HMRC’s app was launched a year ago and is gaining in popularity as it is being used to pay self-assessment tax bills.
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Company cars: not-so-free fuel
If your employer pays for the fuel in your company car, it may cost you more than you expected.
High-Income Child Benefit Charge: penalties and defaults
New data reveals that penalties issued by HMRC for not paying the High-Income Child Benefit Charge (HICBC), or paying the incorrect amount, have fallen significantly.
Making Tax Digital delayed once more
With the self-employed and landlords facing a challenging economic environment, the government has again delayed the introduction of the Making Tax Digital (MTD) scheme for income tax self-assessment (ITSA) – this time by two years until April 2026. Although the […]
Tax rules changing 1 April for Associated companies
Small company owners should by now be aware of the corporation tax changes taking effect from 1 April 2023, but with the associated company rules being introduced at the same time, don’t be caught off guard. From 1 April 2023, […]
The Scottish Budget – 15 December 2022
Introduction The Deputy First Minister, John Swinney, set out “four important factors” in arriving at the measures announced in the 2023/24 Scottish Budget: The pressures on the public finances mean that in some cases, the Scottish Government’s plans will need […]
Dissecting inflation: what a difference a year makes
Annual CPI inflation hit 10.1% in September, but that does not mean every price is showing a double-digit increase. The September Consumer Prices Index (CPI) inflation reading is probably the most important inflation metric in a given year. Traditionally, this […]
Upcoming changes to the Capital gains tax
It comes as no surprise that capital gains tax (CGT) was targeted in the government’s Autumn Statement, with the changes forecast to raise some £1.6 billion over the next five years. The annual exempt amount (AEA) will be cut to […]
Autumn Statement – 17 November 2022
The Chancellor Jeremy Hunt’s Autumn Statement came against the background of a Spring Statement and a September ‘mini-Budget’ (which has now been substantially reversed). The overall context is a European recession and high inflation in the wake of the pandemic […]
pension top-ups for lower paid employees
Employees who contribute to an occupational pension scheme under a net pay arrangement do not currently benefit from any tax relief if their earnings are below the personal allowance. This anomaly will be rectified from 6 April 2024 when HMRC […]
R&D tax relief reform on the cards
New reforms will affect companies claiming tax relief or credits on research and development (R&D) expenditure for accounting periods beginning on or after 1 April 2023. Currently, R&D tax relief for small or medium-sized enterprises provides an extra 130% deduction […]
help to grow: digital scheme expanded
The UK Government’s Help to Grow: Digital scheme has just been expanded to businesses with at least one employee. Previously, only businesses with five or more employees were eligible. The scheme provides a 50% discount towards the cost of software. […]
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