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Jun 27 2025
Class 2 NIC Calculation Error

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…
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Jun 26 2025
Mandatory Payrolling of Benefits Delayed

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…
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Apr 15 2025
Potts and Co Accountancy - IR35 Small Company Exemption

IR35: Small Company Exemption

By admin HMRC, IR35, Potts & Co Accountancy & Business Advice News
Changes to the company size thresholds from April 2025 will also apply for the purposes of the off-payroll working (OPW) rules. The primary aim of the changes to the company size thresholds was to simplify regulatory requirements and alleviate the administrative burden for smaller businesses. HMRC has now confirmed that…
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Apr 14 2025
Potts and Co Accountancy - High-Income Child Benefit Charge Via PAYE

High-Income Child Benefit Charge Via PAYE

By admin Child Benefit, HMRC, Potts & Co Accountancy & Business Advice News
From August 2025 employed taxpayers will no longer be required to complete a self assessment tax return (SATR) to declare and pay the high-income child benefit charge (HICBC). The HICBC is a tax charge paid by the higher earning parent which claws back up to 100% of the child benefit…
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Apr 13 2025
Potts and Co Accountancy - Self Assessment & Student Loan Repayment

Self Assessment & Student Loan Repayment

By admin HMRC, Potts & Co Accountancy & Business Advice News, Self Assessment, Student Loan Repayments (SLR)
From April 2026 most benefits in kind (BIKs) will have to be processed through the payroll and included on monthly payslips, with a potential knock-on effect for student loan repayments. The mandatory payrolling of BIKs will be implemented in phases, starting from April 2026. The earnings threshold above which student…
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Apr 12 2025

R&D Relief For Subcontractors

By admin HMRC, Potts & Co Accountancy & Business Advice News, Research & Development (R&D)
HMRC has updated its guidance to clarify the treatment of subcontracted research and development (R&D) expenditure under the SME scheme. When R&D work undertaken by a subcontractor is subsidised, tax relief is not available to the subcontractor under the SME R&D scheme. Following two recent taxpayer wins at the First-tier…
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Apr 11 2025

HMRC To Close Online Filing Service

By admin HMRC, Potts & Co Accountancy & Business Advice News
HMRC has announced that it will close the online service for filing company accounts and corporation tax returns on 31 March 2026. Companies with an accounting period ending after 31 March 2025 will no longer be able to use HMRC's free online service (unless they file before 1 April 2026)…
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Apr 10 2025
Potts and Co Accountancy - Making Tax Digital - Time To Prepare

Making Tax Digital – Time To Prepare!

By admin HMRC, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News
In just over a year the first tranche of sole traders and landlords will be required by law to keep digital records to comply with the requirements of Making Tax Digital for Income Tax (MTD IT) From April 2026, taxpayers with qualifying trading and property income of £50,000 or more…
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Apr 09 2025
Potts and Co Accountancy - Salary Vs Dividends NIC Changes

Salary Vs Dividends: NIC Changes

By admin HMRC, National Insurance, Potts & Co Accountancy & Business Advice News
With changes to employer’s National Insurance and the Employment Allowance, now is the time for businesses to review the most tax-efficient mix of salary and dividends for directors. From 6 April 2025 the secondary Class 1 National Insurance threshold reduces from £9,100 to £5,000. At the same time the rate…
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Apr 08 2025
Potts and Co Accountancy - Side-Hustle Reporting Threshold Increased

Side-Hustle Reporting Threshold Increased

By admin HMRC, Potts & Co Accountancy & Business Advice News, Self Assessment, Self-Employment
The Government has announced plans to increase the threshold above which income from self-employment must be reported via self assessment. Currently, if you earn over £1,000 from self-employment, or a so-called 'side hustle' such as babysitting or dog walking, you need to report this income to HMRC by filing a…
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Recent Posts

  • Trading Allowance Trebled 12th November 2026
  • Making Tax Digital For Income Tax 11th November 2026
  • Business Asset Disposal Relief Slashed 10th November 2026
  • Property & Savings Tax Increased 9th November 2026
  • Check Deadlines With New HMRC Tool 12th September 2026

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Middle Barton
Oxfordshire
OX7 7BY

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