Potts & Co Accountancy & Business Advice News Archives - Page 2 of 46

Mar 13 2026

Changes To Statutory Sick Pay

By admin HMRC, Potts & Co Accountancy & Business Advice News, Statutory Sick Pay (SSP)

Two major changes to statutory sick pay will be introduced by the Employment Rights Act 2025 from 6 April 2026. Statutory sick pay (SSP) is the minimum amount of sick pay that employers in the UK must pay eligible employees when they are off work due to illness. From 6…

Mar 12 2026

Private Hire Taxis Excluded From VAT TOMS

By admin HMRC, Potts & Co Accountancy & Business Advice News, Tour Operators’ Margin Scheme (TOMS), VAT

From 2 January 2026, suppliers of most standalone private hire and taxi journeys can no longer use the Tour Operators’ Margin Scheme (TOMS). Previously, some private hire operators, including certain app-based platforms acting as principal in supplying the journey, applied the TOMS to account for VAT only on the difference…

Mar 11 2026

How Winter Fuel Payments Will Be Taxed

By admin HMRC, Potts & Co Accountancy & Business Advice News, Winter Fuel Payment

Most people who were eligible to receive the 2025-26 Winter Fuel Payment (WFP) and did not opt out will have received it automatically in November or December 2025. The payment is means-tested, so individuals with gross income for 2025-26 above £35,000 will be required to repay the full amount received.…

Mar 10 2026

Self Assessment Payments Via PAYE

By admin HMRC, Income Tax, PAYE, PAYE Settlement Agreements (PSAs), Potts & Co Accountancy & Business Advice News, Self Assessment

From April 2029, income tax self assessment taxpayers who also have PAYE income will pay some of their self assessment liability via PAYE. Currently, if you owe additional tax due to a previous underpayment HMRC can collect that amount gradually by adjusting your tax code for the following tax year.…

Mar 09 2026

New Penalties Regime For All Income Taxpayers

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

The new points-based penalties system will apply to all self assessment taxpayers from April 2027, not just those within Making Tax Digital for income tax (MTD IT). The new rules will apply first to taxpayers mandated to join MTD IT from April 2026 (those with qualifying income over £50,000); then…

Mar 08 2026

Making Tax Digital For Income Tax Letters

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

With just one month to go before the first tranche of individuals are required to sign up to MTD for income tax, HMRC is writing to taxpayers it believes might be affected. From April 2026, sole traders and landlords with qualifying income above £50,000, based on the information included in…

Dec 17 2025

Capital Allowances

By admin Capital Allowance, Capital Expenditure, Capital Losses, HMRC, Potts & Co Accountancy & Business Advice News

The writing-down allowance (WDA) for capital assets will be lowered from April 2026 and a new first year allowance is introduced Currently, companies can claim full expensing to deduct 100% of the cost of new and unused qualifying assets from their taxable profits. The annual investment allowance (AIA) also provides…

Dec 16 2025

Loan Charge Settlement Opportunity

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

The Chancellor has announced significant and welcome changes for individuals facing tax bills under the loan charge The loan charge was introduced in 2019 to tackle 'disguised remuneration' schemes, where workers were paid through loans instead of salary to avoid paying income tax and national insurance. If these loans remained…

Dec 15 2025

High Value Council Tax Surcharge

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

From April 2028 residential properties valued at £2m or more will attract a new high value council tax surcharge Announced in the Autumn Budget, eligible owners (rather than occupiers) of properties identified as being valued £2m or more by the Valuation Office will pay this recurring annual surcharge on top…

Dec 14 2025

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Income Tax Increases

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

The Chancellor will add two percentage points to the rates of tax paid on income received from dividends, savings and property If you receive dividends; interest and other savings; or income from a property you rent out as a sole trader landlord you will see an increase in the amount…

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