News
Stay informed and up to date with the latest news and developments.
Budget
The Autumn Budget – a brave new tax world
Chancellor Rachel Reeves’ first Budget was a significant one in all senses....
Budget
2024 Budget Highlights: Key points at a glance
Chancellor Rachel Reeves has presented Labour’s first Budget since their return to power in July, unveiling a series of financial adjustments and new spending priorities....
Budget
When is the upcoming Budget, and what might it include?
Labour’s first Budget in 14 years is set to be unveiled by Chancellor Rachel Reeves on Wednesday, October 30....
General News & Developments
Capital gains tax: a minority sport?
Will increased capital gains tax (CGT) mean less tax gets paid?...
Employer Services
Tips and troncs – what does it mean for your business?
The Employment (Allocation of Tips) Act 2023 will officially come into force October 1, 2024. The law aims to ensure all tips, gratuities and service charges are fairly distributed to workers....
Budget
Opening the books – the government’s spending inheritance…
The date of the next Budget is fast approaching, accompanied by the new Chancellor’s warning about government finances....
General News & Developments
HMRC launches VAT registration estimator
It’s early days yet, but some pointers on tax have emerged from both the main parties...
General News & Developments
Are you caught in the 60% tax trap?
The number of taxpayers caught in the 60% tax trap has increased by nearly 25% over the past year. More than 500,000 people are now affected by higher tax rates due to their income exceeding £100,000....
General News & Developments
Digital invoicing could prevent invoice fraud
Companies without a digital invoice processing system in place are leaving themselves open to invoice fraud. Over the past year, nearly a third of businesses have been targeted....
General News & Developments
Small businesses top tax gap defaulters
For 2022/23, the tax gap has increased to a record £39.8 billion, with small incorporated and unincorporated businesses being blamed for around 60% of uncollected taxes....
Economy
From victory to Budget? Labour’s first 100 days
With a majority of over 200 and a weight of expectations, what happens next to Sir Kier Starmer’s new Labour government?...
General News & Developments
Not in the NIC of time
For employees, the national insurance tax cut announced in the Autumn Statement took effect last month, on the 6th January....
General News & Developments
A new warning for iPhone owners
HMRC is warning iPhone owners about a new wave of scam text messages claiming to be about tax refunds....
Economy
Inflation falls to lowest level in almost three years
Inflation in the UK has returned to the Bank of England's 2% target for the first time in nearly three years, as prices rose by 2% in the year to May, down from 2.3% in April....
General News & Developments
The first election tax stories emerge
It’s early days yet, but some pointers on tax have emerged from both the main parties...
Employer Services
The deductibility of training costs
HMRC has recently published guidance to provide greater clarity about the tax deductibility of training costs for the self-employed....
General News & Developments
Buy-to-let owners may be selling up
While the higher rate of capital gains tax (CGT) on residential property disposals has dropped by 4%, from 28% to 24%, from 6th April 2024...
Employer Services
Request flexible working from day one
The Flexible Working (Amendment) Regulations 2024 have come into effect, introducing significant changes....
General News & Developments
The cost of incorporating a company increases
The fees associated with incorporating and maintaining a company will rise from the 1st May 2024, due to an increase in charges from Companies House....
General News & Developments
HMRC begins to ramp up its checks
There’s no respite for HMRC with inheritance tax (IHT) accounts, undeclared dividend income and gains from share disposals to scrutinise....
General News & Developments
How to navigate the £500 trust income exemption
The introduction of a £500 income exemption from 6th April 2024 will impact many trusts....
Announcements
Budget Highlights: Notable takeaways from Jeremy Hunt’s speech
Chancellor Jeremy Hunt has presented the details of this year's Budget in the House of Commons, marking the final scheduled Budget before the upcoming general election expected later this year....
General News & Developments
Increased income: the double-edged sword
With tax bands and other thresholds frozen, taxpayers should be aware of the implications of their income increasing. Increased income can mean more than facing a higher tax bill....
General News & Developments
Companies House reform brings tougher company checks
Companies House is introducing wide-ranging reforms – subject to new legislation being in place – from 4th March 2024. ...
General News & Developments
The national insurance ‘tax cut’
For employees, the national insurance tax cut announced in the Autumn Statement took effect last month, on the 6th January....
General News & Developments
Changes to ISA reforms from April 2024
The 31st January 2024 deadline for submitting a 2022/23 self-assessment tax return is not far off, especially for those not yet registered....
General News & Developments
Handy hints ahead of self-assessment
The 31st January 2024 deadline for submitting a 2022/23 self-assessment tax return is not far off, especially for those not yet registered....
General News & Developments
Navigating HMRC’s New Powers: Understanding Digital Platform Reporting Rules & Side Hustle Regulations
HMRC has acquired expanded powers that mandate digital platforms to share details of individuals engaged in services or selling goods....
Announcements
Key Highlights: Shona Robison’s 2024/25 Scottish Budget
Shona Robison, serving as Deputy First Minister and Finance Secretary, unveiled the government's spending plans for the upcoming year yesterday afternoon....
General News & Developments
VAT registration goes online only
HMRC is moving ahead with its ‘digital by default’ ambition by pushing VAT registration to online only. Any business unable to use the online registration service will have to call HMRC’s VAT helpline to obtain a paper registration form....
Announcements
Autumn Statement 2023: Key points at a glance
Chancellor Jeremy Hunt has presented the details of his Autumn Statement in the House of Commons....
General News & Developments
Updated tax guidance for electronic company car charging
HMRC has updated its guidance to clarify that there is no taxable benefit when an employer reimburses employees who charge their electric company cars at home....
General News & Developments
Are we saying farewell to inheritance tax?
In July, the government was reported as holding talks on abolishing inheritance tax (IHT). This wasn’t given much credence at the time, but there are now reports that the March 2024 Budget will include a reduction to the 40% IHT rate as a prelude to future abolishment....
General News & Developments
Don’t get caught in the VAT penalties net
The 50th anniversary of the UK’s introduction of VAT was earlier this year, but despite being around for a while, many VAT-registered businesses still find VAT too complex and confusing....
General News & Developments
Guidance on deferring your state pension
With HMRC under pressure to collect more tax owed, it is moving away from the tolerance shown during the pandemic and back towards a normal level of debt enforcement activity. ...
General News & Developments
Fraud countermeasure drives R&D tax relief changes
The level of fraudulent claims being made for research and development (R&D) tax relief has prompted HMRC to introduce a new procedure...
General News & Developments
Finalising returns figures and filing early
HMRC is chasing taxpayers who have submitted tax returns for 2021/22 containing unresolved provisional figures, while also extolling the benefits of filing early for 2022/23....
General News & Developments
Behind the numbers on income tax
New income tax statistics from HMRC appear to be good news, but the numbers are not what they seem.
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General News & Developments
Agri-tax reliefs set for restrictions
Draft legislation has been published that will, from 6 April 2024, restrict the geographical scope of agricultural relief and woodlands relief to property in the UK....
General News & Developments
New PAYE process for High Income Child Benefit Charge
One of the many criticisms aimed at the High Income Child Benefit Charge (HICBC) is that anyone caught by the charge needs to submit a self-assessment ...
Announcements
Clark Andrews CA joins Martin Aitken
Clarkston-based Clark Andrews, a progressive and well-established chartered accountancy firm founded in 2005 by Robert Andrews and ...
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