If you drive an electric vehicle, you need to be aware of these changes to road tax. Currently, electric vehicles (EVs) are exempt from Vehicle Excise Duty (VED) also known as road tax. However, from 1 April 2025, drivers of electric and low emission cars, vans and motorcycles in the UK will need to pay VED, in the same way that drivers of petrol and diesel cars do. In addition, electric cars with a list price that exceeds £40k will no longer be expempt from the “expensive car” supplement.
On 30th October, Chancellor Rachel Reeves has presented Labour’s first Budget since their election. Understanding how their changes to the UK tax system impacts on your business and personal affairs is paramount. Get budget clarity here.
The success of our hospitality and service industries is driven by a diverse and exceptionally talented workforce. Starting Tuesday, 1st October, new laws will come into effect ensuring workers receive 100% of the tips they’ve earned.
We have taken a look at the top common tax mistakes made by small businesses. The HB team works with all our clients to ensure that they remain compliant with tax and filing regulations and we are definitely not saying that all small businesses make these errors. However, it’s always worth reminding ourselves what needs to be done and our top tips to avoid making tax mistakes. Here they are, in no particular order:
Significant tax changes are coming for 2024-25, with reductions to both the Dividend Allowance and Capital Gains Tax (CGT) annual exempt amount. These changes could impact how you manage your investments and finances, making it important to stay informed and plan ahead. Here’s what you need to know and how to prepare.
Cars and vans. Diesel, petrol or zero-emission vehicles. To lease or purchase: Every decision about acquiring a business vehicle and how it is then used will have an impact on your tax bill. Here is a short overview of the current legislation but be aware, there are planned changes from April 2025, especially for electric cars, so it is important to keep abreast of what may be changing and plan accordingly.
The new Labour Government is proposing to apply VAT to independent school fees. Both independent schools and independent school parents are advised to start anticipating the change and plan for additional costs.
The IR35 off-payroll working rules have seen significant changes in recent years. Historically, this has impacted public companies but since 2021, this is also an issue for all businesses. This is a brief overview of the current IR35 situation and how it may impact your business if you employ contractors.
We’re thrilled to announce that HB Accountants has been awarded 26th place in the prestigious Top 50 SME Apprenticeship Employers 2024. This recognition is a testament to our unwavering commitment to fostering talent and providing valuable apprenticeship opportunities.
As a director of a limited company, your accountant needs to know about any changes in directorship. This is good practice. And ensures compliance with legal requirements and maintains the integrity of your company’s records.
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