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.
Are you a part-qualified ATT or perhaps already an ATT qualified individual seeking a vibrant change from the hustle and bustle of London? Are you tired of working in isolation and longing to be part of a friendly, fun team with constant support for both your professional and personal development? Look no further – HB Accountants is looking for you!
Changes have been made by HMRC to the advisory fuel rates (AFRs) for all journeys on or after 1 March 2024 for company car drivers claiming back fuel costs from their employer. The rates are reviewed quarterly and are applicable where employers reimburse employees for business travel (company cars); or where employers require employees to repay the cost of private travel
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