Tax Briefings & News - Page 7 of 47

Nov 07 2024

Bad News For Hybrid Vehicles

By admin Budget Update, Company Cars, Electric Cars, HMRC, Potts & Co Accountancy & Business Advice News

Showing renewed commitment to promoting electric vehicles over petrol, diesel and hybrid models, the Government has extended the 100% first year allowance for zero-emission cars Businesses and individuals can continue to deduct the full cost of zero-emission vehicles and electric vehicle charge-points from their taxable profits until 31 March 2026…

Nov 06 2024

Capital Gains Tax On Investment Disposals

By admin Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News

The rates of capital gains tax (CGT) payable on gains arising from assets other than residential property have been increased with immediate effect Rates Those taxpayers who decided to accelerate planned investment disposals before the Budget in anticipation of the predicted CGT hike will be pleased with their decision. From…

Nov 05 2024

Employer’s National Insurance Hike

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

The Chancellor has announced that the main rate of secondary Class 1 national insurance contributions (NIC) for employers will increase by 1.2 percentage points from 13.8% to 15% from April 2025 The Class 1A and Class 1B employer rates (relating to benefits) will also increase in line with this. As…

Sep 27 2024

Changes To Bereavement Forms

By admin HMRC, Inheritance Tax (IHT), Potts & Co Accountancy & Business Advice News

HMRC has completed a long-overdue overhaul of the forms and associated guidance used to report chargeable events on which inheritance tax (IHT) is due on a trust. Previously, if you needed to report IHT due on gifts or trusts you had to complete the 'one-size-fits-all' form IHT100 and submit this…

Sep 27 2024

Workplace Nurseries

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

Providing a nursery can be a powerful way to attract and retain staff, with childcare costs in the UK among the highest in the world. Tax relief is available to employers providing workplace nurseries as long as certain criteria are met. These requirements are strict; many childcare provision schemes fall…

Sep 26 2024

Tax Refunds No Longer Automatic

By admin HMRC, Income Tax, PAYE, Personal Tax, Potts & Co Accountancy & Business Advice News, Tax Refunds

HMRC is no longer automatically issuing cheques to refund PAYE overpayments. It is common for employed taxpayers to get to the end of the tax year and find that they have under- or over-paid income tax via PAYE. These discrepancies are calculated by HMRC at the end of the tax…

Sep 25 2024

Corporation Tax Small Profits Rate

By admin Corporation Tax, HMRC, Potts & Co Accountancy & Business Advice News

Certain types of company are not eligible to apply the small profits rate for corporation tax, regardless of their profit levels. On 1 April 2023, the main Corporation Tax (CT) rate was increased from 19% to 25%. A small profits rate of 19% was introduced for companies with profits below…

Sep 24 2024

Making Tax Digital: Jointly-Owned Property

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

From April 2026, sole traders and landlords with qualifying income over £50,000 will have to comply with the Making Tax Digital (MTD) for Income Tax requirements. Quarterly updates Mandated taxpayers will need to use third party MTD-compliant software to keep digital records and file quarterly summaries of their income and…

Sep 23 2024

Furnished Holiday Lettings Regime Abolished

By admin Capital Gains Tax, Furnished Holiday Lettings (FHLs), Potts & Co Accountancy & Business Advice News, Property

HMRC has published draft legislation explaining how the abolition of the special tax rules for furnished holiday lettings (FHLs) will work. From 6 April 2025 for sole traders and partnerships, or 1 April 2025 for companies, properties currently classed as FHLs will no longer benefit from tax reliefs not available…

Sep 22 2024

RTI Reporting Changes Delayed

By admin HMRC, Potts & Co Accountancy & Business Advice News, Real-time Information (RTI)

HMRC has delayed planned changes to real-time information (RTI) reporting requirements for employee hours worked. Draft legislation was published in May aimed at improving the range of data collected by HMRC. The proposed changes will require businesses to provide more detailed information to HMRC via self assessment (SA) and PAYE…