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New tax year – New tax rules

19/04/2024

With the start of the new tax year, taxpayers can expect significant changes that will directly impact their finances in the next tax year (2024/25). If you haven’t already, it’s time to closely examine your…

HMRC income tax receipts rise by £2 billion

19/04/2024

HM Revenue & Customs (HMRC) recently reported a £2 billion increase in income tax receipts, reflecting a strong self-assessment period and an evolving dynamic within the tax landscape. The Government’s recent changes, including adjustments to…

Cars vs Vans – The tax implications of company vehicles

18/03/2024

Providing a vehicle to your employees can be a real incentive and often essential to their role. However, the type of vehicle you choose could have a significant impact on the tax that you and…

Spring Budget ushers in property tax shake-up

13/03/2024

The Chancellor delivered his 2024 ‘Budget for long-term growth’ in the face of an upcoming general election. Although the headlines have been dominated by the news that employee National Insurance Contributions will be cut further…

Overhaul of non-dom tax status – What does it mean for those affected?

13/03/2024

You may have already heard that the Chancellor, Jeremy Hunt, has announced an end to the preferential tax treatment that non-domiciled individuals (non-doms) currently receive. At the moment, a non-dom – someone living in the…

Run your business from home? Get to know your VAT entitlement

13/03/2024

If you are a business owner and work or run your business from home, then you may be entitled to reclaim VAT on certain costs. In practice, this means that you can reduce the amount…

What are the implications of MTD for ITSA for SMEs?

13/03/2024

The introduction of Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) is going to create some upheaval within the SME sector. No doubt, some of you are already using MTD-compliant software to file…

Tax basis – Getting ready for the end of the transitional year

14/02/2024

Are you a sole trader or a member of a partnership? Here is what you need to know about the upcoming tax basis period reforms. HM Revenue & Customs (HMRC) is introducing changes to how…

Putting the brakes on excessive National Insurance payments through car allowances

14/02/2024

Businesses may be able to reclaim significant amounts of National Insurance Contributions (NICs) and plan for future savings because of a recent Tribunal ruling on how car allowances are taxed. Brought by Wilmott Dixon and…

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