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HM Revenue and Customs (HMRC) have released their latest figures on the take-up of Tax-Free Childcare. For the 2024-25 tax year, almost 826,000 families saved up to £2,000 per child. During March 2025, 579,560 UK families used the scheme, a 16% increase on the number using the scheme in March…
Have you thought about giving a cash gift to someone close on the day of their wedding or civil partnership? This could not only be a generous gift, but can also be tax efficient for you. Under the Inheritance Tax rules you can give tax free: Each Parent (including Step-Parents)…
P11D forms for reporting expenses and benefits in kind provided to employees and directors in 2024/25 need to be submitted by 6 July 2025. PLEASE NOTE: Paper forms are no longer acceptable; the return must be made online using PAYE Online for employers or commercial software. Remember that reimbursed expenses…
A benefit provided to a Director or employee that is considered ‘trivial’ and is therefore tax-exempt if all of the following conditions are met: Cost: The cost to you, the employer, must be £50 or less per benefit. Form of Benefit: It cannot be cash or a cash voucher –…
Welcome to the June Tax Update. In this issue we take a look at HMRC’s Spring Tax update, P11D Season, Employment related securities returns, VAT Groups and Anti-avoidance, and date on the Accounting Horizon. HMRC SPRING TAX UPDATE On 28 April 2025, the Government made several tax policy announcements, launched consultations…
New Free HSE Tool Helps Employers Tackle Work-Related Stress To mark the occasion of Mental Health Awareness Week recently, the Health and Safety Executive (HSE) launched a free online learning module to help employers better understand and manage work-related stress in their teams. The new resource is part of HSE’s…
Don’t Miss Out: Parents of Teenagers Need to Extend Child Benefit by 31 August If you’re a parent of a 16 to 19-year-old who’s staying in full-time education or training, HM Revenue and Customs (HMRC) is reminding families to extend their Child Benefit claim by 31 August to avoid the…
HM Revenue and Customs have reported that a record number of people- nearly 300,000 – have already filed their 2024–25 tax return, just weeks into the new tax year. While the deadline isn’t until 31 January 2026, it’s worth thinking about it sooner rather than later. Filing early can have…
Welcome to the May Tax Update. In this issue we take a look at the upcoming changes to Making Tax Digital for Income Tax, changes to the taxation of Non-UK Domiciled Individuals, Holiday Lettings and Property, VAT on Food or Confectionery; and events on the accounting horizon. MTD for Income…
I AM A ‘WORKING PERSON’ The Labour government has said it remains committed to providing security, higher levels of disposable income and higher living standards to working people. You will see below that the taxes you will pay on your income in 2025/26 remain, in the main, at 2024/25 levels.…