Potts & Co Accountancy & Business Advice News Archives

Jun 14 2026

Small Employers’ Relief Increased

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

From April 2026 small businesses will benefit from a further increase in small employers' relief. From 6 April 2026 HMRC will reimburse eligible employers 109% of statutory payments made to employees. The relief is designed to support smaller employers with the cost of payments such as: statutory maternity pay; paternity…

Jun 13 2026

Approved Mileage Allowance

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

Employees and business owners could be entitled to an additional £1,000 per year in tax relief for business journeys undertaken in personal vehicles. If you use your own vehicle for business travel you may be entitled to tax relief to help with the cost of owning and running your vehicle.…

Jun 12 2026

Public EV Charging Standard-Rated

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

HMRC has reconfirmed that supplies of electricity for charging electric vehicles(EVs) at public EV charging points is standard-rated for VAT purposes. Electricity supplied at public EV charging points is subject to VAT at the standard rate of 20%, rather than the reduced 5% domestic rate that often applies to home…

Jun 11 2026

Making Tax Digital: Ceasing To Trade

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

Individuals and landlords with gross income from self-employment and/or property above £50,000 on the 2024-25 tax return are mandated to join Making Tax Digital (MTD) from April 2026. But what happens if that income has ceased by then? If you completely stopped trading before 6 April 2026, and you have…

Jun 10 2026

Temporary Summer VAT Relief

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

The Government has announced a temporary VAT reduction this summer aimed at helping families with the cost of school holiday activities. Under the new 'Great British Summer Savings' scheme, the standard VAT rate of 20% will be reduced to 5% on selected family-focused goods and services between 25 June and…

Jun 09 2026

Are You Missing Out On A PAYE Refund?

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

Employees and pensioners are being encouraged to check whether they are due a PAYE tax refund. HMRC figures suggest that more than 730,000 PAYE refunds went unclaimed last year, with the average repayment worth approximately £855. PAYE overpayments can arise for a number of reasons. Common examples include being placed…

Jun 08 2026

Loans To Directors: Tax Rate Increased

By admin Corporation Tax, Directors, HMRC, Loans, Potts & Co Accountancy & Business Advice News

An outstanding loan to a director or shareholder from a close company can trigger a tax charge under Section 455 of the Corporation Tax Act 2010. The director's loan account is generally used to account for temporary withdrawals from the business for the director's personal spending. However if the director…

Jun 07 2026

Reporting Requirements For Directors

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

From the tax year 2025-26 directors of close companies are required to provide additional information in their tax returns, even where no income has been received. HMRC has updated the self assessment tax return for the tax year just ended (2025-26). The form includes additional boxes on the employment pages…

Mar 15 2026

Voluntary NICS For Periods Abroad

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

The Government has announced important changes to voluntary national insurance contributions (NICs) for individuals working abroad. UK residents working abroad can currently pay voluntary Class 2 NICs to maintain their national insurance record. Voluntary Class 3 NICs are also available for periods abroad without strict residency requirements. From April 2026…

Mar 14 2026

APR & BPR Restrictions Relaxed

By admin Agricultural Property Relief (APR), Business Property Relief (BPR), HMRC, Potts & Co Accountancy & Business Advice News

The Government has announced an easement to planned changes to Business Property Relief (BPR) and Agricultural Property Relief (APR) from 6 April 2026. APR and BPR are valuable inheritance tax (IHT) reliefs that can reduce or even eliminate tax on farms and trading businesses passed on after death. They are…

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