Jolly #Accountancy Services. Likes to help small #businesses and individuals. Love my kids ๐ฉโ๐งโ๐งmy calculator โจ๏ธand attempting to keep fit ๐
If I share a company car, how much will I be taxed?
You are only taxed on the proportion of the year you use the car
Tax due on fuel can also be worked out proportionately if you give up the โfreeโ fuel and so long as the fuel is not reinstated later.
#FAQ#LocalAccountant
HMRC's VAT penalty system now works like driving licence points. Miss a VAT return and you earn a penalty point. Hit the threshold and you're charged ยฃ200.
Quarterly filers reach the threshold at just 4 points.
https://t.co/ykPxgcKTdf
#HMRCPenalties#TaxCompliance
Time to Pay
Can't pay your tax bill in full? File your return on time anyway.
Filing and paying are treated separately by HMRC. You can then contact them to arrange a Time to Pay plan and avoid the late filing penalty altogether.
https://t.co/ykPxgcKTdf
#HMRCPenalties
The ยฃ100 filing penalty
Did you know HMRC charges a ยฃ100 penalty for a Self Assessment return filed just 1 day late, even if you don't owe any tax?
Filing on time costs nothing. Missing the deadline does.
https://t.co/ykPxgcKlnH
#SelfAssessment#HMRC#TaxDeadlines
HMRC Penalties in 2026: From late Self Assessment returns to VAT payment charges, HMRC penalties can escalate quickly in some cases reaching 100% of the tax owed.
Read our latest guide:
๐ https://t.co/ykPxgcKlnH
#TaxTips#HMRC#SmallBusiness#SelfAssessment#VAT#CorporationTax
Are running costs of my car used for business, other than fuel taxable?
Yes, other employer contributions to the running costs of employeesโ cars are taxable.
But employees can claim a tax deduction, using AMAP.
#FAQ#LocalAccountant#LancasterAccountant#JollyAccountancy
Simple payroll mistakes can cause big headaches.
Things like incorrect payroll IDs or missing start dates can create duplicate records and HMRC issues.
Getting it right first time saves a lot of back and forth later.
https://t.co/6pFMrLNiJE
#Blog#LocalAccountant
If youโre in construction, take note ๐
Monthly CIS returns are now mandatory again โ even if youโve had no subcontractor payments.
Nil returns are back, and so are penalties for missing them.
https://t.co/6pFMrLMKU6
#Blog#LocalAccountant#LancasterAccountant
If I share a company car, how much will I be taxed?
You are only taxed on the proportion of the year you use the car
Tax due on fuel can also be worked out proportionately if you give up the โfreeโ fuel and so long as the fuel is not reinstated later.
#FAQ#LocalAccountant
๐๐ฒ๐ป๐ฒ๐ณ๐ถ๐๐ ๐ถ๐ป ๐๐ถ๐ป๐ฑ ๐๐ฒ๐ฎ๐ฑ๐น๐ถ๐ป๐ฒ๐
Missed the deadline to payroll benefits?
Youโll need to continue submitting P11Ds and a P11D(b).
Donโt forget โ the deadline is 6 July. Late submissions can lead to penalties.
https://t.co/6pFMrLMKU6
#Blog#LocalAccountant
One of the reasons as to why it is useful to know what profit/loss you have made on a weekly/monthly basis is so better, more informed, decisions can be made. I advise using bookkeeping software and keeping on top of entering the transactions to give a more accurate picture.
Student loan thresholds have changed for 2026/27.
If payroll isnโt updated correctly, employees could end up paying too much โ or too little.
Worth double-checking your system is aligned with the latest rates.
https://t.co/6pFMrLMKU6
#Blog#LocalAccountant#LancasterAccountant