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Making Tax Digital For Income Tax Regime Extended To Smaller Businesses And Landlords

The Spring Statement announced that the Making Tax Digital for Income Tax (MTD for IT) regime will be further extended to smaller businesses. Read on to see how and when your business might be affected. What is MTD for IT? Making Tax Digital for Income Tax (MTD for IT) is a government initiative that requires […]

Read more April 7th, 2025

Spring Statement And OBR Forecasts

The Chancellor of the Exchequer, Rachel Reeves, delivered her Spring Statement last month in which she outlined the government’s economic plans, including spending decisions, tax policies and efforts to boost growth while managing public finances. What did the statement tell us about public finances and the economy? The Statement came on the back of the […]

Read more April 7th, 2025

Child Benefit Increases From 7 April: What Employers Need To Know

From 7 April 2025, families receiving Child Benefit will see an increase in their payments. HM Revenue and Customs (HMRC) has announced that the weekly rate will rise to £26.05 for the eldest or only child and £17.25 for each additional child. This means an annual payment of £1,354.60 for the first child and £897 […]

Read more April 3rd, 2025

National Minimum Wage And National Insurance Update: April 2025

The new National Living Wage and National Minimum Wage rates will come into force from 1 April 2025. There are also changes to the National Insurance employers pay that take effect from 6 April. For many businesses, the April payroll will represent a sizeable step up in labour costs. As a reminder, here is a […]

Read more April 2nd, 2025

Spring Statement 2025 Summary

Chancellor of the Exchequer, Rachel Reeves, held the Spring Statement on Wednesday 26 March 2025. In the run-up to the event, the Chancellor stated that she ‘remains committed to one major fiscal event a year to give families and businesses stability and certainty on upcoming tax and spending changes and, in turn, to support the […]

Read more March 27th, 2025

New Legislation Aims To Drive Building Boom

The Planning and Infrastructure Bill was introduced to Parliament last week. The legislation is being heralded as bringing transformative reforms to the UK building sector that will boost homebuilding and remove obstacles to needed infrastructure. Here is an outline of some of the measures introduced by the legislation. Planning committees A national scheme of delegation […]

Read more March 18th, 2025

Still Time For Year End Tax Planning!

With the tax/financial year end approaching, now is a good time to check that you’re making the most of the available reliefs and allowances available to you. Please talk to us if you think any of the issues affect you. Savings If you have some spare cash, an obvious tax planning point might be to […]

Read more February 24th, 2025

Payrolling Benefits In Kind

‘Payrolling benefits in kind’ means that employee benefits in kind (e.g. company cars and medical insurance) are reported to HMRC through the employer’s payroll. Employees’ tax codes are amended so that any income tax due on the benefits is paid throughout the tax year. If a benefit has been payrolled, it does not need to […]

Read more February 20th, 2025

Corporate Tax Roadmap

The Government published a ‘Corporate Tax Roadmap’ as part of the Autumn Budget 2024. The Roadmap is designed to give corporate businesses (and, in some areas, non-corporate businesses) certainty about the tax framework ahead to give confidence in business decisions being made now. The Roadmap sets out the areas in which the Government intends to […]

Read more February 18th, 2025

Get Ready For Making Tax Digital For Income Tax

Before the Autumn Budget, there was hope that the new Labour Government might further delay the introduction of Making Tax Digital for Income Tax (MTD for IT). However, such hopes were dashed on Budget day, with confirmation of the previously-announced timescales and an additional announcement that individuals with income from trading or property of over […]

Read more February 12th, 2025

Scottish And Welsh Budgets

Scotland The key tax takeaways from the Scottish Budget, held on 4th December, concerned the Scottish Rate of Income Tax (SRIT) and Land & Buildings Transaction Tax (LBTT). Scottish Rate of Income Tax If a taxpayer’s main residence is in Scotland or they are otherwise classed as a ‘Scottish taxpayer’, their non-savings/non-dividend income is subject […]

Read more February 10th, 2025

HMRC’s Phone Service Criticised… Again

A report released by the Public Accounts Committee (PAC) has further criticised HM Revenue & Custom’s (HMRC) phone service. It found that nearly 44,000 customers were cut off without warning after being put on hold for more than an hour in the first 11 months of last year. Having criticised HMRC’s phone service last year, […]

Read more January 27th, 2025

Import Ban On Cattle, Pigs And Sheep From Germany

Following confirmation of a case of Foot and Mouth Disease (FMD) in Germany, a ban has been put on the import of cattle, pigs and sheep from there. It is hoped that this action will help to protect UK farmers and their livelihood. While FMD poses no risk to human or food safety, it is […]

Read more January 20th, 2025

HMRC Scam Warning

With the 31 January self-assessment deadline fast approaching, HMRC has warned taxpayers to be alert to fraudsters. In the past year, there has been a 16.7% increase in scam referrals to HMRC, with almost 150,000 received in the year to November 2024. A significant proportion of those referrals were fake tax rebate claims. HMRC say […]

Read more January 10th, 2025

Christmas Tax Filing: Getting Ahead Of The Deadline

HM Revenue and Customs have revealed that 4,409 people chose Christmas Day to file their tax returns, ensuring their 2023-2024 tax affairs were in order well before the 31 January deadline. In total, 40,072 taxpayers submitted their returns over the Christmas break, proving that even amidst the festive cheer, there’s always time for a little […]

Read more January 7th, 2025