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Festive Tax Return Filers

HMRC announced that 4,757 taxpayers filed their Self Assessment tax return on Christmas Day. This added to 8,876 being filed on Christmas Eve and a further 12,136 being filed on Boxing Day. Apparently, the peak time was between 12 and 1 pm on Boxing Day when HMRC received 1,121 returns. Myrtle Lloyd, HMRC’s Director General […]

Read more January 3rd, 2024

Changes To Data Protection Laws

A raft of changes to the Data Protection rules have been laid before Parliament in the Digital Information Bill which aims to build an innovative data protection regime in the UK. The changes include new powers to require data from third parties, particularly banks and financial organisations, to help the UK government reduce fraud and […]

Read more December 11th, 2023

Updates To UK Company Law

The Economic Crime and Corporate Transparency Act received royal assent on 26 October 2023 and will introduce a number of changes over the next few years. The act gives Companies House the power to play a more significant role in tackling economic crime and supporting economic growth. Over time, the measures will lead to improved […]

Read more December 8th, 2023

Flexible Working Will Become The “Default”

Following a recent UK Government consultation and Royal Assent of the Employment Relations (Flexible Working) Act 2023, flexible working will become the default for millions of employees who will be able to request flexible working from day one of their employment in 2024. Flexible working doesn’t just mean a combination of working from home and […]

Read more December 7th, 2023

Reporting PAYE Information In Real Time

Some employers pay their employees earlier than usual over the Christmas period. This can be for a number of reasons, for example, during the Christmas period the business may close, meaning workers need to be paid earlier than normal. If you do pay early over the Christmas period, please report your normal or contractual payday […]

Read more December 6th, 2023

Advisory Fuel Rate For Company Cars December 2023

The table below sets out the HMRC advisory fuel rates from 1 September 2023. These are the suggested reimbursement rates for employees’ private mileage using their company car. Where the employer does not pay for any fuel for the company car these are the amounts that can be reimbursed in respect of business journeys without […]

Read more December 5th, 2023

EPC C Proposals For Private Rental Properties Scrapped

In a speech on 20 September, Prime Minister Rishi Sunak set out proposed changes to the Government’s green commitments. One such change was a pledge to scrap policies that require landlords to upgrade the energy efficiency of their homes. The original policy was that from 2025, new tenancies would require the rented home to have […]

Read more November 29th, 2023

Record Number Of Landlords Intend To Buy Via A Limited Company

74% of the landlords who intend to buy property in the next year said that they would do so using a limited company structure. This record increase is shown in data for the recent Paragon Bank survey of 1,000 landlords. Conversely, those who plan to buy in an individual name have fallen from 41% recorded […]

Read more November 28th, 2023

The King’s Speech: Rent Reforms & Leasehold Changes

In his first King’s Speech on 7 November, King Charles III spoke about the forthcoming Rent Reforms and the Leasehold and Freehold Bill that will apply in England and Wales. The speech included the following: “My Ministers will bring forward a bill to reform the housing market by making it cheaper and easier for leaseholders […]

Read more November 27th, 2023

HMRC Challenges LLP Scheme For Property Businesses

HMRC have recently published Spotlight 63 which alerts taxpayers to a marketed tax avoidance scheme that claims to help taxpayers reduce the tax payable on their property rental profits. The HMRC view is that the “hybrid” structure involving an LLP with individual and corporate members does not have the tax savings that the scheme promoters […]

Read more November 27th, 2023

Expected House Price Falls In 2024

In recent months, interest rate rises have made mortgages more expensive and rising inflation has reduced peoples’ spending power, resulting in falling house prices. Two of the UK’s major lenders have recently published house price surveys. The Halifax House Price Index for September 2023 found that average house prices for the month were 4.7% lower […]

Read more November 24th, 2023

Scotland: November Property Update

Plans for heat pumps in Scotland On 25 July, the Scottish Government published a consultation that proposes to downgrade the Energy Performance Certificate (EPC) ratings of homes with gas boilers compared with homes with more energy-efficient systems such as heat pumps. Already, legislation will ensure gas boilers are banned in newly-built homes from April 2024. […]

Read more November 24th, 2023

Budget Summary Autumn 2023

On 22 November 2023, Jeremy Hunt delivered the ‘Autumn Statement for Growth’. Against an improving economic backdrop, the Chancellor is keen to stimulate economic growth and highlighted 110 measures for businesses. In addition, there were significant statements relating to National Insurance changes and also the reform of work-related state benefits. Download our Autumn 2023 Budget […]

Read more November 23rd, 2023

VAT On ‘Rent To Serviced Accommodation’ Supplies

In a recent case between Sonder Europe Ltd and HMRC, the First Tier Tribunal ruled that supplies of leased apartments in the UK that were then let out as holiday accommodation (known as the ‘rent to serviced accommodation’ business model) were subject to the Tour Operators’ Margin Scheme (TOMS). HMRC had argued that the supplies […]

Read more November 17th, 2023

Making Your Time More Productive

For many small business owners, if they have one consistent issue, it would be that there is simply not enough time in the day to achieve all the things that need to be done. Have you ever got to the end of the day, having worked your “socks off” for the entire day, and asked […]

Read more November 15th, 2023