Relaxation of self-assessment threshold HMRC has promised a change to the threshold at which self-employed taxpayers need to complete a tax return. What do we know so far? Currently, those with trading income exceeding £1,000 must submit a tax return each year, even if they do not have any tax to pay. HMRC has announced ... Read More
MONTHLY FOCUS: PROFIT EXTRACTION FOR 2024/25 – Dunhams News Blogs The 2024/25 tax year has been a reprieve from the fiddly tinkering which has plagued profit extraction in recent years. There have been no in-year changes to NI rates or corporation tax rates etc. to deal with. As a result, you can focus on your ... Read More
Government seeks views on inheritance tax changes for trusts The government has opened a consultation on aspects of the application of the £1m allowance for property settled into trust qualifying for 100% agricultural property relief or business property relief. What is this looking at and how do you take part? For more help see our ... Read More
Latest advisory fuel rates for company cars The amount that employers can reimburse staff for business travel in company cars changes from 1 March 2025. What are the new rates? Advisory fuel rates for company cars are updated by HMRC on a quarterly basis due to fluctuations in fuel prices. The rates determine the amount ... Read More
Late payment interest rates changed again Late payment interest rates on underpaid taxes will soon decrease again due to the recent reduction in the Bank of England’s base rate. What are the new charges? On 6 February 2025 an announcement confirmed a reduction in the Bank of England base rate to 4.5% from 4.75%. As ... Read More
Navigating the risks of Valentine’s Day It’s Valentine’s Day later this week and love is in air (apparently). However, an unwanted Valentine’s gesture in the office could lead to awkwardness, discomfort or even legal issues. As an employer, how can you ensure Valentine’s Day passes smoothly? Get the help you need and get to know ... Read More
Self-employed set for penalty reprieve Over 1m people missed the 31 January filing deadline last week and will shortly be receiving automatic £100 penalties as a result. However, HMRC has announced that the penalty won’t be enforced for the self-employed – but only in limited circumstances. Are you eligible? Get more help with our Accounting ... Read More
Chancellor set to tone down non-dom reform? Domicile will no longer be a relevant factor in an individual’s tax status from April 2025. However, reports are suggesting that the Chancellor is going to soften the blow for those affected. What’s going on? Domicile is a general, not a tax, law principle. Nonetheless it has long ... Read More
Russian hedge fund manager loses £484k SDLT case. The First Tier Tribunal (FTT) has found that an ex-bacon factory was suitable for use as a dwelling and therefore did not qualify for SDLT relief. What’s the full story? InTretyakov v Revenue and Customs, Mr Tretyakov (T) purchased a luxurious £5.75m property in London and paid a ... Read More
Selling online – what’s HMRC’s latest guidance? Recently published guidance which suggests that as an online seller you may have to report to HMRC even if you’re selling personal possessions you no longer want. Is this actually true? Déjà vu? HMRC seems slow to learn that ambiguous information has a habit of breeding unwelcome headlines ... Read More
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