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Frequently Asked Questions

Should I worry about IR35?

HMRC continue to press for this despite a Judicial review calling it an iniquitous tax. Provided properly drafted contracts are in place there is no reason why you should be subject to this tax.

What is the VAT registration limit?

If your turnover of VAT taxable goods and services supplied within the UK for the previous 12 months is more than the current registration threshold of 77,000, or you expect it to go over that figure in the next 30 days alone, you must register for VAT

At what rate do I pay higher rate tax?

If you have more than 34,370 but less than 150,000 of taxable income, you will have to pay a higher rate of 40 per cent tax on the amount above 34,370 and below 150,000. If you have more than 150,000 you will have to pay an additional rate of 50 per cent tax on the amount above this level.

What is RTI?

Real Time Information commences from 6 April 2012 when all payrolls will have to be done with bureaux software or the Inland Revenue gateway. Employers will no longer be able to use spreadsheets etc to submit returns

Employment income: scale rate expenses: subsistence expenses: table of benchmark scale rates

The benchmark scale rates that apply from 6 April 2009 are as follows:
Description - Amount (up to)
Breakfast rate - 5
One meal (5 hour) rate - 5
Two meal (10 hour) rate - 10
Late evening meal rate - 15

Breakfast rate - The rate may be paid where an employee leaves home earlier than usual and before 6.00 am and incurs a cost on breakfast taken away from his home after the qualifying journey has started. If an employee usually leaves before 6.00 am the breakfast rate does not apply.

Late evening meal rate - The rate may be paid where the employee has to work later than usual, finishes work after 8.00 pm having worked his normal day and has to buy a meal before the qualifying journey ends which he would usually have at home.

The breakfast and late evening meal rates are for use in exceptional circumstances only and are not intended for employees with regular early or late work patterns

Contact Lennards today to see how we can help your business on 01625 613979 or by using the online form

Lennards Chartered Accountants
The Vicarage | 31 Great King Street | Macclesfield | SK11 6PL
T: 01625 613979 | F: 01625 610062
E: info(at)lennards.co
Principal: J Mark Lennard FCA
A Member of the ICAEW Assurance Scheme
A Member of the Society of Professional Accountants

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