Firm news

EU tax developments

A summary of the main developments in EU tax law since 1 January 2011 has been published by The Chartered Institute of Taxation (CIOT).

New June advisory mileage rates now in force

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.

Reduction in annual investment allowance

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.

Pension auto enrolment details confirmed

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.

National minimum wage to increase

The Government has confirmed that the national minimum wage (NMW) will increase after accepting recommendations from the independent Low Pay Commission’s (LPC) report.