HMRC has launched nearly 13,000 investigations into alleged abuse of the government’s coronavirus (COVID-19) financial support schemes.
For further information click hereUntil recently, company cars have been unpopular because of the high benefit in kind (BIK) charges associated with them, and it has been simpler and more tax efficient for employees and directors to claim business mileage. However, the Government is committed to ending the sale of new petrol and diesel cars in the UK by 2030, which has led to the introduction of tax incentives to encourage the use of environmentally friendly cars.
For sole directors getting paid through their limited company’s payroll, the optimum director’s salary is £8,840 per annum (or £736.66 a month). To discuss the best option for you, get in contact.
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