Prior to the Autumn Budget, there was hope that the new Labour Government might further delay the introduction of Making Tax Digital for Income Tax (MTD for IT). However, such hopes were dashed on Budget day, with confirmation of the previously-announced timescales and an additional announcement that individuals with income from trading or property of […]

The announcement in the Autumn Budget about restrictions to inheritance tax (IHT) agricultural and business property relief from April 2026 has upset farming businesses in particular, resulting in a demonstration in London on 19th November. From 6 April 2026, it is proposed that 100% relief will only apply to the first £1 million of combined […]

The current tax rules encourage farmers and other business owners to hold on to their business until death, when the assets then pass to the next generation at market (probate) value for capital gains tax (CGT). This is effectively a tax-free uplift of the value of the business, and combined with 100% APR and BPR, […]

HMRC have developed an app that can help people prepare for their retirement.  Individuals can use the app to check their State Pension Forecast, allowing them to: see their State Pension age; view their forecast State Pension amounts based on potential contributions; and view how much their State Pension would currently be worth, based on […]

Some employers need to pay their employees earlier than usual in December. This can be for several reasons, such as businesses closing during the festive period and needing to pay workers earlier than normal. As in earlier years HMRC have announced that they have relaxed the RTI (Real Time Information) reporting obligations. If you do […]

Employers should note that certain gifts to staff at Christmas are tax free if structured correctly. Employers are allowed to provide their directors and employees with certain “trivial” benefits in kind tax free. This exemption applies to small gifts to staff at Christmas where the cost to the employer is no more than £50, this […]

There continues to be no taxable benefit for employees provided that all staff are invited, and the cost to the employer does not exceed £150 a head, inclusive of VAT. If you have already had an summer event, provided the combined cost of the two events is no more than £150 a head, there would […]

The table below sets out the HMRC advisory fuel rates from 1 December 2024. These are the suggested reimbursement rates for employees’ private mileage using their company car. Where the employer does not pay for any fuel for the company car, these are the amounts that can be reimbursed in respect of business journeys without […]

Date What’s Due 1 December Corporation tax for year to 29/02/2024, unless quarterly instalments apply. 19 December PAYE & NIC deductions, and CIS return and tax, for month to 5/12/24 (due 22/12 if you pay electronically).   30 December Deadline for filing 2023/24 tax return online in order to request that HMRC collect outstanding tax […]

On 30 October 2024, Chancellor Rachel Reeves presented her first budget to parliament. This was a budget intended to restore stability to our economy and to begin a decade of national renewal. Investment will be funded by revised debt rules to facilitate additional borrowing and a hefty £40 billion of tax rises. Headlines included: Immediate […]