Spring Budget 2024 ‘Budget for Long Term Growth’ Chancellor Jeremy Hunt delivered his ‘Budget for Long Term Growth’ on Wednesday 6 March 2024. His speech promised ‘more investment, more jobs, better public services and lower taxes’. Table of contents To see the Full Dunhams budget report download it here Lowering taxes The Chancellor made further ... Read More
Advisory fuel rates from 1 March 2024 published The approved amount that employers can reimburse staff for business travel in company cars changes from 1 March 2024. What are the new rates? Advisory fuel rates for company cars are updated on a quarterly basis due to fluctuations in fuel prices. The rates determine the amount ... Read More
MONTHLY FOCUS: PROFIT EXTRACTION FOR 2023/24 With the January filing season out of the way, thoughts will soon turn to year-end planning, particularly for close company owner managers. In this Monthly Focus, we look at the position for 2023/24, incorporating changes made – including the NI cut from 6 January 2024. CHANGES FOR 2023/24 Class ... Read More
Double blow for double cab pickups Updated in February 2024. Plant and Machinery Allowances (PMA): cars: double cab pick-ups The 13 February 2024 guidance changes for double cab pick-ups have been removed. This follows Ministerial announcement to amend legislation to preserve the prior treatment of double cab pick-ups with a payload of one tonne or ... Read More
Over one million tax returns not filed on time Statistics show that more than one million tax returns were not filed by midnight on 31 January 2024. What should you do if you’ve missed the deadline, and why should you double check your filing in any case? The 2022/23 year saw a record number of ... Read More
Ex-Liverpool star loses IR35 case The First-tier Tribunal (FTT) has found in favour of HMRC regarding the application of IR35 rules to former Liverpool and England footballer Phil Thompson’s work for Sky. What’s the full story? HMRC asserted that additional tax of almost £300,000 was payable because Phil Thompson’s (T’s) work for Sky, via his ... Read More
Taxpayer successfully argues against “deliberate behaviour” penalty When it comes to tax penalties, there is a behaviour-based scale that means you pay more for knowingly understating your tax bill than if you make a simple mistake. Unfortunately, HMRC is often over-zealous to apply a “deliberate” tag. Why is this a problem and how did one ... Read More
MONTHLY FOCUS: IHT PLANNING WITH BUSINESS PROPERTY RELIEF Ahead of the next General Election, there are rumours that inheritance tax (IHT) may be cut. It is unlikely to be abolished altogether, so it will still be important to take steps to mitigate your exposure as much as possible. How can business property relief be used ... Read More
HMRC reminds cryptoasset holders of tax obligations Ahead of this month’s filing deadline for the 2022/23 tax return, HMRC is urging cryptoasset holders to check if they need to report transactions. Does this affect you? HMRC is concerned that individuals who sell or exchange cryptoassets may not be aware that they need to file a ... Read More
Online side hustlers to feel HMRC’s wrath? HMRC will soon start to receive information about the money people make on online selling platforms such as TikTok and Etsy. This has led to panic about a new “side hustle” tax. Who will be affected? Despite the sensational headlines, no new taxes have been introduced. In fact, ... Read More
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