Bizfacility personal tax workbook update
We have updated our on line tax workbook, to make input much easier – please go to our site and download this free software.
Feedback on improvement will be gratefully received.
regards
Gavin
Companies Act implementation delayed
The DTI has announced that the new Companies Act will be delayed for implemetnation – possibly up to another month!
We are waiting for the regulations to understand better the detailed requirements around accounting and audits etc.
Will keep all clients informed as we receive further information.
Tax Update – Vehicle fringe benefit value
Just received notification that the fringe benefit tax on company vehicles will be increased from 1 March 2011, to 3.5% of the value of the vehicle, which includes VAT.
Where the cost includes an element for maintenance plans, the tax rate is 3.25%.
When calculating PAYE, 80% of the fringe benefit must be included in the employee’s remuneration.
This percentage is reduced to 20% if the employer is satisfied that at least 80% of the use of the motor vehicle for the tax year will be for business purposes.