Tax Briefings & News - Page 11 of 47

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…

Sep 04 2023

Influencers Subject To Tax On Non-Cash Gifts

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

There is currently no legislation specifically targeted at social media influencers, however the fast-growing industry is very much on HMRC's radar. Earlier this year HMRC sent nudge letters to thousands of influencers as well as gamers and online traders on sites such as Etsy and Facebook Marketplace to remind them…

Sep 02 2023

HMRC Demands More Data

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

HMRC has confirmed that requirements to report additional information will come into effect from the 2025-26 tax year or possibly a later period. HMRC has set out its intention to collect data relating to trade sectors; locations; occupations; hours worked; shareholdings and dividends paid; and self-employed trading dates. Draft legislation…

Sep 01 2023

Nationwide Building Society Bonus

By admin HMRC, Nationwide Building Society, Pensions, Personal Tax, Potts & Co Accountancy & Business Advice News

The Nationwide Building Society has paid what is described as a 'fairer share' of £100 each to around three million of its customers. To qualify for this payment the customer must have held a qualifying current account plus either a savings account (including ISAs) with a balance of at least…

Aug 31 2023

Pensions Update – Income Tax For Beneficiaries

By admin HMRC, Lifetime Allowance (LTA), Pensions, Potts & Co Accountancy & Business Advice News

In Spring Budget 2023 the Chancellor announced a welcome change to the tax treatment of pensions - the scrapping of the Lifetime Allowance (LTA). The LTA stood at £1,073,100 when the process began on 5 April 2023 with the removal of the LTA charge. This means that withdrawals can now…

Aug 03 2023

Relaxation Of Rules On Self Assessment For Child Benefit

By admin Child Benefit, High Income Child Benefit Charge (HICBC), High-Income Child Benefit Charge (HICBC), HMRC, Potts & Co Accountancy & Business Advice News, Self Assessment

In families where child benefit is claimed, it is important that the individual or couple receiving the child benefit keeps a close eye on their income level. If the higher earner has income of more than £50,000 some or all of the child benefit received will need to be repaid.…