HMRC has updated its advisory mileage rates that allow businesses to reimburse employees for work related travel, or when employees are required to repay the cost of fuel used for private travel, in company cars.
HMRC has issued a written reminder to UK businesses to submit their 2011/12 annual returns to HMRC by the 19 May.
The annual investment allowance (AIA), which allows businesses to claim full tax relief on most plant and machinery expenditure, has now been reduced from £100,000 to £25,000.
The Government has confirmed details regarding automatic pension enrolment thresholds, which are to be aligned with tax and national insurance contributions, and automatic enrolment dates.
The Government has confirmed that the national minimum wage (NMW) will increase after accepting recommendations from the independent Low Pay Commission’s (LPC) report.
HMRC has announced it will increase the guideline rate which employers can use to reimburse employees for additional household expenses. This may include expenses such as gas or electricity charges incurred when staff members have to work from home.