Budget

Spring Statement 2025: Key takeaways

Chancellor Rachel Reeves has outlined her economic plans for the UK in the Spring Statement, addressing key areas such as defence, public services, welfare, and economic growth....

General News & Developments

New reporting requirements for dividend data

Heads up for company directors – new tax rules from 2025/26 mean itemising your dividends...

Employer Services

Understanding the latest Statutory Sick Pay (SSP) reforms

Over one million workers across the UK will benefit from major enhancements to Statutory Sick Pay (SSP) under the government's Plan for Change, designed to boost the economy and improve living standards....

General News & Developments

A cautionary tale – no excuse for late return

In a recent case heard by the First Tier Tribunal (FTT), a taxpayer lived overseas, encountered postal delays and had limited internet access, but these did not constitute reasonable excuses for the late submission of a self-assessment tax return....

Budget

Will the Spring Statement be another Budget?

It may feel like the autumn-to-spring budgets are as changeable as the seasons. So, what can we expect from this year’s Spring Forecast? ...

General News & Developments

Overseas workday relief set to improve

Employees coming to work in the UK should see an improvement in the new version of overseas workday relief set to be introduced from 6th April 2025....

General News & Developments

Lost pensions worth billions, unclaimed

Lost your pension? You’re not alone! ...

General News & Developments

Making Tax Digital (MTD) latest update

Making Tax Digital is still more than a year away – but it’s coming. Find out what HMRC will expect you to do....

Budget

From new year to year end – time to keep a tax-planning resolution?

As 2025 gets thoroughly underway, it is once again the time of year to start considering your tax year-end planning....

Employer Services

Employment rights changes on the horizon

How will the Employment Rights Bill affect your business? Find out what you need to prepare for....

Corporation tax

For better or worse? The corporate tax roadmap

The October Budget’s promise to maintain corporate tax rates may provide businesses with certainty for the duration of this parliament, but there is room for improvement. ...

Budget

The Autumn Budget – a brave new tax world

Chancellor Rachel Reeves’ first Budget was a significant one in all senses....

Budget

2024 Budget Highlights: Key points at a glance

Chancellor Rachel Reeves has presented Labour’s first Budget since their return to power in July, unveiling a series of financial adjustments and new spending priorities....

Budget

When is the upcoming Budget, and what might it include?

Labour’s first Budget in 14 years is set to be unveiled by Chancellor Rachel Reeves on Wednesday, October 30....

General News & Developments

Capital gains tax: a minority sport?

Will increased capital gains tax (CGT) mean less tax gets paid?...

Employer Services

Tips and troncs – what does it mean for your business?

The Employment (Allocation of Tips) Act 2023 will officially come into force October 1, 2024. The law aims to ensure all tips, gratuities and service charges are fairly distributed to workers....

Budget

Opening the books – the government’s spending inheritance…

The date of the next Budget is fast approaching, accompanied by the new Chancellor’s warning about government finances....

General News & Developments

HMRC launches VAT registration estimator

It’s early days yet, but some pointers on tax have emerged from both the main parties...

General News & Developments

Are you caught in the 60% tax trap?

The number of taxpayers caught in the 60% tax trap has increased by nearly 25% over the past year. More than 500,000 people are now affected by higher tax rates due to their income exceeding £100,000....

General News & Developments

Digital invoicing could prevent invoice fraud

Companies without a digital invoice processing system in place are leaving themselves open to invoice fraud. Over the past year, nearly a third of businesses have been targeted....

General News & Developments

Small businesses top tax gap defaulters

For 2022/23, the tax gap has increased to a record £39.8 billion, with small incorporated and unincorporated businesses being blamed for around 60% of uncollected taxes....

Economy

From victory to Budget? Labour’s first 100 days

With a majority of over 200 and a weight of expectations, what happens next to Sir Kier Starmer’s new Labour government?...

General News & Developments

Not in the NIC of time

For employees, the national insurance tax cut announced in the Autumn Statement took effect last month, on the 6th January....

General News & Developments

A new warning for iPhone owners

HMRC is warning iPhone owners about a new wave of scam text messages claiming to be about tax refunds....

Economy

Inflation falls to lowest level in almost three years

Inflation in the UK has returned to the Bank of England's 2% target for the first time in nearly three years, as prices rose by 2% in the year to May, down from 2.3% in April....

General News & Developments

The first election tax stories emerge

It’s early days yet, but some pointers on tax have emerged from both the main parties...

Employer Services

The deductibility of training costs

HMRC has recently published guidance to provide greater clarity about the tax deductibility of training costs for the self-employed....

General News & Developments

Buy-to-let owners may be selling up

While the higher rate of capital gains tax (CGT) on residential property disposals has dropped by 4%, from 28% to 24%, from 6th April 2024...

Employer Services

Request flexible working from day one

The Flexible Working (Amendment) Regulations 2024 have come into effect, introducing significant changes....

General News & Developments

The cost of incorporating a company increases

The fees associated with incorporating and maintaining a company will rise from the 1st May 2024, due to an increase in charges from Companies House....

General News & Developments

HMRC begins to ramp up its checks

There’s no respite for HMRC with inheritance tax (IHT) accounts, undeclared dividend income and gains from share disposals to scrutinise....

General News & Developments

How to navigate the £500 trust income exemption

The introduction of a £500 income exemption from 6th April 2024 will impact many trusts....

General News & Developments

Increased income: the double-edged sword

With tax bands and other thresholds frozen, taxpayers should be aware of the implications of their income increasing. Increased income can mean more than facing a higher tax bill....

General News & Developments

Companies House reform brings tougher company checks

Companies House is introducing wide-ranging reforms – subject to new legislation being in place – from 4th March 2024. ...

General News & Developments

The national insurance ‘tax cut’

For employees, the national insurance tax cut announced in the Autumn Statement took effect last month, on the 6th January....

General News & Developments

Changes to ISA reforms from April 2024

The 31st January 2024 deadline for submitting a 2022/23 self-assessment tax return is not far off, especially for those not yet registered....

General News & Developments

Handy hints ahead of self-assessment

The 31st January 2024 deadline for submitting a 2022/23 self-assessment tax return is not far off, especially for those not yet registered....

General News & Developments

Navigating HMRC’s New Powers: Understanding Digital Platform Reporting Rules & Side Hustle Regulations

HMRC has acquired expanded powers that mandate digital platforms to share details of individuals engaged in services or selling goods....

General News & Developments

VAT registration goes online only

HMRC is moving ahead with its ‘digital by default’ ambition by pushing VAT registration to online only. Any business unable to use the online registration service will have to call HMRC’s VAT helpline to obtain a paper registration form....

General News & Developments

Updated tax guidance for electronic company car charging

HMRC has updated its guidance to clarify that there is no taxable benefit when an employer reimburses employees who charge their electric company cars at home....

General News & Developments

Are we saying farewell to inheritance tax?

In July, the government was reported as holding talks on abolishing inheritance tax (IHT). This wasn’t given much credence at the time, but there are now reports that the March 2024 Budget will include a reduction to the 40% IHT rate as a prelude to future abolishment....

General News & Developments

Don’t get caught in the VAT penalties net

The 50th anniversary of the UK’s introduction of VAT was earlier this year, but despite being around for a while, many VAT-registered businesses still find VAT too complex and confusing....

General News & Developments

Guidance on deferring your state pension

With HMRC under pressure to collect more tax owed, it is moving away from the tolerance shown during the pandemic and back towards a normal level of debt enforcement activity. ...

General News & Developments

Fraud countermeasure drives R&D tax relief changes

The level of fraudulent claims being made for research and development (R&D) tax relief has prompted HMRC to introduce a new procedure...

General News & Developments

Finalising returns figures and filing early

HMRC is chasing taxpayers who have submitted tax returns for 2021/22 containing unresolved provisional figures, while also extolling the benefits of filing early for 2022/23....

General News & Developments

Behind the numbers on income tax

New income tax statistics from HMRC appear to be good news, but the numbers are not what they seem. ...

General News & Developments

Agri-tax reliefs set for restrictions

Draft legislation has been published that will, from 6 April 2024, restrict the geographical scope of agricultural relief and woodlands relief to property in the UK....

General News & Developments

New PAYE process for High Income Child Benefit Charge

One of the many criticisms aimed at the High Income Child Benefit Charge (HICBC) is that anyone caught by the charge needs to submit a self-assessment ...