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It is crucial to stay on top of key tax dates to keep your financial affairs in order. Here’s a friendly reminder of the important tax deadlines this year.
Discover the suggested reimbursement rates for employees’ private mileage using their company car.
Now is the perfect time to review your finances and make sure you’re making the most of available tax reliefs and allowances.
It is that time of year again for staff parties and annual functions, so it is important to make sure you record it properly.
Many individuals, including high-profile figures like TV presenter Anne Robinson, are considering passing on substantial amounts of their wealth ahead of anticipated changes to inheritance tax (IHT) in Labour’s upcoming Budget on 30 October. Robinson, for example, has reportedly transferred £50 million to her children and grandchildren. So, should you be thinking about doing the same?
As an entrepreneur, you’re juggling countless tasks, from developing your product to securing your first customers. Amidst all the hustle, managing your finances effectively is crucial.
Financial forecasting isn’t just for large corporations with dedicated finance teams. For start-ups and SMEs, it’s a game-changer. Accurate forecasting allows you to
For UK taxpayers earning between £100,000 and £125,140, the 60% tax trap can significantly impact disposable income and financial planning. This effective tax rate arises due to the tapering of the personal allowance.
Learn about the upcoming changes to VAT on private school fees starting 1 January 2025. Understand the new VAT rules for private schools, including transitional arrangements and how these UK budget 2024 VAT changes could affect you.
Learn about the proposed repeal of the special tax treatment for furnished holiday lettings, effective 6 April 2025. Discover key changes including finance cost restrictions, capital allowances, and reliefs. Find out how these new rules will impact your FHL properties and what steps to take.
When a holding company sells shares in a subsidiary, the VAT incurred on the professional fees involved would normally be irrecoverable, on the basis that a sale of shares is an exempt supply.
The conditions for a company car to be treated as a pool car are set out in the employment income legislation:
HMRC have announced that the official rate of interest will remain at 2.25% for 2024/25, despite the Bank of England Base Rate currently standing at 5.25%. The official rate of interest
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.
P11d forms for reporting expenses and benefits in kind provided to employees and directors in 2023/24 need to be submitted by 6 July 2024. Note that paper forms are no longer acceptable; the return must be made online using PAYE Online for employers or commercial software.
If you are considering lending money to, or subscribing for shares in, an unquoted trading company then, like many investments, there is always a risk that you may lose your money.
Which companies qualify for EIS and SEIS, and how can investors make the most of the tax reliefs available under the schemes?
HMRC have confirmed that the official rate of interest for employee and directors’ beneficial loans remains at 2.25% for 2024/25, despite a Bank of England base interest rate of 5.25%
Payments by the employer for taxis to take employees home late or at night are exempt from tax if: the failure of car sharing arrangements conditions are satisfied (see below); or
Whether or not an employee’s home is a workplace does not affect the availability of tax relief for travel expenses. Travel expenses from home to a permanent workplace will only qualify for tax relief if the journey qualifies as travel in the performance of the duties of the employment.
Travelling from home to an employee’s normal workplace does not qualify for tax relief. This is referred to as “ordinary commuting and, furthermore, if the costs of the journey are reimbursed by the employer, those costs are taxable. There are exceptions to this rule, in particular where the employer pays for the employee to travel home in a taxi safely late at night.
On top of the major changes to research and development (R&D) tax relief that took effect from 1 April 2023 there are yet more changes that take effect from 1 April 2024.
Making Tax Digital for income tax self-assessment is scheduled to commence in 2026/27 for sole traders and property landlords with gross income of £50,000 or more, and the threshold then reduces to £30,000 from 2027/28.
The method of taxing the profits of unincorporated businesses changed significantly in 2023/24 and will also change from 2024/25 onwards. This was originally intended to align with the introduction of Making Tax Digital for Income Tax Self-Assessment (MTDITSA), which will now start to be phased in from 2026/27.
As announced in the Spring Budget, the beneficial tax treatment of furnished holiday lettings (FHLs) will be abolished from 6 April 2025, when the business will start being taxed in the same way as other residential property businesses.