Tax

A P60 is your proof of income for the whole tax year.   It is a summary of all your pay and the deductions that have been taken out of it. You should never destroy your P60, as it is one of the easiest ways to prove how much tax you have paid. How the P60 Works A P60...

For the tax year 2020-2021, the government plan to cut BIK (Benefit In Kind) tax rates for zero-emissions company cars down from 16% to 2%. As a result, electric vehicles may be a cheaper option for directors and employees.  Overview Company car tax was reformed in April 2002 to an emissions-based system. This was to encourage businesses to choose more...

Not sure how much income tax to deduct from your employees?  The amount of income tax you deduct from your employees depends on their tax code (https://www.gov.uk/employee-tax-codes) and how much of their taxable income is above their personal allowance (https://www.gov.uk/income-tax-rates/current-rates-and-allowances). The tax thresholds and rates for England and Wales from 6 April 2021 up until 5 April 2022...