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Welcome to our June Tax Update. In this edition we take a look at employee benefits, HMRC’s interest rate, advisory fuel rates and events on the accounting horizon. REPORT EMPLOYEE BENEFITS ON FORM P11D P11d forms for reporting expenses and benefits in kind provided to employees and directors in 2023/24…
Recently there has been a surge in Inheritance Tax (IHT) receipts. HM Revenue and Customs (HMRC) reported a record £7.5 billion collected in the year to March, a significant increase from the previous year. However, a concerning trend has emerged regarding the potential impact of IHT on the housing market.…
HM Revenue & Customs (HMRC) has released figures showing that 295,250 Self-Assessment tax returns were filed in the first week of the new tax year. Almost 70,000 were filed on the first day – April 6th. This seems to suggest an increasing trend for filing tax returns early. Last year,…
Understanding economic changes: How recent events affect businesses Data releases in recent weeks from the Office of National Statistics (ONS) coupled with Bank of England decisions might make recent news about the economy seem a bit confusing. Understanding how this news affects businesses is important so let’s break it down.…
Over the last two years, the tax-free allowance for Capital Gains Tax (CGT) has been cut by over three-quarters. For the tax year that recently began on 6th April 2024, the Annual Exempt Amount has been reduced to £3,000 (£1,500 for trustees). These reductions mean that more and more of…
How to defend your business from e-mail compromise E-mail phishing attacks that target senior leaders and finance personnel in the business are on the increase. The National Cyber Security Centre (NCSC) has published guidance aimed at helping small to medium sized businesses to deal with Business Email Compromise (BEC). The…
New digital service to check your State Pension forecast launched A new digital service has been launched that makes it easier to check if you have any gaps in your National Insurance (NI) record that may affect your State Pension entitlement. The service is called Check Your State Pension forecast…
Most businesses have exposure to cyber risk Almost every modern business relies on computer networks for day-to-day operations, and this means that most firms are exposed to cyber risk. A cyber-attack is any attempt to steal data, damage or disrupt a computer system. In the event of a cyber-attack, it’s…
Welcome to our May Tax Update In this edition we take a look at beta testing for MTD for Income Tax, guidance on work travel, official rate of interest, investing in an unquoted trading company and upcoming Accounting Events. WANT TO BE PART OF BETA TESTING OF MTD FOR INCOME…
What counts as a business journey for tax purposes? With COVID came the necessity for some employees to work remotely from home. Post-Pandemic, some employees have chosen to continue this hybrid working, whilst others have no choice as regional offices close down to help cut costs. HM Revenue and Customs…