Brand.Business.Balance

New payroll legislation mean ALL hospitality workers must receive ALL of their tips from 1st October!! 💰 🍔🍕🌭🥙

FAB news for employees - but this might mean a change in payroll processes for some employers. If you need a hand juggling the new rules, get in touch for some expert guidance and advice 👋🤷‍♀️

MacMillan Coffee morning - done!

Thanks to everyone who baked and all that came to for a cake and a cuppa!

Save your pennies by correctly claiming those travel expenses!

HMRC have made recent updates to what you can claim, here’s the low down:-

🚗 No relief for commuting from home to work - therefore any cost reimbursed for these journeys is taxable as earnings - be careful! ☹️

✅ However, you may be able to claim relief tor travelling to other workplaces even if you are based at home. The journey must be necessary to qualify for relief, it doesn’t matter whether the employee’s home is considered a workplace or not.

☕️ Coffees, teas and snacks en route for a business journey can class as subsistence and are an allowable expense 😁😁😁😁

🤑 Don’t forget your mileage allowance at 45p per mile!

We are a living wage employer!! 🤩🤩

The living wage foundation is an amazing organisation which calculates the real cost of living. Over 14,000 businesses in the UK have signed up to guarantee to pay their staff a real living wage - which is over and above the minimum wage set by the government.

Paying staff well can increase staff retention and improve efficiency - are you signed up yet?

Were you out celebrating/ commiserating our boys at the weekend? 🏴󠁧󠁢󠁥󠁮󠁧󠁿 ⚽️

Don’t forget to utilise your employee entertainment allowance at £150 per employee :)

This comes in very handy for staff events!

😁 Good news! The full cost of a van and most ‘commercial’ vehicles can usually be claimed against your taxable profits AND you can claim the VAT back!

😩 Bad news! If you as the business owner, or any of your employees have personal use of the vehicle (anything other than incidental) and / or use of fuel paid for by the business, then this is classed as a taxable benefit. Form P11d will be required and employees will pay income tax on the benefit at the relevant tax rates.

The employer will also pay NIC on behalf of the employees. Whilst this is an additional expense, it is usually offset by the initial corporation tax saving.

If you drive a van or commercial vehicle for work, remember to ensure all your motor expenses are claimed correctly, and if there is personal use, declare this on form P11d by 6th July 👍

Company cars are an AMAZING way to save some tax if you buy the right kinda car!!

The purchase price of zero emission or long range hybrid vehicles are able to be offset against company profits, and in some cases a whopping 100% of the cost of the car is available for deduction! This means in theory, if you spend £50k on a car, you could save up to £12,500 in corporation tax on the purchase price alone if you are paying corporation tax at the highest rate!

You will also be able to claim tax deductions for the insurance paid by the company, as well as any repairs.

The personal use of the car is a taxable benefit, but again, the greener you go, the less tax you pay :) 🌎❤️🚗

A reminder form P11d is due for filing with HMRC by the 6th of July. Personal use of a company car or fuel paid by a limited company is a a taxable benefit and must be declared.

If you receive 'Taxable Benefits' from your own Limited Company, or provide any benefits to your employees, Form P11d is the baby that reports this to HMRC.

It also calculates how much National Insurance is payable by the employer. If you have provided or received any of these in the 23-24 tax year, we can help you meet your reporting requirements.

There is a late filing penalty of £100 if the deadline is missed.

Happy International Women's Day! In our workplace, we're fortunate to have a team of talented and inspiring women who contribute their skills and passion every day. Here's to the amazing women in our office and beyond – thank you for making a positive impact!

It’s one month until the end of the tax year - are you ready? See our handy checklist of things to do and watch out for more detailed info from us over the next few weeks.

Elevate your brand with our graphic design services! We can help transform your vision into stunning visuals that captivate your audience and generate sales, growing your business and your profits. From eye-catching logos to breathtaking social media graphics, we've got you covered. DM us now, or visit brandbusinessbalance.co.uk/contact

Staff spotlight! We'd like to introduce Ian; our new Data Analyst. Ian works across multiple projects - both brand and business. Welcome aboard!

Say hello to Ronny; our new Barketing Manager! Ronny’s here to add a touch of pawsitivity to our daily grind and to spread love and joy wherever he goes.

Love is in the air at Brand Business Balance! This Valentine's Day, we're spreading more than just marketing and financial wisdom – we're spreading love and appreciation to our incredible clients and partners!

Ready to invest in the future of your business? As you embark on the journey of recruiting apprentices, we're here to make the process seamless and beneficial for you. From cost calculations to business planning and HMRC registration, we've got you covered!

To celebrate National Apprenticeship Week, we're thrilled to shine a spotlight on our incredible apprentice, Leah, who has been making waves and bringing a fresh perspective to the team. Leah is our Trainee Chartered Accountant and helps us with tax and accounts work while she builds her expertise throughout her Apprenticeship. She is a graduate of and is currently studying the ACA at . Keep up the good work!