Insights
Our tax and accountancy experts give their views on the latest news and events affecting business owners in the UK.
Zero VAT on energy-saving materials
The installation of some specified ESMs in residential accommodation is now zero rated for VAT, a change that took effect on 1 February 2024.
Horizon update: Subpostmasters compensation
There are currently three forms of compensation being awarded to subpostmasters following the Horizon scandal. Each will have different tax implications.
Changes to student loans repayments for the self-employed
The profits used to assess student loan repayments and entitlement to student finance will include transitional profits from basis period reform.
Payrolling benefits is becoming mandatory
The latest changes to the reporting and paying of income tax and Class 1A national insurance contributions on benefits in kind.
Making Tax Digital: quarterly update returns
HMRC has made it clear that individuals holding cryptoassets, like Bitcoin, need to pay tax on any income or gains that have been made.
Declaring your cryptoasset gains
HMRC has made it clear that individuals holding cryptoassets, like Bitcoin, need to pay tax on any income or gains that have been made.
Capital allowances for partnerships
HMRC has confirmed that all partners subject to corporation tax are eligible for enhanced capital allowances.
Advisory fuel rates
Good news for employees reclaiming business travel in company vehicles
What’s the new National Living Wage and National Minimum Wage?
The National Living Wage (NLW) will increase by 9.8% to £11.44 per hour from April 2024. This will also apply to 21 and 22-year-olds for the first time.
Now you can claim overlap relief online
Overlap relief will now be used to reduce additional taxable profits in the tax year 2023-24 due to basis period reform. And we’re now able to do this for you online.
Submit VAT claims digitally for DIY house builds
If you’ve built your own home, or completed part of the build project yourself, under the VAT homebuilders’ scheme you’re entitled to reclaim the VAT paid on materials.
Do the National Insurance contribution changes apply to me?
The headline news from the Chancellor’s Autumn Statement was the changes to National Insurance contributions (NIC) for the self-employed and employees…
Making Tax Digital gets simpler
There are significant Making Tax Digital (MTD) simplifications planned, being introduced in 2026. These changes include…
Cash basis is replacing accruals for 2024-25
For the self-employed, the cash accounting basis will replace accruals as the standard tax reporting method for 2024-25 (first year of tax year accounting).
Digital child benefit speeds up payment times
HMRC has launched an online, child benefit claim service for new parents, which will drastically reduce the amount of time it takes to make a claim and to receive payments.
Do you need to pay tax on your online side hustle?
This very much depends on whether you’re trading or not. Or in other words, are you making a profit from it?
Last chance to take advantage of 130% super-deduction
The “super deduction” is coming to an end on 31 March 2023. What do you need to do to take advantage?
Mind the NIC gap
Do you know whether your national insurance contributions (NIC) record is complete and correct?
Employer pension contributions: Consider making one before 31st March.
One way to mitigate the Corporation Tax liability for your company is to pay employer pension contributions for its director(s).
Individual pension contributions: Consider making one before 5th April.
Personal pension contributions will attract tax relief at the individual’s marginal (top) rate of tax. This can be achieved via an employer pension scheme or a personal pension arrangement.