Autumn Budget 2024

Autumn Budget 2024

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

Proof of employment expenses now required

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

Boost your family’s pension fund tax efficiently

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 expands agent-related services

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?

Tax return deadline – are you ready?

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

MONTHLY FOCUS: PLANNING FOR THE END OF THE FHL REGIME

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
 
Workaround for botched HMRC student loan repayment calculations

Workaround for botched HMRC student loan repayment calculations

Workaround for botched HMRC student loan repayment calculations – HMRC systems cannot differentiate between certain types of income which could lead to an overpayment of student loan deductions. What’s the solution? If you make student loan repayments and you’re also within the self-assessment regime, you’ll be aware that any student loan repayments due on additional ... Read More
 
EIS and VCT extended for ten years

EIS and VCT extended for ten years

EIS and VCT extended for ten years Two popular investment incentives offering a number of tax breaks were due to expire in 2025. However, the government has announced that they will be extended. What’s the full story? Shares in qualifying companies must be issued before a certain date, known as the sunset date, in order ... Read More
 
Latest advisory fuel rates for company car drivers

Latest advisory fuel rates for company car drivers

Small Business Car Fuel Rates. Big Business Company Car Drivers. Latest advisory fuel rates for company car drivers The amount that employees can be reimbursed for business travel in company cars changed from 1 September 2024. What are the new rates? Advisory fuel rates for company cars are updated by HMRC on a quarterly basis ... Read More
 
MONTHLY FOCUS: COMMENCEMENT AND FORMING A VAT GROUP

MONTHLY FOCUS: COMMENCEMENT AND FORMING A VAT GROUP

MONTHLY FOCUS: COMMENCEMENT AND FORMING A VAT GROUP Page Content:- Commencing a business Recovery of input tax Administration Particular situations Groups AT is complex. However, there are particular considerations in certain business situations. What special rules apply on commencement of a business, and when forming a VAT group? 1. Commencing a business Special VAT rules apply on ... Read More