The Prime Minister, Sir Keir Starmer, speaking from Downing Street last Tuesday, has said that the budget in October will be âpainfulâ and the government would be making âbig asksâ of the country. He said that the country would need to be prepared to âaccept short-term pain for long-term goodâ…
Welcome to our September Tax Update. In this edition we take a look at Inheritance Tax, Workplace Nurseries, Tax-Free Childcare Accounts, Hours Worked Reporting, Fuel Rates for Company Cars and upcoming dates on the accounting horizon. SHOULD YOU PASS ON WEALTH NOW TO AVOID INHERITANCE TAX? Many wealthy individuals are…
Are your children moving on to Approved Further Education or Training? With GCSE results day behind us, many families are considering the next steps for their school-leaving children. If your child plans to continue in approved education or training, itâs important to extend your Child Benefit claim before 31st August…
HM Revenue and Customs (HMRC) has published draft legislation and a policy paper outlining the proposal for the abolition of the furnished holiday lettings (FHL) tax regime. This was originally announced by the previous Government and any hopes that this may be stalled by the new government are now laid…
From 1st August 2024, selling fees charged by Amazon to UK vendors will be subject to VAT at 20%. This is because of a change in the legal entity that charges the fees. Previously, fees were charged by Amazon Service Europe S.a.r.l (ASE), which did not have a UK establishment,…
Welcome to our August Tax Update. In this edition we take a look at the 60% income tax trap, tax-free childcare accounts, staff BBQs, the tax treatment of furnished holiday lettings, VAT on independent schools fees and upcoming dates on the accounting horizon. BEWARE THE 60% INCOME TAX TRAP It…
Employees with access to company cars often face a tax burden on the âbenefit in kindâ of having a car at their disposal. However, where an employee has use of a âpool carâ, there is no taxable benefit and an entry is not required on form P11D. Furthermore, the employer…
Should Employees Reimburse Private Fuel Costs? Where a company car is provided for use by an employee or director there is a benefit in kind taxable on the employee based on the original list price of the vehicle multiplied by the CO2 emissions percentage for that vehicle. There is an…
Requesting changes to registration details to be through online account only HMRC has announced that from 5thââââââ Augustââââââ 2024, any request to change your VAT registration details should be made using your VAT online account, and not by using the VAT484 form or any other postal or electronic means. Why…
The Welsh Government was excited to announce a significant milestone in its own mission to increase the number of employee-owned businesses in Wales. The number of such businesses in Wales has doubled, reaching 74 almost two years ahead of their 2026 target. While this initiative is partly aimed at keeping…