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HMRC Publish More Details Of MTD For Income Tax Reports

Making Tax Digital (MTD) for income tax self-assessment is scheduled to commence in 2026/27 for sole traders and property landlords with a gross income of £50,000 or more, and the threshold then reduces to £30,000 from 2027/28. The government have now confirmed that the four quarterly returns that will need to be submitted will report […]

Read more April 11th, 2024

Wait Times For HMRC Replies On The Rise

Taxpayers in the UK have long grappled with the frustration of extended wait times when seeking assistance from HMRC. Whether it’s a simple inquiry or a complex tax issue, the time it takes to receive a response from HMRC can have significant implications for both individuals and businesses. HMRC have made several cuts to customer-facing […]

Read more April 11th, 2024

Changes To Sole Trader And Partnership Tax Year Basis

The method of taxing the profits of unincorporated businesses changed significantly in 2023/24 and will also change from 2024/25 onwards. This was originally intended to align with the introduction of Making Tax Digital for Income Tax Self-Assessment (MTDITSA), which will now start to be phased in from 2026/27. Under the old basis of taxing profits, […]

Read more April 10th, 2024

Many Couples May Need To Restart Child Benefit Claims

The changes to the High Income Child Benefit Charge (HICBC) announced in the Spring Budget have now been incorporated into the latest Finance Bill and are scheduled to take effect from 6 April 2024. The increase in the threshold for the tax charge was good news, although many were lobbying for the charge to be […]

Read more April 9th, 2024

Have You Checked Your Tax Code?

Before the tax year starts each 6 April, HM Revenue and Customs (HMRC) will issue new tax codes to employees, usually where there is a change of tax code. These tax codes, a series of letter and numbers, allow employers to calculate the right amount of tax to be deducted from each employee when the […]

Read more April 8th, 2024

Carer’s Leave Act Comes Into Force From 6 April 2024

The Carer’s Leave Act comes into force on 6 April 2024, which will affect all employers in the UK. If an employee has a dependent with: Then the Act gives them the right to unpaid leave to give or arrange care. The dependent can be anyone who relies on them for care and not just […]

Read more March 22nd, 2024

New Fining Guidance By The ICO

The Information Commissioner’s Office (ICO) has released some new data protection fining guidance showing how it decides to issue penalties and calculate fines. A consultation on the guidance took place last year and the new guidance provides greater transparency on how the ICO uses its power to fine. The sections about penalty notices in the […]

Read more March 21st, 2024

Employers – Upcoming Changes 2024

The new tax year begins on 6th April and for employers running monthly payrolls, the March pay run will be the last of the 2023/24 tax year. Some things you will need to make sure you do and when you need to do them are listed below: If you need any help with your end […]

Read more March 20th, 2024

Major Reform To Apprenticeships Announced

The Prime Minister, Rishi Sunak, has announced reforms to apprenticeships that will enable up to 20,000 more apprenticeships and could be especially welcome news to small businesses. With effect from April 1st, the government will pay the full cost of training for anyone up to the age of 21. If you are a small employer […]

Read more March 19th, 2024

Increase To Small Company Thresholds

Thresholds based on a company’s accounts and employee numbers determine whether a company is categorised as small or not. Being able to qualify as a small or medium-sized business can cut red tape for a business with the reduced amount of both non-financial and financial reporting a small or medium-sized business is required to do. […]

Read more March 19th, 2024

Shareholder Agreements For Limited Companies: What You Need To Know

Shareholder agreements are crucial documents that set out the rights and responsibilities of shareholders within a company. These agreements, which are often overlooked, have a significant influence in shaping the trajectory of a business and safeguarding the interests of both shareholders and the company itself. Whether having multiple shareholders, forming a new company, a shareholder […]

Read more March 18th, 2024

Construction Industry Steps Up Efforts to Combat Work-Related Stress

The Health and Safety Executive (HSE) sponsored Working Minds campaign has announced six new partners from the construction industry. The Contract Flooring Association (CFA), the Chartered Institute of Plumbing and Heating Engineering (CIPHE), Asbestos Removal Contractors Association (ARCA), the National Federation of Demolition Contractors (NFDC), the Electrical Contractors’ Association (ECA) and the National Federation of […]

Read more March 12th, 2024

Multiple Dwellings Relief Axed From 1 June 2024

Multiple Dwellings Relief (MDR) is a stamp duty land tax (SDLT) relief that is currently available if you buy two or more residential properties in a single transaction or a series of linked transactions. It allows the rate of tax to be calculated based on the average value of the properties purchased rather than the […]

Read more March 11th, 2024

Furnished Holiday Lettings Regime To Be Abolished

If you run a holiday let, then you are likely well aware of the useful tax advantages that holiday lets have had for many years. Because furnished holiday lets can be treated as a trade rather than as a rental property, there are more generous deductions against income available. Also, there has been a significant […]

Read more March 11th, 2024

Budget Summary Spring 2024

Chancellor Jeremy Hunt delivered his ‘Budget for Long Term Growth’ on Wednesday 6 March 2024. His speech promised ‘more investment, more jobs, better public services and lower taxes’. Lowering taxes The Chancellor made further changes to National Insurance contributions (NICs), following the cuts made in the Autumn Statement 2023. The rates for NICs will be […]

Read more March 7th, 2024