HMRC redesign IHT100 forms to simplify reporting
HMRC recently introduced a redesigned IHT100 suite of forms, aimed at simplifying the reporting of chargeable lifetime transfers by individuals and transfers made by trusts. Previously, individuals needed to complete both an IHT100 form and a separate ‘event’ form, depending on the type of transfer. This system was complex, involving different forms for various charges, […]
The FHL regime is coming to an end: what this means for property owners
The recent confirmation of the abolishment of the Furnished Holiday Lettings (FHL) regime has brought significant changes for property owners to consider. It was announced by then-chancellor, Jeremy Hunt, in the 2024 Spring Budget, that the FHL regime will officially end from 6 April 2025 for Income Tax and Capital Gains tax and from 1 […]
Exploring the upcoming changes to Vehicle Excise Duty for electric vehicles
Vehicle Excise Duty (VED) is a crucial part of the UK’s tax system, contributing to the maintenance of our road infrastructure. As part of the government’s commitment to a fair and sustainable tax regime, significant changes are on the horizon for electric vehicles (EVs). From 1 April 2025, EVs will no longer benefit from VED […]
Navigating change: the impact of abolishing the non-dom tax regime
What is the non-domiciled status? The non-dom regime has enabled UK residents who are domiciled outside the UK to benefit from the remittance basis of taxation, where they are only taxed in the UK on their UK source income/gains and any foreign income/gains that have been ‘remitted’ to the UK. This system has provided many […]
Spotting fake HMRC letters: a guide to authenticating official communications
There are signs you can look for to help spot possible bogus communication from HMRC
Navigating tax rules for gifts to employees and directors
Giving gifts to your employees can be a great way to increase engagement and raise the overall morale of your team, but how much can you give before tax is incurred? And how do the rules differ if you are giving gifts to your directors? In the UK, giving gifts can potentially attract tax liabilities […]
Class 2 NIC payments incorrectly refunded by HMRC
Several reports to the Association of Taxation Technicians have highlighted unexpected refunds of voluntary Class 2 National Insurance Contributions (NICs) that were paid for the 2022/23 tax year, potentially having a detrimental effect on those self-employed individuals, who made voluntary payments, and had profits under £6,725. For voluntary Class 2 NICs to apply and provide […]
Booming Gaming Industry in Leamington Spa
Leamington Spa is often referred to as ‘Silicon Spa’ due to its thriving technology and digital sector, particularly in video game development. The nickname draws a parallel between Leamington Spa and Silicon Valley in California, which is renowned as a global hub for technology innovation. What are the new tax reliefs for Video Games? Tax […]
Could you be eligible for Marriage Allowance?
Marriage Allowance enables you to transfer £1,260 of your personal allowance (usually £12,570) to your husband, wife, or civil partner provided neither of you are a higher rate or additional rate taxpayer. By doing so, this reduces their tax by up to £252 in the tax year. Who is eligible? To qualify for Marriage Allowance, […]
Prepare for change: navigating upcoming payroll adjustments
National Minimum Wage and National Living Wage increase In the latest Spring Budget update, it was announced that starting from 1 April 2024, both the National Living Wage (NLW) and the National Minimum Wage (NMW) will undergo a rate increase per hour. The NMW stands as the minimum hourly rate that nearly all employees are […]
Owners of Airbnb and other short-term let properties will be required to obtain planning permission before renting out rooms
From this Summer, the government plans to implement laws mandating that owners of newly established short-term rental properties in England must obtain planning permission for rental purposes. This measure aims to empower councils in regulating the number of licenses granted within a specific area and can be seen as an extension to the system that […]
Update: HMRC issues revised guidance on taxation for double cab pickups
It was announced on Monday 12 February 2024, that HMRC had updated its guidance on the tax treatment of double cab pickups (DPUCs) following a Court of Appeal judgment in 2020. Initial guidance indicated that these vehicles would be treated as cars rather than goods vehicles for tax purposes starting from 1 July 2024. What […]
