Extra tax relief on your travel expenses
If a business journey necessarily starts or ends (or both) at home and the mileage covered exceeds that for which the employee receives a mileage payment from their employer, they can claim a tax deduction at approved rates for the difference.
MTD ITSA update
HMRC has published regulations for the record-keeping requirements for Making Tax Digital for Income Tax Self Assessment.
The regulations confirm that quarterly reports plus an annual summary of income and outgoings will be required in a similar format as the current self-assessment return.
Reporting will be more straightforward if you choose to use HMRC- approved software as the income and expenses categories will already be set up.
Pavement Licence Scheme
A licence covers outdoor use of tables, chairs and other seating, counters for food or drink, umbrellas, heaters and barriers.
The current arrangements were due to expire on 30 September 2022. However, the scheme will now become a permanent arrangement, but with some changes. Local authorities will be able to grant longer, two-year licences, but charges for licence renewals will rise from £100 to £350. Applicants for a new licence will have to pay £500.
Businesses can act now to benefit from the lower fee currently in place. Businesses with a pavement licence or table and chair licence that is due to expire before 30 September should consider renewing or converting it now, to benefit from lower fees before the changes come in on 1 October. Businesses without a pavement or tables and chairs licence should consider whether to apply for one now before the increased charges come in.
Keep up to date with all things Accounting and Finance with my bi-weekly Accountancy Alerts.