Tax Briefings & News - Page 4 of 47

Oct 01 2025

Class 2 NIC Error Update

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

The issue affecting many self-employed taxpayers in relation to Class 2 national insurance contributions (NICs) is unlikely to be resolved before the end of September From the 2024-25 tax year, self-employed individuals with profits in excess of 6,725 no longer need to pay Class 2 NICs. Instead those taxpayers will…

Sep 30 2025

Advisory Fuel Rates

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

If you reimburse fuel or charging costs for employees using a company car for business travel there will be no taxable profit and no Class 1A national insurance, provided the mileage amount paid does not exceed the advisory rates From 1 September 2025 the advisory rates per mile for non-electric…

Jul 03 2025

Salaried Members Of LLPS

By admin HMRC, Limited Liability Partnerships (LLPs), Potts & Co Accountancy & Business Advice News

The salaried members rules are an anti-avoidance measure designed to prevent limited liability partnerships (LLPs) from disguising remuneration paid to members as profit share instead of employment income. If the rules are triggered, the member's earnings are subject to PAYE and national insurance as though they were an employee. A…

Jul 02 2025

Childcare Costs – Don’t Miss Out

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

Tax-free childcare Many working families will now be arranging childcare for the school summer holidays and the start and end of the school day from September. The Government's tax-free childcare scheme could provide up to £2,000 a year per child, or £4,000 if the child is disabled, towards the cost…

Jul 01 2025

Small Employers’ Relief

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

Small employers can usually recover 100% of most of the statutory payments they make to employees plus compensation from HMRC If your business qualifies for small employers' relief you can claim 103% of almost all statutory payments made to employees until 5.4.25. From 6.4.25 this was increased to 108.5% in…

Jun 30 2025

Guidance For Non-Doms

By admin Foreign Income and Gains (FIG), HMRC, Non-Dom, Non-Doms, Potts & Co Accountancy & Business Advice News, Self Assessment

With effect from 6.4.25 the preferential tax treatment enjoyed by UK resident individuals whose permanent home is outside the UK ('non-doms') has been withdrawn Before this date, non-doms could benefit from the remittance basis of taxation for up to fifteen years, essentially exempting their offshore income and gains from UK…

Jun 29 2025

Check Employment Status For Tax Tool

By admin Check Employment Status for Tax (CEST), HMRC, Potts & Co Accountancy & Business Advice News

The Check Employment Status for Tax (CEST) tool allows contractors and other individuals providing services - or businesses engaging workers to perform services for them - to determine whether the work should be treated as employment or self-employment for tax purposes The responsibility for determining the employment status will fall…

Jun 28 2025

Multi-Agent Access For MTD IT

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

Making Tax Digital for Income Tax (MTD IT) is fast approaching, with the mandation date for sole traders and landlords with qualifying income of £50,000 and above set firmly at 6.4.26 In addition to the annual tax return, those mandated to comply with the MTD IT requirements will need to…

Jun 27 2025

Class 2 NIC Calculation Error

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

From the 2024-25 tax year, self-employed individuals with profits in excess of £6,725 no longer need to pay Class 2 national insurance contributions (NIC) Instead those taxpayers will receive a national insurance credit to secure their access to contributory benefits such as the state pension. Several of the professional bodies…

Jun 26 2025

Mandatory Payrolling of Benefits Delayed

By admin Benefits In Kind (BIKs), HMRC, National Insurance, P11D, Potts & Co Accountancy & Business Advice News

HMRC has confirmed that the mandatory payrolling of benefits in kind (BIKs) will be delayed to April 2027, giving businesses more time to get to grips with the process. Previously planned for April 2026, the change will require businesses to report and process income tax and Class 1A national insurance…

Class 2 NIC Error Update

Advisory Fuel Rates

Salaried Members Of LLPS

Childcare Costs – Don’t Miss Out

Small Employers’ Relief

Guidance For Non-Doms

Check Employment Status For Tax Tool

Multi-Agent Access For MTD IT

Class 2 NIC Calculation Error

Mandatory Payrolling of Benefits Delayed

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