During the lockdowns of 2020-2021, a number of people were asked to work from home. The Working From Home Rules on Tax Relief were relaxed to cover additional energy and other household costs encountered by working from home. The rules for working from home tax relief have evolved now that people are back to working from the office but you can still claim for the covid-years and may still be eligible for relief today.
You may wish to change how you pay a director’s salary and dividends due to the changes to Employer’s National Insurance Contributions (NICs) announced in the October budget. NICs are not payable on dividends so despite salaries being tax deductible, the optimum balance between paying a salary and a dividend may have shifted – depending on how many directors are in your business. If you are a director or shareholders of a small, limited company, read on to find out more.
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.
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.
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.
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.
Principal Private Residence (PPR) relief can wipe out or significantly reduce the tax you owe when selling your home. A Principal Private Residence (PPR) is a house or apartment which you own and occupy as your only, or main, residence.
There isn’t a simple answer so speak to your tax adviser. You must prove that you intended to make it your permanent residence.
Starting from January 1st 2024, HMRS now require selling and service platforms to regularly report your transactions to them. These records will be cross-checked with the income you’ve reported on your tax return, and any disparities may be subject to investigation.
This measure aims to combat tax evasion.
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