Welcome to our first newsletter!
In this edition we will be giving you an update from HMRC on the current mileage rates and auto enrollment rates, a list of all our upcoming events from the year, information on how you can protect your business from £10 a month and an interesting blog from Michael Stewart on the dangers of accepting payments from third parties.
[column width=”1/2″ title=”” title_type=”single” animation=”from-bottom” implicit=”true”]Did you know, you can receive business help and education emails from HMRC directly to your inbox?
Current mileage rates
Business travel mileage for employees’ own vehicles
Type of vehicle First 10,000 miles Above 10,000 miles Cars and vans 45p (40p before 2011 to 2012) 25p Motorcycles 24p 24p Bikes 20p 20p It doesn’t matter if your employee uses more than one vehicle in a year – it’s all calculated together.
Company Cars – Advisory Fuel Rates (from 1st March 2018)
[/column] [column width=”1/2″ last=”true” title=”” title_type=”single” animation=”from-bottom” implicit=”true”]Engine size Petrol – amount per mile LPG – amount per mile 1400cc or less 11 pence 7 pence 1401cc to 2000cc 14 pence 8 pence Over 2000cc 22 pence 13 pence Engine size Diesel – amount per mile 1600cc or less 9 pence 1601cc to 2000cc 11 pence Over 2000cc 13 pence Hybrid cars are treated as either petrol or diesel cars for this purpose.
Auto enrolment rates increased on 6th April – a staff incentive?
On 6th April 2018, the minimum employer contribution increased to 2% and the employer contribution to 3%. This makes a total contribution of 5%.
Did you know, the employer can contribute the full 5% with the employee paying nothing? Or the employer could contribution 4% with employee maintaining their 1%. As long as the total contribution totals 5%, this could be an attractive staff incentive.
Ensure you check your individual scheme rules before applying.
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Company A has a contract with Company B under which B owes A £10,000. Company C agrees to pay the £10,000 to A.
What could possibly go wrong? Plenty!
A may lose contractual rights against B. A should not accept payment from C without communicating a proviso to both B and C that A’s rights against B are unaffected and that C is acting as agent of B.
Do the directors of C have authority to make the payment? Generally yes unless A knows C is not acting in good faith.
Is C a UK Company? If not an opinion from a local lawyer where the foreign company is based will be prudent to confirm C can properly make the payment.
Could the transaction be set aside as a transaction at an undervalue? Generally if C goes into administration of liquidation within two years the payment may be challenged as a transaction at an undervalue where C was unable to pay its debts at the time of payment or if C became unable to pay its debts as a result. Consider obtaining a certificate of solvency from the directors of C.
Are there tax issues? There may be, for example only B as the person to whom the supply was made can make a valid VAT input claim. A should not therefore issue a VAT invoice to C.
What about money laundering? A should satisfy itself that C is making the payment for a legitimate reason and consider asking for proof of where the funds to make the payment originated.
What if C agrees to make a payment to A of only £5,000 of the £10,000 due? A may inadvertently discharge the whole debt and be unable to recover the balance and should therefore make it clear to both B and C that the payment is accepted on account and will not discharge the obligation to pay the balance which remains due.
This blog was written by: Michael Stewart
DISCLAIMER: Please note that this post sets out the general position under the general law. It should not be acted upon in any specific circumstances without taking specific legal advice as to those circumstances. Also, it should not be relied upon, acted upon or treated as a substitute for specific advice relevant to particular circumstances. If you do require specific advice please contact us for assistance.
[column width=”1/1″ last=”true” title=”” title_type=”single” animation=”from-bottom” implicit=”true”]Pimms and Lemonade Summer Networking
Date: Wednesday 18th July
Time: 17:30-19:30
Location: TBC (Manchester area)Informal networking whilst enjoying complimentary Pimms and Lemonade and a selection of canapés*
*vegetarian and non-alcoholic options are available tooAll our networking events are FREE!
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[column width=”1/1″ title=”” title_type=”single” animation=”from-bottom” implicit=”true”]Spooky Networking
Date: Wednesday 24th October
Time: 17:00-19:00
Location: Grill on the Alley, 5 Ridgefield, Manchester, M2 6EGInformal networking whilst enjoying complimentary canapés and drinks*
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*vegetarian and non-alcoholic options are available too
You can continue to network after 7pm!
[column width=”1/1″ last=”true” title=”” title_type=”single” animation=”from-bottom” implicit=”true”]Christmas Party & Employment Law – how to ensure you don’t get caught out
Date: Tuesday 6th November
Time: 08:30-11:00
8:30-9:30: Networking and Breakfast
9:30-11:00: Seminar
Location: TBC (Manchester area)Employers can be held vicariously liable for discriminatory acts by employees – even if the event is held off site and out of normal working hours. Mark Higgins, our Employment Lawyer, highlights possible issues and discusses ways to avoid being caught out.
All our seminars are FREE!
Click here to sign up
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[column width=”1/1″ title=”” title_type=”single” animation=”from-bottom” implicit=”true”]Mulled wine and mince pies networking
Wednesday 5th December 17:30-19:30
Location – TBC (Manchester area)Informal networking whilst enjoying complimentary mulled wine and mince pies and a selection of canapés*
*vegetarian and non-alcoholic options are available tooAll our networking events are FREE!
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Our
scheme (Absolute Business Care) could give you protection from a wide range of legal problems so that you can take care of your business. It is designed to protect small and medium sized businesses by encouraging good practices and providing legal protection when things go wrong. Our scheme members benefit from direct access to advice and support from our team of qualified solicitors who are highly competent in their field. We are on hand from the outset of a legal issue through to its resolution.Three simple steps:
Step 1 – Choose a legal support package
Step 2 – Insurance add-on (optional)
Step 3 – online HR software add-on (optional)
Prices start at just £10 per month for the legal support package.
We calculate the fee for insurance by number of employees, annual wage bill and claims history. You can pay annually or monthly.
Contact our team today on: 0161 615 0615
Visit the website to find out more: www.absolutebusinesscare.co.uk
scheme (Absolute Business Care) could give you protection from a wide range of legal problems so that you can take care of your business. It is designed to protect small and medium sized businesses by encouraging good practices and providing legal protection when things go wrong. Our scheme members benefit from direct access to advice and support from our team of qualified solicitors who are highly competent in their field. We are on hand from the outset of a legal issue through to its resolution.