As the self-assessment tax return deadline looms, freelancers, sole traders, and ‘solopreneurs’ across the UK are bracing themselves for what can feel like one of the most daunting tasks of the year. If you’re already feeling the pressure, you’re certainly not alone.
Advisory fuel rates (AFRs) are recommended reimbursement figures for drivers reclaiming business mileage, usually for those in company vehicles. The advisory fuel rate is updated by HMRC based on fuel prices every quarter, and publish revised figures if required in late February, May, August and November each year
At HB Accountants, we understand how challenging it can be to keep up with the ever-changing financial landscape. Are you looking to make the most of the recent budget changes for your finances or business? We have exciting news. Join us for our first podcast, where two seasoned experts will break down everything you need to know in practical, easy-to-understand terms.
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.
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