General News & Developments

Capital gains tax: a minority sport?

Will increased capital gains tax (CGT) mean less tax gets paid?...

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....

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....

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...

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....

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

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....

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

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. ...

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....