Newly proposed changes to Inheritance Tax would see 150,000 grieving families hit with higher tax bills. The plans, announced late last year by Chancellor Rachel Reeves, mean that pension wealth could be taken into account when calculating the size of an estate. The changes would take affect from April 2027. According to data from a […]
The 31 January is deadline day for self-assessment tax returns. And despite the efforts of accountants and individuals the month of January typically involves a last minute scramble for records and receipts. This year, according to data from HMRC, 1.1 million individuals missed the 2023/24 deadline; the same number as last year. The tax […]
In the first Labour Budget since 2010, Chancellor Rachel Reeves delivered her Autumn 2024 Budget. The speech focused on details of the Government’s planned spending on public services, and the ways in which much needed revenue will be raised. What was clear was that the new Chancellor was keen to start to address some of […]
Choosing whether to register for self-assessment can be a difficult decision. Certain myths have also thrived, making the decision more complex. To help, HMRC has clarified some of the most common misconceptions surrounding self-assessment and when you’ll need to pay tax when you’re self-employed. With more people now working for themselves, HMRC has highlighted five […]
If you’re selling goods and services online, new tax rules could affect you. HMRC has recently issued an alert for online sellers achieving profits from buying or making goods, or selling services, to check whether they are considered a trader. In this situation tax on any earnings over £1,000 would need to be paid. The […]
SMEs are claimed to be responsible for £4.4 billion of unpaid tax as a result of tax evasion, according to a new report from the National Audit Office (NAO). Tax evasion is the practice of deliberately falsifying or omitting information to reduce a tax bill. The research – which focused on the high street […]
HMRC has begun clamping down on new tax reporting rules covering cryptocurrency gains. As part of a steady push over the last 12 months it’s become clear that any crypto gains would see greater attention from the tax authorities. In 2024/25 it’s also likely that crypto assets will need to be fully declared for the […]
Client entertainment used to be common practice, even with tax rules hampering what was and wasn’t possible. But the arrival of Covid, and restrictions on gatherings, changed the landscape significantly. Today face to face business meetings are much more infrequent, and the opportunity to gather with clients to eat, drink and be merry is rarer […]
Understanding whether to register your small business for VAT can be confusing. You might need to consider your current revenue, how much you plan to grow, and your customer base. Recent research has shown that 26,000 businesses are delaying their growth plans to avoid hitting the VAT threshold, with concern about increased costs and admin […]
As a result of the pandemic, new working patterns have emerged, and many companies have adopted hybrid working policies for employees. But with the news that more businesses are keen for staff to return the office there’s been a call from hybrid workers for their travel expenses to be reimbursed. So, from a tax perspective, […]
The complexity of the tax system means that there are a number of business expenses which you might have overlooked or are unaware of. The following are particularly useful for sole traders or if you’re self-employed. So what will HMRC allow you to claim? Don’t forget that to be classed as allowable expenses, any of […]
Holding crypto assets, and trading in crypto currency, have become much more mainstream activities in recent years. Increased scrutiny by HMRC and a new tax reporting framework means that in the future these transactions will need to be included on tax returns. Crypto assets are an increasingly popular type of investment with 10% of people […]