Retention Scheme will end on Thursday 30 September 2021. For claims relating to September 2021, the government will pay 60% of wages up to a maximum cap of £1,875 for the hours the employee is on furlough.

Summer 2020 the government announced a temporary reduction of VAT to 5% on supplies relating to: Hospitality Hotel and holiday accommodation Admissions to certain attractions

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

Here is the latest information about financial support schemes available to help you and your business as part of the UK Government’s Plan for Jobs, including the VAT deferral new payment scheme and the Coronavirus Job Retention Scheme (CJRS).

The Governments latest COVID-19 support scheme is now open for applications and your business could benefit from the financial assistance that is available.

After the First Tier and Upper Tribunals determined that one ‘combi’ vehicle used by employees was to be treated as a ‘van’ but the other should be treated like a ‘car’ …. HMRC appealed to the Court of Appeal.

Just a reminder that the automatic 3 month extension for Companies House Filing only applies to year ends up to 30 June 2020 (filing deadline extended to 30 June 2021).

From 1 March 2021, contractors who employ subcontractors, will need to assume responsibility for declaring and paying the VAT that was previously settled by their VAT registered subcontractors.

PREPARE FOR WHEN MTD BECOMES MANDATORY FROM 1 APRIL 2022

Changes have now come into effect for businesses that trade goods with Europe or represent businesses who do.

Following on from the announcement of the national lockdown across England there will be additional Government business grants available.

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

If you use our OneClick/Portal Service and upgraded to the multifactor authentication option, then you will have received recovery codes when initially setting this up.

HMRC may be issuing penalties to businesses who have failed to notify them that they have received a grant, which they were not eligible for or an overpayment under the various support schemes that have been available through the Coronavirus pandemic.

With the extension of the CJRS to the 31 March 2021, HMRC have released ‘what’s new in the support available’.

We have received information from the British Business Bank regarding a ‘top-up’ that our clients might be able to access if they have already taken advantage of the Bounce Bank Loan.

As we enter another period of lockdown, we wanted to advise you all on how the office will be operating.

Until 31 December 2020 the Annual Investment Allowance is £1 Million, this date was not extended in the March 2020 Budget hence it falls to its previous level of £200k on 1 January 2021.

The Government will be introducing a further support scheme to assist businesses who may not have enough work for their employees over the coming months.

The Chancellor Rishi Sunak announced on 24 September 2020 the additional Government support that will provide certainty to businesses and workers impacted by COVID-19 across the UK.

Changes to the Coronavirus Job Retention Scheme from 1‌‌ September mean that employers will need to fund 10% of furloughed employees’ usual wages for the hours they do not work and continue to pay their National Insurance and pension contributions.

HMRC are offering a free webinar on 28 August 2020 to provide advice for the following:

The government has announced £20 million worth of new funding to help smaller businesses recover from the effects of the COVID-19 pandemic.

The Chancellor Rishi Sunak delivered his Summer Economic Update in Parliament on 8 July 2020. The update set out a three-phase plan to secure the UK’s economic recover from COVID-19.

Prior to 1 July 2020 employees on furlough cannot undertake any work for you other than training.

Businesses that were not eligible for government funding through previous COVID-19 related financial support packages, including the Small Business Grant Fund or the Retail, Leisure and Hospitality Fund, are being invited to apply for funding through the Discretionary Grant Fund from today.

HMRC have confirmed that any salary that is being wholly or partially reimbursed through the CJRS claim system will NOT be eligible for a payment deferral….even if a deferral has been agreed!

A fund has been set up to accommodate certain small businesses previously outside the scope of the business grant funds scheme.

If you are a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020 you have the option to: Defer the payment due until a later date Pay the VAT due as normal

HMRC have recently released further information to help you get ready to make a claim under the Coronavirus Job Retention Scheme.

Follow the link for Mansfield District Council’s & Ashfield District Council’s update advising people facing financial difficulties during the COVID-19 pandemic.

Please be assured that through this difficult time we as a firm will continue to provide the best possible service to all our clients.

When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel.

Our Portal has had a facelift and will now give even more connectivity between us and our clients in a secure and controlled environment with additional functions available.

From 06 April 2020, where a parent loses a child under the age of 18 or suffers a still-birth from 24 weeks of pregnancy, they will be entitled to 2 weeks statutory leave and potentially statutory bereavement pay.

Expanding your business is exciting but it can also be expensive. With so many sources of finance available, it’s a good idea to compare several different options before deciding which loan(s) would be most suitable for your business.

If you haven’t already returned your tax return questionnaire then we cannot guarantee that your tax return will be completed by 31 January.

Whether business gifts are tax-deductible or not, all depends on what the gift is, how much it is worth and to whom it is being given to. We have broken it down below to help you understand the ins and outs of this tax legislation.

When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel.

Please follow the link for a news release from NatWest regarding support for customers affected by the recent flooding.

Can an audit add value to your company? Could it improve your business’s bottom line or reduce its risks?

We are trying to get our clients organised ready for the next Tax Return deadline which is fast approaching!

September marks our 25 years in business and as part of our celebrations we will be having a “CAKE WEEK” which means lots of yummy cakes will be available for all the team and visitors to the office from Monday 23rd to Friday 27th September.

PLEASE NOTE HMRC HAVE NOW DELAYED IMPLEMENTATION OF THIS UNTIL 1 OCTOBER 2020!! Please see below for HMRC’s briefing notice.

A small group of ramblers located in Mansfield including Stopfords client Steve Doubtfire are fundraising to purchase 2 information boards for the spectacular Maun Trail and conservation within the local area.

The taxable benefit for your zero emission (fully electric) cars is to fall to 2% of list price from 6 April 2020.

Sage are running a FREE 30-minute webinar designed to get you ready for your first MTD submission using Sage 50cloud accounts software.

Stopfords client Torquil Murchison will be taking part in the 26 mile ‘Peaks’ Marathon Hike on 27 July 2019 in aid of Macmillan Cancer Support.

Asylum ACES was founded in 2014 by Jack Plowman (pictured below) & Janice Plowman aiming to encourage the young people in the Nottinghamshire area to participate in extreme sport. Asylum currently has a 13,000sq ft indoor skatepark which has provided a positive impact to the local community.

Have you received a letter from HMRC advising you of the deadline for VAT filing changes?

Please follow the link for your free Business Seminar Invite

A big thank you to Craig Pollard head teaching professional at South Chesterfield Golf Club.

Please follow the link for your FREE Brexit Readiness Conference Invite

Google has been fined 50 million Euros (£44M) by the French data regulator CNIL. They have breached the EU’s new data protection rules that came into force on 25th May 2018.

Please follow the link for your free Business Seminar Invite

From 1 April 2019 the minimum wage will increase to the following amounts:

Please be aware of a scam currently circulating regarding a complaint that has been filed against limited companies.

Hannah at A1 Garden Buildings Limited has ‘Braved the Shave’ to raise money for two well deserved charities which are Bloodwise and Little Princess Trust.

Stopfords client Paul and Helen Frear have been awarded with the Small Business Sunday award that was presented by Theo Paphitis.

The IR35 personal service company legislation has been on the statute book since 2000 and has never really worked as intended.

When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel.

As of April 6th 2018, pension contributions are set to rise from 2% to 5%. The minimum for employers to contribute is rising from 1% to 2%.

Michael Gove, Secretary of State for Environment, Food and Rural Affairs, has made announcements on how Farmers will receive the £3 Billion farming subsidies that is currently funded by the EU.

As of 15th December 2017 there have been changes to paying HMRC. Changes affect Post Office payments and by Credit Card.

In recent days it seems you can’t turn a corner without someone mentioning Bitcoin. Maybe you have or know someone who has Bitcoin or you do personally. But is Bitcoin taxable? Do I have to pay CGT?

It was hard to miss the fact Mr Hammond delivered his second budget of his career on Wednesday (22/11/17). But now the dust has settled, his speech is over, and the budget papers have been deciphered, how can it possible affect your business?

Dates for your Diary Below is a list of dates to put in your diary for November and December this year. Date What’s Due 19/11 PAYE & NIC deductions, and CIS return and tax, for month to 5/11/17 (due 22/11 if you pay electronically) 1/12 Corporation tax for year to 28/02/17, unless quarterly installments apply […]

GDPR is the General Data Protection Regulation and is replacing the current Data Protection Act (DPA).

The government announced the delay of Making Tax Digital for Business (MTDfB)

If you’ve received a recent letter from The Pension Regulator (TPR), you may be aware that the statutory minimum contribution rates are due to rise for both the employer & worker.

Fraudsters are using data from Companies House online services to target company directors. One in five victims of identity fraud from 2012-2015 was a company director.

Auto Enrolment has been a hot topic for employers over the past few years and as of October 2017 there is a change being introduced to the current legislation.

In order for an expense to be deductible against business profits it must be incurred ‘wholly and exclusively’ for the purposes of the trade.

‘Make It 2020’ are holding a one stop shop funding event on Thursday 15th June to promote funding available to local businesses.

We are pleased to announce Shaun Newham is a finalist in the 2017 NMSY Apprenticeship Awards.

There are significant changes that commence on 6 April 2017 for workers in the public sector supplying their services via their own personal service companies or other intermediaries.

Stopfords took 2nd place at this year’s Question of Sport Evening hosted by the Mansfield Armchair Club at the Mansfield Town Football Club Corporate Venue, 851 Suite on 6 March 2017.

By this we’re typically looking at the likes of consultants, labour only construction workers etc where there are very few purchases/expenses.

Entrepreneur’s Relief reduces the rate of CGT to 10% on the first £10 million of gains on the disposal of qualifying business assets. This would include sole traders disposing of their business and partners disposing of their interest in a partnership carrying on a business.

In addition to the current £5,000 tax free dividend allowance and the personal savings allowance of up to £1,000 there will be two further tax free allowances starting from 6 April 2017. There will be a new £1,000 tax free allowance for self-employed income and a £1,000 rental income allowance.

When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel.

From 6 April 2016 new rules were introduced to allow employers to provide their directors and employees with certain ‘trivial’ benefits in kind, tax free.

Proposals to introduce new IR35 rules for personal service companies (PSCs) in the public sector would, if introduced, shift responsibility for determining whether IR35 rules apply to a contract from PSCs to the organisations that pay them.

On Friday 23 September saw the 18th annual golf day in support of The Sir Anthony Wharton Rugby Union Football Trust held at the Chesterfield Golf Club at Walton

Companies House have discovered that companies are more likely to file their accounts and confirmation statements by the due date if they receive email reminders.

We are delighted to announce the appointment of Paul Delaney as Business Development Manager within the Practice.

We are pleased to announce that one of our clients Hall-Fast Industrial Supplies have been awarded the Big Hearts Community Award, which recognises companies fund raising efforts, sponsorship of sports based community programmes and for their significant contribution to the local community.

Employees are no longer taxable on trivial benefits in kind, provided the cost to the employer is less than £50.

Stopfords’ are hosting our Annual Pizza Party to find out more information and how to book your place please follow the link for you Invitation.

When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel.

HMRC have introduced a ‘Starter Checklist’ form for employers to use when they have a new employee starting.

The shop front improvement grant funds up to £5,000 to small independent retailers already occupying a premises. This grant allows the retailer to make alterations or repairs to their shop front in order to enhance its appearance.

It was t-shirts and trainers for The Van Yard last weekend as staff, customers, friends and our very own Martin Swain came together for the company’s “doing our bit” campaign. Ashgate hospice care will be in receipt of over £1,000 after The Van Yard’s first fundraising event, although our team of tough mudders were in receipt of a few aches and pains. The challenge took place at Grantham and is a mix between a cross country run and an army assault course with added thick mud.

From 6th April 2015 there are 4 new National Insurance categories being introduced. These relate to all employees under the age of 21 and over the age of 16.

One of the areas where there may be a change in your company’s accounts is where you have received or made a loan that is interest free or at less than market rates. Unless the loan is repayable on demand the new accounting rules require the loan to be recorded in the accounts on an amortised cost basis.

The difference between the amount of Self-Assessment and PAYE tax due for the year and the actual amount collected by HM Revenue & Customs reached £8.5bn in 2013/14. This is an increase of almost 10% on the corresponding figure for 2012/13.

A new Rotary venture has been launched by the Rotary Club of Chesterfield to enable busy younger business people in the town to help others. The new Rotary Satellite Club of Chesterfield Central, which will meet monthly, has been launched by a group of men and women who will aim to use their variety of skills to offer help and support to the local community.

A single corporation tax rate of 20% has applied since 1 April 2015 regardless of the level of the company’s profits. In the Summer 2015 Budget it was announced that this would reduce to 19% in April 2017.

Stopfords own Jess Wilson took part in a Charity spin held by one of our Clients, Velocity Spinning Centre, based on Storforth Lane, Chesterfield.

Higher rate taxpayers should make any charitable payments under Gift Aid so that they obtain additional tax relief.

Have you made use of your annual Inheritance Tax (IHT) exemptions? The annual exemption is £3,000 per donor (plus last year’s £3,000 exemption if you did not use it).

George Osborne announced the 2016 Budget to Parliament on 16 March. In his speech the Chancellor reported ‘an economy set to grow faster than any other major advanced economy in the world’.

Those running a business and making up accounts to 5 April should consider buying plant and machinery to take advantage of the Annual Investment Allowance (AIA) of £200,000. The AIA provides a 100% tax write off for equipment used in your business.

From 6 April 2016 employees of contracted-out defined benefit (DB) schemes will automatically be brought back into the State Pension scheme and will no longer be able to use a Contracted-Out Salary Related (COSR) occupational pension scheme to contract out of the State Scheme.

The legislation to introduce the new system of dividend taxation announced in the summer budget has now been included in the draft Finance Bill.

Not everyone managed to file their tax return to HMRC by the 31st January deadline and HMRC have revealed some of the excuses that were used for not meeting the deadline:

A new fake ‘HMRC’ email scam is currently being sent out to taxpayers suggesting they have a tax refund. Purporting to come from HMRC, the email says the recipient is eligible to receive a tax refund and needs to complete a form to receive this. The email comes with an HMRC logo, in the familiar green, but the spelling mistakes, poor layout and wording will probably suggest too many recipients that it is a fake. It also comes from a give-away non-official email address

HMRC have recently announced that they have wound down their business record checks and will no longer initiate new checks using this process. HMRC say that they ‘remain committed to helping businesses to keep better records’. At the same time HMRC have updated their factsheet on compliance checks.

HM Revenue & Customs have announced that they are going to close all 170 offices across the country and replace them with 13 new regional tax centres. This is part of a major restructuring which is going to save hundreds of millions of pounds from its budget.

Atmospheric Interiors are well known, locally as specialists in made to measure curtains and blinds. What many people may not realise is that they also stock a wide range of interior accessories, cards and gifts.

Fit for Work is now available for employers up and down the country, this means they can refer staff who have been off work sick for four weeks or more to the service. The service is aimed to support workers in SMEs to close the gap in occupational health advice and support provision – as around 70% of employees in England and Wales don’t have access to occupational health and advice.

With the affect from the 1st October 2015: Apprentices pay is set to increase per hour from £2.73 to £3.30. This rate applies to apprentices under the age of 19 or young people in the first year of their apprenticeship program. After 12 months of the apprenticeship program, adult apprentices are entitled to the national minimum wage for their age group.

If you receive dividends from investments or from your private company, you will pay more tax from April 2016 where total dividends are over £5,000.

George Osborne presented the first Budget of this Parliament on Wednesday 8 July 2015. The speech set out his plans for the next five years ‘to keep moving us from a low wage, high tax, high welfare economy; to the higher wage, lower welfare country we intend to create’. Click here to download the 2015 […]

When applying for a mortgage it is not uncommon for the potential lender to request copies of forms SA302. An SA302 is a form produced by HM Revenue & Customs showing your total income and tax calculation based on the Self-Assessment Tax Return filed for that tax year.

Following the introduction of the Employment Allowance in April 2014, which allows most employers exemption on the first £2000 of employers NI,

For many years HMRC have been prepared to accept “trivial” benefits were not taxable. However, what is “trivial” is up for debate…

Back in June 2014 we advised you that a change in the rules on VAT was to be implemented on 1 April 2015. If prompt payment discounts are offered the VAT will now be due on the actual amount paid…

Technology has transformed the accounting profession over the last decade. But here at Stopfords we still regularly meet businesses whose accountants are reluctant to embrace it. It might sound surprising in 2026. But we’ve recently taken on several clients whose previous accountants were still using outdated methods instead of making full use of modern accounting […]

The government have announced an increase to the mileage rates from the start of the 2026-2027 tax year, we would suggest reviewing any mileage claims that have been made since 6 April 2026. Vehicle type First 10,000 business miles in the tax year Each business mile over 10,000 in the tax year Cars and vans […]

From 6 April 2026, the UK will introduce the most significant overhaul of Statutory Sick Pay (SSP) in more than four decades. These reforms take effect under the Employment Rights Act 2025, and will impact employers of all sizes—particularly those with part‑time, low‑paid, or irregular‑hours workforces.

Our Tax Fee Protection service protects you against fees we incur defending your position when enquired by HMRC. The cost of an enquiry can run into thousands of pounds, and anyone can be targeted. We invite all our clients to sign up for the service, and you will receive the invite early March. If you […]

From April 2028, drivers of electric and plug-in hybrid cars will pay a new levy (tax). At the Autumn Budget 2025, the government announced that Electric Vehicle Excise Duty (eVED) will be introduced from April 2028. Although yet to be confirmed the scheme is expected to work as follows. Background The two primary motoring taxes in […]

What’s New? From 1 January 2026, the audit threshold for Scottish charities (including UK Charities with dual registrations) will increase from £500,000 to £1 million in gross annual income. What This Means Why It’s Changing The Scottish Government is updating charity regulations to: What You Should Do

The Chancellor, Rachel Reeves, delivered the Autumn Budget on Wednesday 26 November, the link below will give you all the information and key points. If you wish to discuss any of the contents with one of our team, please contact the office on (01623) 420269.

As part of the new requirements under the Economic Crime and Corporate Transparency Act 2023 (ECCTA), Companies House have introduced identity verification for all company directors, PSCs (People with Significant Control), and those filing on behalf of a company.https://www.gov.uk/guidance/verifying-your-identity-for-companies-house . These changes aim to improve transparency and reduce fraud. Please be aware that this will become mandatory in Autumn 2025. When you […]

Please visit our tax rates guide to check the tax rates you are using from the 6 April 2025 are the correct ones.

The run up to the end of the tax year on 5 April 2025 is a good time to check that your family and business finances are arranged in the best way possible. In this Year End Tax Planning Guide, we look at useful ways to take advantage of available tax reliefs and planning opportunities. […]

HMRC are bringing into line the rules for DCPU’s and Double Cab/Crew Cab vans – ie. that they are not vans for Benefit in Kind and Capital Allowances purposes but Multi Purpose Vehicles and therefore are treated the same as cars. This is following the high profile “Coca Cola” case regarding Crew Vans, which over […]

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

This guide is designed to provide you with an overview of the key tax rules from seven perspectives – that of the family; the employee; the person running their own business; the taxation of investments; disposals and CGT; property matters; and, finally, the potential liability on your estate at death. We hope you will find […]

Please visit our tax rates guide to check the tax rates you are using from the 6 April 2024 are the correct ones.

If you pay a car allowance to employees, this has always been treated as fully liable to tax and National Insurance. However, following two recent court cases which went against HMRC the approach has changed. Note this applies for National Insurance only, not tax. It applies where the mileage rate paid for business miles travelled […]

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

On Wednesday 22 November 2023, The Chancellor, Jeremy Hunt, delivered the Autumn Statement, the link below will give you all the information and key points. If you do wish to discuss any of the contents with one of our team, please contact the office on (01623) 420269.

Stopfords client Wood Lane Timber has reached 20 years in business! As the company’s demand being as high as ever the sky’s the limit for Pat Kelly and his team, with plans to expand and grow further at their current premises in Hucknall.

We have recently noticed an increase in clients using Stopfords address for general correspondence.

Following a Freedom of Information request by This Is Money, the following was ascertained: You can read the full article via the following link: https://bit.ly/3Mr6cj3 So Stopfords simple question is, do / did you receive any type of rental income but have not told your us or disclosed it on the self-assessment tax return that […]

Within the next couple of weeks we will be mailing all our clients inviting them to join/renew the tax enquiry scheme. For more information please click here.

The deadline for submitting your Self Assessment tax return to HMRC for the 2021 to 2022 tax year is 31 January 2023.

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

This year was the 6th Annual Charity Golf Tournament held on 8 July at Rufford Park Golf and Country Club in aid of R.E.A.L Foundation Trust.

Annual Investment Allowance The Annual Investment Allowance (AIA) allows businesses to deduct qualifying expenditure up to the available limit when calculating profits, providing immediate tax relief for the expenditure. The AIA is available to unincorporated businesses and to companies.

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

HMRC has revealed that 1.3m taxpayers did not file their self assessment returns by the 28 February 2022 deadline

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

HMRC has increased the current late payment interest rate applied to the main taxes and duties to 3% from 2.75% effective from 21 February 2022.

Your business could be eligible for support if you employed fewer than 250 employees on 30 November 2021, and you’ve paid Statutory Sick Pay (SSP) to your employees for coronavirus-related sickness absences.

Companies House have released a series of webinars relating to director’s responsibilities for limited companies.

It was announced last week that due to the pandemic the Government have decided to postpone, yet again, the start date for Making Tax Digital for Income Tax Self Assessment. The commencement date will now be April 2024 giving everyone enough time to prepare for the change.

The company car fuel rates are reviewed and adjusted each quarter on: 1 March 1 June 1 September 1 December

HMRC have recognised that there are some misunderstandings on how the National Minimum Wage applies to apprentices.

Mansfield District Council have made it easy for local businesses to check if they are eligible for any grants, this is not limited to just COVID-19 support.

Are you are an SME thinking about recruiting for an apprentice, then it maybe worth looking at how to access the funding currently available.

First you need to get access to the Customs Declaration Service.

Mansfield & Ashfield 2020 are presenting virtual showcases to give Employers an insight into the benefits of Apprenticeships, Work Experience Placements and The Kickstart Scheme.

As expected, HMRC have begun to investigate those Employers who may have been claiming incorrect furlough grant payments through the CJRS.

Anyone who is currently being paid a salary of £730 per month (or £168 p/week) in order to secure National Insurance Contributions should note that, from 6 April 2021 this should be increased to £735 (£170p/week).

From 1 April 2021 the minimum wage will increase to the following amounts:

Unfortunately the Government have not delayed the Tax Return deadline therefore penalties for late submission will still apply.

Furloughed employees continue to accrue leave as per their employment contract.

Full details of the third SEISS grant to support self-employed people affected by COVID-19 has been published on GOV.UK.

Mansfield District Council have now launched the Government’s financial support package for local businesses affected by Tier 2 and Tier 3 restrictions and the national lockdown.

There are new rules for businesses and citizens in the UK from 1 January 2021.

The launch of the Job Support Scheme (JRB) has been postponed due to the national developments related to COVID-19.

Companies House have now started to send out statutory notices regarding overdue accounts.

Making Tax Digital (MTD) requires taxpayers to maintain electronic records and ‘communicate’ with HMRC digitally. Now is the time to look ahead and prepare for the next stages of the MTD programme.

HMRC have released further information of the support schemes they have put in place to help businesses through the COVID-19 pandemic.

From the 1 October 2020, HMRC will pay 60% of usual wages up to a cap of £1,875 per month for the hours furloughed employees do not work.

On 26 June 2020, the Government passed legislation to extend the usual Companies House filing deadline.

The Government introduced the SEISS as a grant, not a loan, so this wasn’t something that would be repayable BUT if an individual was not entitled to receive the grant, they are then expected to notify HMRC and make a repayment.

There are 2 grants claimable by sole traders and partners affected by the COVID-19 crisis.

PLEASE NOTE HMRC HAVE NOW DELAYED IMPLEMENTATION OF THIS UNTIL 1 MARCH 2021!! Please see below for HMRC’s briefing notice.

When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel.

On 29 May Chancellor Rishi Sunak announced more details about the extension to the Coronavirus Job Retention Scheme (CJRS), see below for the key details.

The scheme will launch online on 26 May 2020 and will enable employers with fewer than 250 employees to claim Coronavirus-related Statutory Sick Pay (SSP).

Following the Chancellor of the Exchequer’s announcement on 27 April the Bounce Back Loan (BBL) Scheme opens for applications from today.

HMRC have recently released a step by step guide for employers to explain the information that employers are required to provide to HMRC to make a claim through the Coronavirus Job Retention Scheme (CJRS).

Follow the link for Newark & Sherwood District Council update advising people facing financial difficulties during the COVID-19 pandemic.

The Coronavirus Business Interruption Loan Scheme (CBILS) provides financial support for smaller businesses across the UK that are currently losing revenue and seeing their cashflow disrupted due to the COVID-19 outbreak.

We want to remind you about the tax rules surrounding this as we have recently have had a couple of clients fall foul of the limits.

Follow the click here for your invitation

The Information Commissioner’s Office (ICO), the UK’s data protection regulator, has launched a campaign to remind businesses of their legal responsibility to pay a data protection fee.

From 06 April 2020, employers wishing to claim the employment allowance will need to make a claim every tax year, rather than it automatically rolling forward as before.

Our current portal facility is having a facelift!

From 1 April 2020 the minimum wage will increase to the following amounts:

Is our party a tax deductible event? Yes, but…..

Nobody likes paying more tax than they have to. Tax can be one of the biggest costs for a business and should, therefore, be treated as an integral part of any business planning.

Please note that our office will be closed all day on Friday 22nd November, this is not through choice more of a necessity as our IT system is having some major upgrade work carried out and we will therefore have no computers including access to any systems or email facility.

Stopfords have been in business for 25 years and as part of our celebrations we have decided to set our team a challenge, 25 YEARS = 25 MILES.

Midlands Insurance Services is raising a glass to their customers this year, in celebration of their 25 years in business.

When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel.

Please follow the link for your Free Business Seminar Invite

When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel.

Both HMRC & Coca Cola appealed the decision at the First Tier Tribunal, this has just been heard in the Upper Tier Tribunal and the decision was upheld. Hence we still have no clarity on these types of vehicles which are becoming more & more common.

Employees and self-employed can claim a number of reliefs when they work from home.

Just to remind you, Apprentice’s should only be paid the apprenticeship wage rate (£3.90 per hour from April 2019) in the first year of their apprenticeship unless they’re under 19 years old.

You may have already received reminders that the statutory minimum pension contributions will be rising again on 6th April 2019 and you should be aware that again, the national minimum wage & national living wage are increasing from the 1st April 2019 too.

HMRC have recently issued guidance around legislation which takes effect from April 2019 in relation to what needs to be shown on an employee’s payslip.

The annual Armchair Club Question of Sport evening was held at Mansfield Town Football Club.

GDPR was a hot topic for all businesses in 2018 and at Stopfords we continue to look at ways we can enhance our current data security in relation to clients sensitive information.

Here are a list of unbelievable expense claims and late tax return excuses for missing the tax return deadline.

HMRC have published advice for VAT-Registered traders only trading with the EU, which explains the changes to customs, excise and VAT in the event that the UK leaves the EU without a deal.

There are many reasons why an employer may find themselves paying the National Minimum Wage (NMW) incorrectly. To prevent you from making these mistakes please find below a list of the most common reasons that cause underpayment.

From the week commencing 5 November 2018, HMRC have started to sent out their first ‘batch’ of what they are calling ‘encouragement letters’ to businesses who are within the scope for MTD for VAT.

Anyone who is currently being paid a salary of £700 per month (or £162 p/week) in order to secure National Insurance Contributions should note that, from 6 April 2019 this should be increased to £715 (£165p/week).

When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel.

There are currently fake ‘HMRC’ emails circulating AGAIN that are suggesting taxpayers have a tax refund or they owe money to HMRC.

We’re republishing this article because there has been a tax case involving Coca-Cola where the judge rules that some of these Combi type vans were ‘vans’ and others were ‘cars’. Lots of van manufacturers are now introducing “Combi” versions of their vans (also sometimes termed “Crew” Vans – VW Kombi, Mercedes Dualiner are examples).

If so, are you making the correct deductions?

It’s Coming…Time Will Fly…Start Planning Now To Make Sure Your Business Will Be Ready!

Charges for card charges and carrier bag charges are set to change. As of January 13th there will be a ban on card charges and there are plans to roll out the 5p bag charge to all shops.

Technology and innovation are driving the evolution of most businesses these days. Here are some of the key business trends to watch out for in 2018.

Auto enrollment for 18-21 year olds earning £10,000 or more per year will be announced.

Keep up with Drofpots’ antics here!

Anyone who is currently being paid a salary of £680 per month (or £157 p/week) in order to secure National Insurance Contributions should note that, from 6 April 2018 this should be increased to £700 (£162p/week).

On the Thursday 9th November, it was hotly reported that the Autumn Budget could bring a new diesel tax.

Interest Rates have risen today. But what does it mean to you?

Phishing scams involving emails, texts messages and even contact on social media, have been ever growing this year. HMRC have released a guide to spotting a bogus text message or a phishing email.

We know that 31st January 2018 Tax Return deadline seems a long time away but it will creep up fast!

So, if your turnover is greater than £85k a year, then you’re going to have to use a computerised package for your accounts.

A recent VAT Tribunal had to decide whether two hairdressing businesses should be treated as a single business for the purposes of VAT Registration.

The annual NSPCC Golf Day took place on the 2nd June 2017 at Sherwood Forest Golf Club.

Ever since the introduction of the 7.5% increase in the rate of tax on dividends in April 2016, it has been more tax efficient for owner managed business shareholders to pay interest on their loans to the company rather than pay themselves dividends.

Please be aware of a scam currently circulating asking for payment for the publication of your limited company.

New rules that will allow greater flexibility in the way that companies obtain relief for losses will apply to losses incurred from 1 April 2017 onwards.

From April 2017, adults under the age of 40 will be able to open a Lifetime ISA (LISA) and pay in up to £4,000 each tax year.

In order to qualify for CGT entrepreneur’s relief on the disposal of shares, the shareholder must have been an officer or employee of the trading company or group throughout the 12 months up to the date of disposal.

Not everyone managed to file their tax return to HMRC by the 31st January deadline.

The government is concerned that many small companies are missing out on generous R&D tax credits. For the last year HMRC have been offering companies an advance assurance scheme to check whether or not their activities qualify before they make a claim. So far over 200 applications for advance assurance have been made.

Join the team in Christmas Jumper frenzy and post your Christmas Jumper photos onto our Facebook page, the best photo (as voted for by our elite panel of Stopfords Judges) will be awarded with a Stopfords Chocolate Hamper.

There are email scams that are circulating at the moment that are supposedly from Companies House

HMRC collected a total amount of £737m additional in taxes and penalties as a result of investigations into payroll tax errors in 2014/15, according to data collected by UHY Hacker Young.

Employers have been warned by The Pensions Regulator (TPR) about the financial consequences when failing to comply with escalating penalty notices (EPNs), these are designed to encourage employers to comply with their duties under pension’s automatic enrolment

When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel.

Stopfords are pleased to announce that Ellen Krishan has won the Baby Face Competition where she matched 14 out of a possible 21 baby faces to the Stopfords Team at our annual Pizza Party.

Small charities with an annual income of less than £25,000 are unaware of their reporting requirements and more than half of annual reports and accounts filed are not up to standard, according to research published by the Charity Commission.

In the past, expenses paid on behalf of directors and employees by their employer, such as travel and subsistence expenses that are reimbursed, had to be declared to HMRC using form P11D unless the employer held a dispensation.

From 6 April 2016 limited companies and Limited Liability Partnerships (LLPs) in the UK have been required to keep a register of People with Significant Control (PSC) to identify and record the individuals who run their organisations and increase transparency about who owns and controls UK firms.

Once again this year Stopfords supported the annual NSPCC charity golf day that took place on the 3 June 2016. The total donations that were received this year £6,635 which will be going towards the Mansfield NSPCC, what a fantastic amount!!

HMRC are offering free live and pre-recorded webinars over a range of different areas. The live webinars take place on particular days and times and last around 1 hour this includes and 30 minutes question and answer session at the end.

The vacant shop grant is open to independent retailers who would like to move into a retail property based within Mansfield that has been vacant for at least 3 months.

From 1 October 2016 the minimum wage rates will increase. This will be the last time the rates increase in October as all future increases will take effect from 1 April annually.

Auto Enrolment is a duty and cannot be ignored. One way or another it will affect your business. The Pension Regulator has issued a £23,000 fine to Swindon Town Football Club.

For the last 2 years there has been a £2,000 allowance available to employers to set against their employers National Insurance liability for the year. This increased to £3,000 from 6 April 2016 and no action is required if you claimed the allowance for 2015/16.

HM Revenue & Customs have launched a 10 year modernisation programme to result in the creation of 13 new regional tax centres by 2021.

The Gift Aid Small Donations Scheme (GASDS) allows charities to treat small donations such as those in collecting boxes as if Gift Aided.

An unexpected announcement was a reduction in the rate of capital gain tax from 6 April 2016 down from 18% to 10% for basic rate taxpayers and 28% down to 20% for higher rate taxpayers. The 18% and 28% rates remain for disposals of residential property.

The Office of Tax Simplification has made a number of recommendations to the government to simplify the tax rules for reporting benefits in kind and expenses paid on behalf of directors and employees.

From April 2016 all contractors will have to submit their CIS monthly returns online and HM Revenue and Customs will no longer accept paper returns from this date. Any contractor’s that are still filing paper returns will need to register for HMRC’s CIS online service by visiting the following link https://online.hmrc.gov.uk/registration/organisation

Your maximum annual investment in ISAs for 2015/16 is £15,240. Your investment needs to be made before 6 April 2016.

Have you used your 2015/16 £11,100 annual exemption? Consider selling shares where the gain is less than £11,100 before 6 April 2016.

There has been a lot of speculation that the Chancellor may announce further major changes to tax relief on pension contributions in his March Budget, based on consultations with the pensions industry. Under the current rules an individual’s contributions can save them tax at their highest marginal rate and also help them avoid losing their personal allowance (see previous article ‘Don’t Lose Your Personal Allowance’)

1 March 2016 – Fuel Only Mileage Rates for Company Cars/Reclaim of VAT on Private Car Mileage When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel. To ensure this is the case, two methods are available, the first being preferable:

One of the controversial measures included in the draft Financial Bill 2016 was the proposed restriction of the deduction for travel subsistence expenses incurred by certain workers caught by the IR35 rules. This proposed change was consulted on during summer 2015 and, if enacted, will significantly restrict the tax relief available for those affected.

As for most businesses, you probably have a car or van on which you wish to claim tax relief for the capital cost and the expenses. As you can only claim the business proportion of the expenses, are you keeping a mileage log to prove the business proportion? If not then you should be. This is the only way to defend the amount claimed on your tax return if you receive a query from HMRC.

We are pleased announce that two of our clients have been honoured with MBE’s in this year’s New Year Honours. Malk Hall of Hall-Fast Industrial Supplies has been recognised for his services to business and Martin Rigley of Lindhurst Engineering has been recognised for his services to business and Innovation. What a fantastic achievement.

When an employee is provided with a company car, to avoid a taxable car fuel benefit, fuel must only be provided for business travel. To ensure this is the case, two methods are available, the first being preferable: 1. The employee initially pays for all fuel. The employee logs their business miles and makes a claim to the company at the correct rate per mile for these miles.

If your bank, building society or credit union fails, the Financial Services Compensation Scheme (FSCS) protects your eligible deposits up to the deposit protection limit.

The Team at Holt Mitsubishi, Derby will be showcasing their NEW Outlander PHEV to business users on Saturday 7th and Sunday 8th of November.

A new national advertising campaign called ‘Don’t ignore the workplace pension’ has been launched to raise awareness of automatic enrolment among small and micro employers, business advisors and employees. A new character has been introduced to our television screens with the launch of a campaign which aims to change the country’s perception of pensions in the workplace. The big, colourful ‘workie’ character will be seen visiting people in all sorts of work environments over the coming months, asking them not to ignore him. A new character has been introduced to our television screens with the launch of a campaign which aims to change the country’s perception of pensions in the workplace. The big, colourful ‘workie’ character will be seen visiting people in all sorts of work environments over the coming months, asking them not to ignore him.

The Employment Allowance will increase from £2,000 a year to £3,000 a year from April 2016.

Lots of van manufacturers are now introducing “Combi” versions of their vans (also sometimes termed “Crew” Vans – VW Kombi, Mercedes Dualiner are examples). Basically they’re a van but with an at least one extra row of seats, doors and windows behind the driver.

As you are probably aware auto enrolment is being introduced throughout the UK. Many of our clients have or will be receiving letters from The Pensions Regulator (TPR) to explain some key points regarding auto enrolment and allow the business to register with them.

HMRC demand that you keep your paperwork and bookkeeping records in good order with adequate referencing to original documents. In fact, you may be excluded from certain VAT schemes such as the second-hand margin scheme if your records are inadequate.

Our previous article advised about the new exemption of upto £50 per gift/benefit provided to employees…

1 March 2015 – fuel only mileage rates for company cars/ reclaim of VAT on private car mileage

Anyone who is currently being paid a salary of £660 per month (or £153 per week) in order to secure National Insurance Contributions should note that from 6 April 2015, this should be increased £670 per month (or £155 per week).