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
As we near the end of the tax year on 5 April 2024, it’s essential to take stock of your family and business finances. Although tax rates and thresholds remain stagnant, the government’s tax revenue keeps climbing. Nonetheless, there are still plenty of practical ways to manage your affairs tax-efficiently, and we’re here to guide you through some of these strategies.
The deadline for submitting your Self Assessment tax returns online for the tax year 22-23 is fast approaching! Tax returns must be filed by 11.59pm on 31 January 2024 and any tax owed from the 2021/22 tax year must also be paid to HM Revenue & Customs (HMRC) by this date – you won’t believe some of the laughable excuses HMRC have received in the past for late submissions
A balancing payment and a payment on account are not the same thing, but they are related concepts in the UK tax system. Both are part of the process of managing your tax payments with HMRC. Here we explain the difference:
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