HMRC Archives - Page 7 of 37

Dec 14 2024

CGT Anti-Forestalling Rules

By admin Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News

The changes to capital gains tax announced in the Autumn Budget are subject to anti-forestalling rules designed to prevent taxpayers from circumventing the new rates and rules In the Autumn Budget the Chancellor announced an immediate increase to the main rates of capital gains tax (CGT). From 30.10.24, 'Budget Day',…

Dec 13 2024

Evidence Needed To Claim Employment Expenses

By admin Expenses, HMRC, Potts & Co Accountancy & Business Advice News

HMRC has tightened up the process for claiming tax deductible employment expenses following a series of high-profile scandals If you incur job-related expenses of up to £2,500 which are not fully reimbursed by your employer you may be able to claim tax relief. For expenses to be eligible for relief…

Dec 12 2024

Mind The NIC Gap!

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

When was the last time you checked your national insurance (NI) record for unexpected gaps or viewed your state pension forecast? Missing qualifying years in your NI record, or 'gaps', can reduce the amount of contributory benefits you are entitled to. This includes maternity pay, employment allowance, the state pension…

Dec 11 2024

Pensions To Lose IHT Exemption

By admin HMRC, Inheritance Tax (IHT), Potts & Co Accountancy & Business Advice News

At the Autumn Budget the Chancellor announced plans to remove the exemption which allows unused pension funds to be inherited tax free Currently, if a pension holder dies before the age of 75 their beneficiaries can generally inherit the remaining funds tax-free, whether as a lump sum or as income.…

Nov 12 2024

Non-Doms Regime Abolished

By admin Budget Update, HMRC, Inheritance Tax (IHT), Non-Doms, Potts & Co Accountancy & Business Advice News

As expected, the Chancellor has confirmed the abolition of the generous tax regime enjoyed by non-UK-domiciled individuals, or 'non-doms' Broadly, the current rules apply to a UK resident whose permanent home - or domicile - for tax purposes is outside the UK. These individuals do not pay UK tax on…

Nov 10 2024

VAT Exemption Removed From Private School Fees

By admin Budget Update, Education, HMRC, Potts & Co Accountancy & Business Advice News, VAT

Private schools will need to register for VAT and charge output VAT on education and boarding services when the exemption that currently applies is removed from 1 January 2025 All education and boarding services provided by a private school or connected person will be subject to VAT at the standard…

Nov 09 2024

SDLT: Higher Rate On Additional Dwellings Increased

By admin Budget Update, HMRC, Potts & Co Accountancy & Business Advice News, Property, SDLT

The stamp duty land tax (SDLT) surcharge levied on purchases of second and subsequent homes has been increased from 3% to 5% with immediate effect The higher rate applies to purchases of second homes and buy-to-let residential properties. The change applies to purchases with an effective date on or after…

Nov 08 2024

Another Handbrake Turn On Double Cab Pick-Ups

By admin Budget Update, Company Cars, HMRC, National Insurance, Potts & Co Accountancy & Business Advice News

Reversing the previous Government's u-turn on the tax treatment of double cab pick-ups, they will revert to being treated as cars for certain taxation purposes from April 2025 If you purchase a double cab pick-up with a payload of one tonne or more before 1 April 2025 for corporation tax,…

Nov 07 2024

Bad News For Hybrid Vehicles

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

Showing renewed commitment to promoting electric vehicles over petrol, diesel and hybrid models, the Government has extended the 100% first year allowance for zero-emission cars Businesses and individuals can continue to deduct the full cost of zero-emission vehicles and electric vehicle charge-points from their taxable profits until 31 March 2026…

Nov 06 2024

Capital Gains Tax On Investment Disposals

By admin Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News

The rates of capital gains tax (CGT) payable on gains arising from assets other than residential property have been increased with immediate effect Rates Those taxpayers who decided to accelerate planned investment disposals before the Budget in anticipation of the predicted CGT hike will be pleased with their decision. From…

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