The furnished holiday lettings (FHL) tax regime is set to be scrapped from April 2025, with draft legislation already on the table. If you own a holiday home, now is the time to get familiar with these forthcoming changes and consider how they could impact your tax liability. From April 2025, the tax incentives associated […]
When you’re self-employed, keeping track of essential dates and deadlines can be challenging. One crucial date to remember is 5 October 2024, which is the deadline to register for Self-Assessment. If you started working as a self-employed individual on or after 6 April 2023, you must register with HM Revenue & Customs (HMRC) by this […]
Will increased capital gains tax (CGT) mean less tax gets paid? The Labour Party’s 2024 manifesto said, ‘We will not increase National Insurance, the basic, higher, or additional rates of Income Tax, or VAT.’ The absence of any comment on CGT meant that Rachel Reeves received persistent questions during the election campaign about a possible […]
Many wealthy individuals are apparently passing on substantial amounts of their wealth in anticipation of possible changes to inheritance tax (IHT) in Labour’s first Budget on 30 October. This allegedly includes a number of high-profile individuals such as TV presenter Anne Robinson who confirmed that she had passed on £50 million to her children and […]
With the ever-increasing costs of childcare, a very attractive benefit provided by more and more employers is a creche or nursery for employees’ children. If correctly structured, this is a tax-free benefit and will help employers attract and retain staff. Larger employers may provide an on-site nursery but for smaller employers it is more common […]
The Government’s Tax-Free Childcare Accounts provide a 25% subsidy towards the cost of childcare. The account can be used to pay nursery fees, breakfast clubs, after school clubs and registered childminders. The scheme operates by topping up savings of up to £8,000 per child by 25%, potentially an extra £2,000 a year from the Government […]
It was originally proposed that from 2025/26, employers would be required to provide more detailed information on employee hours worked via real time information (RTI) PAYE reporting. It has now been announced that this additional information will not now need to be reported until 2026/27 at the earliest.
The table below sets out the HMRC advisory fuel rates from 1 September 2024. These are the suggested reimbursement rates for employees’ private mileage using their company car. Engine Size Petrol Diesel LPG 1400cc or less 13p (14p) 11p (11p) 1600cc or less 12p (13p) 1401cc to 2000cc 15p (16p) 13p (13p) 1601 to 2000cc […]
June saw a continued surge in the popularity of cash Individual Savings Accounts (ISAs) as savers deposited a staggering £3.4 billion into these tax-free accounts, according to the latest data from the Bank of England. This uptick in interest follows a record-breaking £4.2 billion funnelled into ISAs in May – the highest for the month […]
Date What’s Due 1 September Corporation tax for year to 30/11/23 unless pay by quarterly instalments 19 September PAYE & NIC deductions, and CIS return and tax, for month to 5/9/24 (due 22 September if you pay electronically) 1 October Corporation tax for year to 31/12/23 unless pay by quarterly instalments 5 October Deadline for […]
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