HMRC Archives - Page 11 of 37

Dec 04 2023

Charging Your Electric Company Car At Home

By admin Company Cars, Electric Cars, HMRC, Potts & Co Accountancy & Business Advice News

HMRC has updated its Employment Income Manual to bring the guidance on charging electric company cars at home in line with the legislation. Until now, the guidance in the Employment Income Manual (EIM23900) has contradicted the legislation in advising that if an employer reimburses an employee for charging their company…

Dec 03 2023

Two New R&D Forms

By admin HMRC, Potts & Co Accountancy & Business Advice News, Research & Development (R&D)

HMRC has introduced two new measures to tackle the rise in fraudulent research and development (R&D) claims. Claim notification form For accounting periods beginning on or after 1 April 2023, a digital pre-notification form is required to inform HMRC in advance of R&D claims. This will be mandatory for all…

Dec 02 2023

Submit VAT Claims Digitally For DIY House Builds

By admin HMRC, Potts & Co Accountancy & Business Advice News, Property, VAT, VAT Homebuilders Scheme

Individuals who build their own home, or complete part of the build project themselves, are entitled to reclaim the VAT paid on materials under the VAT Homebuilders Scheme. When engaging builders and contractors to build your home, their labour and materials are zero-rated, so the VAT homebuilders scheme puts the…

Dec 01 2023

Overlap Relief Online Tool

By admin HMRC, Overlap Relief, Potts & Co Accountancy & Business Advice News, Self Assessment

The online form for requesting overlap relief information for basis period reform is now live. Overlap profits normally arise in the first two tax years of a new trade where the accounting date of the business does not align to the tax year end and – under the old opening…

Nov 29 2023

MTD Simplification

By admin HMRC, ITSA (Income Tax Self Assessment) , Making Tax Digital (MTD), Making Tax Digital For Income Tax Self-Assessment (MTD ITSA), Potts & Co Accountancy & Business Advice News, Self Assessment

A dramatic simplification of the MTD processes to be introduced in 2026 including no EOPS; cumulative submissions each quarter; and restrictions for complex situations. Taxpayers with turnover over £50,000 will be brought into MTD ITSA (Income Tax Self Assessment) from April 2026. The £50,000 threshold applies to gross total self-employment…

Nov 28 2023

Cash Basis To Replace Accruals

By admin HMRC, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News, Self Assessment

Cash basis to replace accruals for the self-employed as standard tax reporting method for 2024-25 (first year of tax year accounting). From April 2024, as part of a move to simplify calculation of taxable profits for Making Tax Digital, all self-employed taxpayers and partnerships will by default report their taxable…

Nov 27 2023

National Insurance Rates Cut

By admin HMRC, National Insurance, Potts & Co Accountancy & Business Advice News

The Chancellor has announced cuts to national insurance contributions (NIC) for self-employed taxpayers and employees. The headline news from the Autumn Statement was the reduction of primary Class 1 and Class 4 NIC and the removal of compulsory Class 2 NIC. The main rate of primary Class 1 NIC paid…

Sep 06 2023

Deadline Extended For Voluntary NIC Payments

By admin HMRC, National Insurance, Pensions, Potts & Co Accountancy & Business Advice News

HMRC has given taxpayers an extra two years to plug any gaps in their NIC record from April 2006. The deadline for making voluntary contributions has been extended from 5 April 2023, as previously reported, until 5 April 2025. The deadline was first extended to 31 July 2023 and HMRC…

Sep 06 2023

Keeping A Child Benefit Entitlement

By admin Child Benefit, HMRC, Potts & Co Accountancy & Business Advice News

Claiming child benefit is, after the initial claim, an incredibly straightforward process (subject to the issues raised above regarding higher earners). However, after sixteen years of automatic claiming it is easy to forget to update HMRC on whether you will continue to be entitled for a further two years. This…

Sep 05 2023

Merged R&D Relief Scheme

By admin HMRC, Potts & Co Accountancy & Business Advice News, Research & Development (R&D)

If your company undertakes research and development (R&D) you will usually benefit from generous tax relief. HMRC has published draft legislation for a new merged R&D scheme which would unify the existing R&D expenditure credit (RDEC) which currently applies to large companies and the small or medium entity (SME) relief…

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