MILEAGE CLAIM Archives - Atkins & Co

Atkins Charity Skydive!

March 29, 2023 no comments in Blog, News by Raeane Atkins

On 25^th September 2022 Leah, Maddie and Adrian completed a 15,000ft skydive in support of the Royal Marine’s charity. The team collectively raised over £3,000 and held a charity quiz night as part of their fundraising!

We would like to thank our friends, families and clients for their support and donations towards a great cause.

Here’s what the team thought about their experience:

‘The skydive was the most incredible experience and one I will never forget – a true adrenaline rush!’ – Leah

‘Easily the most terrifying, exhilarating and thrilling experience of my life and I would definitely do it again!’ – Maddie

‘The scariest yet one of the most amazing experiences and one I am thoroughly proud of!’ – Adrian

As a business we are passionate about raising money for charity therefore keep your eyes peeled for our next adventure!

2022/23 tax return

March 27, 2023 no comments in Blog by Raeane Atkins

As we approach the end of the tax year, it’s time to start thinking about your tax return for 2022/23.

The tax year runs from 6th April to 5th April the following year. For the 2022/23 tax year, you will need to submit your tax return online by 31st January 2024. If you file via a paper return, the deadline is 31st October 2023.

Who Needs to File a Tax Return?

You will need to submit a tax return for the 2022/23 tax year if:

You are self employed or a sole trader and earnt more than £1,000 (before deducting allowable expenses)
You are a partner in a business partnership
You earned more than £100,000
You have untaxed income from savings, investments and dividends
You have foreign income
You receive income from renting out a property
You earn more than £50,000 a year and you or your partner receive child benefit

If you’re unsure whether you need to file a tax return then speak to an accountant.

What happens if you miss the deadline?

If you miss the deadline for filing your tax return, HMRC will issue you with penalties. The penalty for filing your tax return late is £100 and will increase to daily penalties of £10 after three months and a penalty of 5% of the tax owed after six months.

Spring Budget 2023

March 16, 2023 no comments in Blog, News by Raeane Atkins

A summary of the key announcements:

Personal tax

Pension tax relief

The amount that an individual can contribute to their pension pot tax free will be raised from £40,000 to £60,000 per annum from April 2023.
For those who are already drawing down on their pension, the total amount they can save tax free under the Money Purchase Annual Allowance is to be increased from £4,000 to £10,000 from April 2023.
The Lifetime Allowance of £1,073,100 to be abolished.

Business tax

Corporation tax

It was confirmed that the main corporation tax rate will increase from 19% to 25 from 1 April 2023.

Capital Allowances

The super-deduction regime will end 31 March 2023 and will be replaced from 1 April 2023 with ‘full expensing’ – 100% capital allowances for qualifying plant and machinery. This will last for three years, to 31 March 2026. The Government will also introduce 50% first year allowances for ‘special rate’ plant and machinery, including long life assets. These rules apply only for corporation tax purposes, and will not be available for businesses which are subject to income tax, unless they are below the Annual Investment Allowance threshold of £1m per annum.
It was also confirmed that the 100% first-year allowance for qualifying expenditure on electric vehicle charge-point equipment will be extended until 31 March 2025 for corporation tax, and 5 April 2025 for income tax.

Other taxation

Fuel duty will be frozen and a 5p reduction will be kept for another year.
Alcohol taxes will rise in line with inflation from August 2023 (with new reliefs for beer, cider and wine sold in pubs).
Tax on tobacco will increase by 2% above inflation, and 6% above inflation for hand-rolling tobacco.
Nuclear energy to be classed as environmentally sustainable for investment purposes.
£63m to help leisure centres with swimming pool heating costs, and invest to become more energy efficient.

Cost of living support

The Energy Price Guarantee for households will continue at the current rate for three further months to June 2023, limiting the typical household energy bill to £2,500 per annum. The Energy Bills Relief Scheme, which supports businesses and other non-domestic energy users, is to be replaced by the Energy Bills Discount Scheme through to 31 March 2024.

For a more executive summary, please visit HMRCs website –
https://www.gov.uk/government/publications/spring-budget-2023/spring-budget-2023-html

Are you getting seen off?

November 10, 2017 no comments in Blog by Debbie Atkins

We have seen a massive increase in clients coming to us with all sorts of tax problems, we wanted to post a guide on how to stay safe in unchartered waters and remain claim savvy!

Deed of Assignment – Some companies are operating a Deed of Assignment service – be very careful if you are signing up to this! A deed of trust instructs all proceeds to be sent directly to the company you have given authority to and these deeds can remain in place for a number of years. To revoke them you and the assigned company will need to write to HMRC, this can cause all sorts of problems. We have dealt with a number of situations where we have submitted the claim only for the clients refund to be sent to the company listed on the deed, be very careful what you are signing up to!
Tax Years being left open…..Ensure the company/Tax Agent you are dealing with has addressed ALL tax years that require a self- assessment tax return. We have seen cases where clients have had tax years left open resulting in horrendous penalties amounting to thousands. Make sure you are fully aware of which years you are claiming for.

Tax codes – Ensure your tax code has returned to normal following on from the refund process, if your refund is coded into your tax code this can disrupt your pay and tax and wipe out future refund claims. Look out for pay coding notices from HMRC and check your payslips!! If there are Job Expenses left in the code you will notice an increase in your pay and not be taxed as normal. If these job expenses are left the amount you will owe HMRC will escalate each month until they are removed fully. You may be left with a hefty liability and a considerably reduced Tax Code as HMRC apply an in year adjustment to recapture the underpaid tax.

Self – Assessment Tax Returns – Your claim for mileage relief traveling to a temporary work place is a Job Expense, this is done through self -assessment. Your Tax Agent should take care of this self -assessment when they square away your claim. You will need to instruct your agent if you are not claiming further as HMRC will expect a self -assessment tax return every year thereafter until they are instructed otherwise.
If you fail to notify HMRC and do not file a tax return before the deadline HMRC will apply late filing penalties which can escalate daily. Avoid this by ensuring your Tax Agent has fully removed you from Self- Assessment if you no longer need to claim mileage relief and have no other SA requirement.

Claiming uniform refunds – There are many companies out there claiming they can get you thousands of ££’s for relief on laundering your uniform. The long and the short of it is since 2014 for HM Forces personnel an in year adjustment should be made through your pay to reimburse this allowance the yearly allowance equates to £100 RAF, Army and Marine personal and £80 for Navy (lower due to facilities being available on board). Be careful you may end up owing the tax man!

Don’t get seen off, If you have issues following a recent mileage claim and would like some impartial advice, contact Admin@akinsandco.com or give us a call 01934 527888.

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