Spread the cost of your Self-Assessment tax bill with HMRC’s Time to Pay With the holidays and end of the year fast approaching, it’s a good time to plan your finances for the new year. For those who file Self-Assessment tax returns, the prospect of having to make a heavy…
Are you an animal breeder? If so, it’s important to be aware of HMRC’s recent outreach to individuals who may have underpaid tax on income from breeding or selling animals, including dogs and cats. HMRC’s Letter Campaign HMRC is sending letters to individuals they believe may have failed to declare…
What employers and employees need to know As of 1st October, new laws are in place to ensure that workers keep 100% of the tips, gratuities, and service charges they earn. This is a major development for employees in sectors such as hospitality, where tipping plays a significant role in…
HM Revenue and Customs (HMRC) has issued a press release clarifying some common myths about whether or not someone needs to register to complete a self-assessment tax return. The basic requirement is that anyone who needs to complete a self-assessment return for the first time to cover the 2023-24 tax…
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…
HM Revenue and Customs has launched a digital tool to help businesses estimate what registering for VAT may mean for them. The VAT Registration Estimator has been developed after feedback from small businesses suggested an online tool would be helpful to show when their turnover could require businesses to register for VAT…
Requesting changes to registration details to be through online account only HMRC has announced that from 5th August 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…
Welcome to our July Tax Update. In this edition we take a look at the tax point for VAT, pool cars, childcare accounts, selling a subsidiary and events on the accounting horizon, the main one being the General Election this Thursday! ‘TAX POINT’ FOR VAT The time of supply is…
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…
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…