Christmas gifts – the perennial tax question It’s that time of year when thoughts turn to schmoozing customers and incentivising your workers with Christmas goodies. Choosing suitable gifts is easy, understanding the tax treatment less so. What’s to know? HMRC plays Scrooge Aside from the limited exemption from the benefits in kind rules which applies ... Read More
HMRC issues further guidance on FHL abolition The furnished holiday lettings (FHL) regime will soon be abolished, and HMRC has published clarification on how the policy will work. What are the key points? The FHL regime will be abolished from 6 April 2025. In response to common issues raised during the consultation process, HMRC has ... Read More
Budget IHT changes – graverobber tax to be expanded After the rumours it was no surprise that the Budget included announcements aimed at raising more inheritance tax (IHT), especially from those owning land and businesses. How might the changes affect you? First change – frozen thresholds The first whiff of the bad news to come ... Read More
Budget 2024: looking behind the speech The Budget included headline-grabbing tax changes but others were buried in the fine print. What were they and how might they affect you? Headlines Undoubtedly the biggest changes announced in the Autumn Budget were those affecting employers’ NI, pensions and inheritance tax reliefs. We’ll cover these separately in dedicated ... Read More
Autumn Budget 2024 Chancellor Rachel Reeves delivered her Budget on Wednesday 30 October 2024. She pledged to ‘invest, invest, invest’ to drive growth and ‘restore economic stability’. Table of contents. To see the Full Dunhams budget report download it here Introduction Billions in tax rises Ms Reeves said the Budget will raise £40 billion in ... Read More
Proof of employment expenses now required. HMRC now insists on evidence of employee expenses claimed through PAYE. What records do you need to keep? Due to numerous incorrect claims, it’s now necessary to submit evidence to HMRC to claim tax relief on certain employment expenses that are not reimbursed by employers. The new process only ... Read More
Boost your family’s pension fund tax efficiently Your spouse hasn’t paid into her pension fund since giving up work to have children. You’ve been told that you can pay contributions on her behalf. As a company owner manager, is it more tax efficient for you or your company to make the payment? Who gets the ... Read More
HMRC expands agent-related services HMRC has written to the CIOT to confirm updates to the services provided on the Agent Dedicated Line. What’s changed? If you need more help with your Business Tax, Please take a look at our Accounting Services. HMRC found that over a third of calls last year to its Agent Dedicated ... Read More
Tax return deadline – are you ready? The deadline for submitting your self-assessment tax return on paper for 2023/24 is a few weeks away. If you can’t meet it, what steps can you take to escape a fine? If you prefer to fill in your tax return on paper, you have until midnight on 31 October 2024 ... Read More
MONTHLY FOCUS: PLANNING FOR THE END OF THE FHL REGIME Page content:- Introduction Capital Allowances Unrelieved Losses CGT Reliefs Planning Ahead If you let holiday accommodation, you are probably aware that the tax advantages for “furnished holiday lettings” (FHLs) are going to end in April 2025. This Monthly Focus covers all of the transitional rules and ... Read More
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