Understanding simple assessments If you owe income tax that cannot be collected automatically via PAYE, such as tax on bank interest or the state pension, HMRC may send you a simple assessment notice This letter shows how much tax HMRC believe you owe based on information they hold. It is important to check the figures […]
27
Nov
Nov
The most surprising thing about the latest Budget was that someone at the Office for Budget Responsibility appears to have pressed the wrong button and published its report about 40 minutes before the Chancellor stood up, rather than just after she sat down. This meant that the pundits were discussing the contents of the Budget before it had been delivered, which was unprecedented.
16
Sep
Sep
Advisory fuel rates If you reimburse fuel or charging costs for employees using a company car for business travel there will be no taxable profit and no Class 1A national insurance, provided the mileage amount paid does not exceed the advisory rates From 1 September 2025 the advisory rates per mile for non-electric vehicles are: […]
25
Jun
Jun
With finance being more expensive, if you have personal savings, consider loaning your own money to your company, instead of borrowing.Set up a loan agreement with your company and then the company can pay a commercial risk rate of interest of ‘say’ 8% to you. The company will receive corporation tax relief on this paid […]
16
Jun
Jun
Tax update: Summer 2025 Mandatory payrolling of benefits delayed HMRC has confirmed that the mandatory payrolling of benefits in kind (BIKs) will be delayed to April 2027, giving businesses more time to get to grips with the process. Previously planned for April 2026, the change will require businesses to report and process income tax and […]
03
Apr
Apr
Side-hustle reporting threshold increased The Government has announced plans to increase the threshold above which income from self-employment must be reported via self assessment. Currently, if you earn over £1,000 from self-employment, or a so-called ‘side hustle’ such as babysitting or dog walking, you need to report this income to HMRC by filing a self […]
22
Jan
Jan
How to reclaim the additional stamp duty on your home We had been contacted recently by an unlucky sole who had been caught out by a simple rule. The facts are that the individual was unable to sell his existing home and therefore decided to buy a new home and to later sell his existing […]
11
Dec
Dec
Pensions to lose IHT exemption At the Autumn Budget the Chancellor announced plans to remove the exemption which allows unused pension funds to be inherited tax free. Currently, if a pension holder dies before the age of 75 their beneficiaries can generally inherit the remaining funds tax-free, whether as a lump sum or as income. […]
01
Nov
Nov
The Autumn Budget 2024 was the first delivered by a Labour Chancellor since 2010, and the first ever delivered by a woman. Some things did not change: the objective of all Chancellors is to build a better Britain, to encourage growth, to support the NHS. The objectives Rachel Reeves laid out would not have seemed out of place in any of her predecessors’ speeches.
16
Sep
Sep
RTI reporting changes delayed HMRC has delayed planned changes to real-time information (RTI) reporting requirements for employee hours worked. Draft legislation was published in May aimed at improving the range of data collected by HMRC. The proposed changes will require businesses to provide more detailed information to HMRC via self assessment (SA) and PAYE real-time […]