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The UK tax system is evolving. Recent changes, such as the ongoing rollout of Making Tax Digital, are modernising the way we pay tax in the UK.
The government showed their commitment to revamping HMRC for the future during the Chancellor’s Spring 2021 Budget, with the unexpected announcement of new expense and mileage rates for unicycles.
Our guide explains what these tax rules mean for you and your business.
The surprise announcement follows new research into business travel. A rise in hipsters cycling to work on unicycles has resulted in HMRC outlining new mileage rates for business owners and employees reliant on single-wheel travel. The new rates take effect in the new tax year, starting 6th April 2021.
Check out our table for the 2021-22 tax year rates and allowances below:
Business miles in the tax year | Rate per mile |
Unicycle | 12 shillings |
Unicycle – whilst carrying home-roasted coffee beans | 18 shillings |
As we approach the start of a new tax year, scammers use this as an opportunity to try and take advantage of taxpayers. Protect yourself and your business from HMRC scams and phishing emails – read our article for guidance on how to stay safe.
Phishing attacks can look sophisticated, with scammers sending fraudulent emails, texts, or WhatsApp messages claiming to be HMRC, with the intention of getting you to reveal your personal details, or make a payment directly to them.
We received this email which claims to be from HMRC. There are a few things wrong with it!
It’s easier to fall for scams if you’re brand new in business, and not sure what to expect from HMRC. Some attacks can seem very convincing, even to accountants dealing with HMRC on a daily basis.
Whilst HMRC may well contact you by phone, email, or letter, they will never ask for payment details, bank information, or passwords.
If there are genuine issues which need your attention, such as underpaid tax, you’ll be notified by letter or via your Personal Tax Account.
As a precaution, only use contact information from the HMRC website, and not from any emails or letters. If in doubt – check! Ask your accountant for help, or use HMRC’s contact checking service to check genuine contacts against fraudulent ones.
You might also want to pop that unicycle back in the shed. Learn more about our online accounting services for businesses on any number of wheels (or none). Call one of the team on 020 3355 4047 or grab an instant quote online
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