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News
Hiring Veterans: National Insurance Relief Extended for Another Year
Changes to National Insurance contributions for employers have dominated much of the tax news headlines since being announced at the Autumn Budget. But one element
HMRC are Communicating about Self-Assessment
In October, we wrote about the Self-Assessment registration deadline (the 5th). Hot on the heels of this, you may receive communication in the following weeks
HMRC Close One Helpline – But Re-open Another
Closing There have been many Covid-19 support schemes, administered by HMRC, for example: Eat Out to Help Out payments The Self-Employment Income Support Scheme (SEISS)
HMRC Criticised for Time Taken to Process Tax Refunds
HMRC is under scrutiny for taking over four months to process tax refunds, a process that previously took just a few weeks. The delays are
HMRC Helpline Axe Saga Rumbles on as Closure Looms Again
The saga over whether HMRC will axe its tax helpline continues to rumble on, with the latest comments suggesting it may still close after all.
HMRC Nudges Those Named in Pandora Papers
The Pandora Papers consists of 11.9 million leaked documents from 14 offshore financial service companies. This information was gradually released by the International Consortium of
HMRC Says I’m Owed Money—Is It a Tax Code Error or Scam?
Q: I received a letter from HMRC saying I’m owed money. Does that mean I’ve been on the wrong tax code, or is this letter a
HMRC Warn of BAD Relief Claims
Entrepreneurs‘ Relief (ER) was renamed Business Asset Disposal (BAD) relief on 11 March 2020, and at the same time the value of gains which can
HMRC’s ‘Help for Hustles’ Campaign
This is a recent initiative by HMRC. The campaign is designed to assist individuals who earn extra income outside their main job, ensuring they understand
How Can a Sole Trader Reduce Tax with a Lower-Rate Taxpayer?
Q:I’m a sole trader and currently paying 40% tax. My husband helps out with the business, but he’s a lower-rate taxpayer. We’re looking at ways
How Do I Elect Main Residence Relief for Capital Gains Tax on a Second Home?
Q. 1 How do I make a ‘section 222 election’? I need to make a capital gains tax main residence relief election under TCGA 1992,
How Does a Side Hustle Affect My Tax with a Main Job?
Q: I have a main job with a company (tax paid through PAYE) and a secondary ‘side hustle’. How does this affect my tax status and
How Does Incorporating a Business for Shares Affect CGT?
Q: I am thinking that I may incorporate my business by transferring it for shares. I am trying to understand how it works, the relief and
How does investing in an Enterprise Investment Scheme help to reduce Inheritance Tax exposure, now that pensions are going to be included from next April?
From April 2027, inherited pensions will be included when calculating inheritance tax (IHT) bills. Previously, pensions did not form part of an estate for IHT
How Should I Record a £50 ‘thank you’ Payment in my Accounts?
A school has asked our company if we could take a child for work experience for two weeks and we accepted. I would like to
How to Claim the Marriage Allowance?
The marriage allowance is £1,260 of the personal allowance which is available for transfer between spouses or civil partners. But this amount can only be
How to Spread Your PAYE Payments
Your business may well be stretched right now, the NMW rates rose by over 10% from 1 April and other input costs have increased by
How Will BiK Reporting Changes Affect Small Businesses?
Q: I’m in the process of starting a new business and want to ensure I’m fully prepared for upcoming compliance changes. I’m aware requirements for reporting
I can no longer claim tax relief on my expenses when working from home. Is there anything I can do (I’m a basic rate taxpayer)?
The Working From Home (WFH) tax relief scheme was introduced to allow employees who were contractually required to work from home to make a flat
I’ve heard that making charitable donations can increase my tax-free Personal Allowance. How does this work, exactly?
At a time when frozen tax thresholds are pulling more people into higher tax bands, people can effectively increase their tax-free Personal Allowance by using