Tax Briefings & News - Page 10 of 48

Mar 29 2024

Making Tax Digital: Quarterly Update Returns

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

HMRC has confirmed the mandation dates for making tax digital for income tax self assessment (MTD SA) as announced in the Autumn Statement 2023. From April 2026, taxpayers subject to income tax on their trade, profession, property income or business and who have income above £50,000 will be required to…

Mar 28 2024

Mandatory Payrolling Of Benefits

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

The reporting and paying of income tax and Class 1A national insurance contributions on benefits in kind is to be made mandatory via payroll software from April 2026. Most employers who have not entered into a PAYE settlement agreement currently report benefits in kind (BIKs) provided to employees on the…

Mar 27 2024

Crypto Investors Urged To Declare Gains

By admin Cryptoassets, HMRC, Potts & Co Accountancy & Business Advice News, Self Assessment, Tax Returns

HMRC has reminded investors in cryptoassets that they should declare any income or gains above the tax-free allowance on a tax return. If you hold cryptoassets such as Bitcoin you need to pay tax on any income or gains you have made. Most individuals investing in cryptoassets will be subject…

Mar 26 2024

Student Loans And Basis Period Reform

By admin HMRC, Potts & Co Accountancy & Business Advice News, Student Loan Repayments (SLR), Student Loans

New guidance from HMRC confirms that profits used to assess student loan repayments and entitlement to student finance will include transitional profits from basis period reform. Student loan repayments for self-employed taxpayers are based on the profits reported in each tax year. For the tax years 2023-24 to 2027-28 this…

Mar 19 2024

CGT Higher Rate On Dwellings Reduced

By admin Budget Update, Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News, Private Residence Relief (PRR), Property

The higher rate of capital gains tax (CGT) for residential property disposals will be cut from 28% to 24% from 6 April 2024. The lower rate will remain at 18% for any gains that fall within an individual’s unused basic rate band. The annual exempt amount will be lowered as…

Mar 19 2024

Multiple Dwellings Relief Scrapped

By admin Budget Update, HMRC, Multiple Dwellings Relief (MDR), Potts & Co Accountancy & Business Advice News, SDLT

Multiple dwellings relief (MDR) can significantly reduce the stamp duty land tax (SDLT ) payable on the purchase of two or more properties in one transaction. When a taxpayer purchases a property that consists of more than one dwelling they may claim MDR to reduce the amount of SDLT payable…

Mar 18 2024

High-Income Child Benefit Charge Threshold Increased

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

The threshold for earnings above which you have to pay back some or all of your child benefit will be increased from 6 April 2024 with a full overhaul of the regime promised in April 2026. If you or your partner receive child benefit and your adjusted net income is…

Mar 18 2024

Two New Products For UK Savers

By admin British Savings Bonds, Budget Update, HMRC, ISA

Two new savings products have been announced, aimed at supporting growth of UK companies and encouraging a culture of saving. Individuals can currently deposit up to £20,000 each year into an individual savings account (ISA). This is a sensible move as any interest earned is tax-free. The annual limit is…

Mar 17 2024

Non-Dom Reforms

By admin Budget Update, HMRC, Non-Dom, Potts & Co Accountancy & Business Advice News

The remittance basis tax relief offered to non-UK domiciled individuals (non-doms) will be removed and replaced with a simpler residence-based regime from 6 April 2025. The new system will ensure that all UK residents who stay in the UK for over four years will pay the same tax on their…

Mar 16 2024

Furnished Holiday Lets Relief To Be Scrapped

By admin Budget Update, Capital Allowance, Capital Gains Tax, Furnished Holiday Lets (FHL), HMRC, Holiday Rentals, Income Tax, Potts & Co Accountancy & Business Advice News

Owners of furnished holiday lets will lose their entitlement to favourable income tax, capital gains tax and capital allowances as the FHL scheme is abolished. If you own a property that you rent out on a short-term basis for holiday rentals, subject to certain qualifying conditions, you may benefit from…