Residential landlords are the latest group receiving ‘nudge’ letters from HM Revenue & Customs (HMRC). A part of a targeted ‘nudge’ campaign from HMRC, the letters remind landlords of their obligation to declare their rental income. What is a ‘nudge’ letter? Since 2017, HMRC has used these ‘nudge’ letters to communicate and prompt responses from […]

Introduced in 2013, the High Income Child Benefit Charge (HICBC) charges tax on individuals claiming child benefits who earn over £50,000 annually.  The tax charges equate to the following: 1%of the total Child Benefits received for every £100 earned over £50,000 100% of the total Child Benefit received for individuals earning over £60,000 annually A

Determining the ideal salary for company directors can be tricky for business owners. Often, most directors want to balance their salary and dividend payments to be as tax efficient as possible. The 2023/24 tax year presents an array of factors to consider, such as income tax thresholds, National Insurance contributions (NICS), and personal tax allowances.

A new failure to prevent employee fraud offence is being introduced by the Government to encourage businesses to do more to deter offending, which will ultimately protect themselves, consumers, and other businesses. The new legislation, which is likely to come into force by the end of 2024, will make it easier to prosecute a large

A new shake-up in Benefits in Kind (BIK) payments allows tax agents to run payroll BIK for the first time for the clients. The recent announcement from the Government aims to help reduce administrative burdens on employers and enable agents to support their clients more effectively. All taxable benefits must be valued, such as using

The Valuation Office Agency (VOA) has published the official rateable values for non-domestic properties and all businesses in England and Wales.  Local authorities use the reevaluation list to determine business rates to levy offices, shops, pubs, and warehouses. Most non-domestic properties will attract business rates, even if only part of the building operates for non-domestic

Changes in the Corporation Tax (CT) amount businesses pay came into effect on 1 April. The main rate of CT rose from 19% to 25% for the most profitable companies for the financial year beginning 1 April 2023. Companies whose year-end is 31 March will pay 19% CT for the 2022/23 period and 25% for

Does your business use cryptocurrencies and non-fungible tokens (NFTs)? Greater scrutiny is now on reporting all crypto transactions. HM Revenue & Customs (HMRC) confirmed from 2024-25 self-assessment tax return forms will feature a new segment to declare any gains from crypto assets for individuals and trusts.  Greater security The heightened scrutiny of crypto-asset holders becomes

The Chancellor introduces the full expensing scheme, a partial replacement for the Super Deduction, allowing companies to write off 100% of the investment cost in one go. Announced in the Spring 2023 budget, the full expensing scheme helps businesses that invest in IT equipment and machinery to claim back 100% of the cost by writing

Announced in the Spring Budget, the Lifetime Allowance (LTA) abolition releases people to save as much as they like in their pension schemes.  The LTA limits how much people can build up their pension pots over a lifetime whilst benefiting from tax incentives.  The previous threshold was £1,073,100. Anything over that was subject to a