Tax Briefings & News - Page 9 of 48

Jun 09 2024

Voluntary Class 2 NIC Wrongly Refunded

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

If you made voluntary Class 2 national insurance contributions (NIC) for the 2022-23 tax year, check whether this payment has been refunded in error by HMRC. Some self-employed taxpayers who made voluntary Class 2 payments by 31 January 2024 may have an unexpected gap in their national insurance (NI) record…

Jun 08 2024

Commuting Costs Guidance Updated

By admin HMRC, Potts & Co Accountancy & Business Advice News, Travel Expenses

HMRC has updated its guidance to clarify the tax position of reimbursed travel costs for hybrid workers. As many employees are now working from home at least part of the time, some employers are offering to repay certain travel expenses. HMRC's updated guidance includes new examples to illustrate when those…

Jun 07 2024

Consider Restarting Child Benefit

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

The clawback threshold for the high-income child benefit charge (HICBC) was increased to £60,000 from 6 April 2024. If you are entitled to child benefit and your or your higher-earning partner's adjusted net income (ANI) is above £60,000 it is possible that you will have chosen not to receive your…

Jun 06 2024

Major R&D Scheme Overhaul

By admin HMRC, Potts & Co Accountancy & Business Advice News, Research & Development (R&D)

A new merged research and development (R&D) scheme has come into effect for periods beginning on or after 1 April 2024. The new scheme unifies the old R&D expenditure credit (RDEC) for large companies and the small and medium entity (SME) relief schemes. In line with the RDEC, the merged…

Jun 05 2024

Basis Period Reform: Additional Profits

By admin HMRC, Partnerships, Potts & Co Accountancy & Business Advice News, Sole Traders

From 6 April 2024 all unincorporated businesses (sole traders and partners in a partnership) are required to report profits or losses in line with the tax year. Businesses with an accounting period end other than 5 April or 31 March will need to report pro-rated results from two accounting periods…

Jun 04 2024

Cash Basis By Default

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

From 6 April 2024 the cash basis has replaced accruals as the default method for preparing sole trader and partnership accounts for tax purposes. Previously, only unincorporated businesses with total receipts below £150,000 were entitled to opt out of accruals and file their accounts with HMRC using the cash basis.…

Apr 02 2024

Capital Allowances For Partnerships

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

HMRC has clarified the rules relating to capital allowances claims in mixed partnerships, confirming that all partners subject to corporation tax are eligible for enhanced capital allowances. Corporate taxpayers are entitled to certain accelerated capital allowances such as full-expensing and the super-deduction that are not available to individuals subject to…

Apr 01 2024

VAT On Energy Saving Materials

By admin Energy-Saving Materials (ESMs), HMRC, Potts & Co Accountancy & Business Advice News, VAT

The zero rate of VAT has been extended to include the installation of additional energy-saving materials (ESMs) from 1 February 2024. The installation of certain specified energy-saving materials (ESMs) in residential accommodation is zero rated for VAT. The more common ESMs include: • controls for central heating; • draught stripping;…

Mar 31 2024

Advisory Fuel Rates

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

HMRC has updated the recommended reimbursement rates for employees reclaiming business travel in company vehicles. If you pay for the fuel in your company car your employer can reimburse you for the cost of business journeys in that car at the following mileage rates tax free from 1 March 2024:…

Voluntary Class 2 NIC Wrongly Refunded

Commuting Costs Guidance Updated

Consider Restarting Child Benefit

Major R&D Scheme Overhaul

Basis Period Reform: Additional Profits

Cash Basis By Default

Capital Allowances For Partnerships

VAT On Energy Saving Materials

Advisory Fuel Rates

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