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 […]
Have you received your full entitlement of tax relief on your pension contributions?
Most occupational pension schemes (e.g. employer operated pension schemes) typically deduct contributions under Net Pay Arrangements and personal pension schemes will make deductions under ‘Relief at Source’. However, it should be noted that this is not always the case. For example, Nest, the Government-backed workplace pension scheme, operates a Relief at Source scheme, and many […]
Recent HMRC developments and changes to Class 1 NICs for motoring expenditure
The Upper Tribunal case of Wilmott Dixon and Laing O’Rourke put the spotlight on HMRC’s interpretation of the definition of ‘relevant motoring expenditure’ (“RME”) and the disregard for Class 1 NICs. Historically, HMRC has taken a relatively narrow view on the type of motor expense payments that qualified as RME, with the Upper Tribunal taking […]
Update: HMRC cracks down on taxable side hustle earnings from online sales
The term “side hustle” is commonly used to describe any part-time endeavour with the intention to generate additional income alongside your main job, and these activities can be carried out on a large variety of marketplaces including Etsy, Airbnb, Depop, and many more. What are the recent developments regarding side hustles? This is not […]
Are employee parties tax-free?
If the rules around social functions are followed, employee events like your end-of-year party, or your summer barbecue are tax-deductible for you, as the employer, and tax-free for your staff. Whether your party is taking place in the office, at a local restaurant or via Zoom for your remote-working teams, you can be confident that […]
How do capital allowances reduce your tax bill? Autumn Statement update
Generally speaking, the business expenses you incur are allowable against your profits. But when it comes to fixed asset purchases (items such as machinery, equipment or vehicles), these purchases are treated slightly differently. To reduce your tax bill when purchasing fixed assets, it is important to know what capital allowances are available and how you […]
Tax implications of cryptocurrency: understanding the basics
Crypto assets are a type of digital or virtual currency that use cryptography for security. They are typically built on blockchain technology which is a decentralised and transparent ledger of all transactions. The most well-known crypto asset is Bitcoin which was introduced in 2009. Since then, thousands of other crypto assets, often referred to as […]
What is an Employee Ownership Trust?
What is an Employee Ownership Trust? Employee Ownership Trusts (EOTs) were introduced by the Finance Act 2014 and enable business owners to sell their shares to an employee-owned trust. As well as providing significant tax incentives, this form of ownership enables shareholders to exit their business where there is no obvious third party purchaser, whilst […]
Information on the rates of Plastic Packaging Tax
Information on the rates of Plastic Packaging Tax The introduction of the Plastic Packaging Tax (PPT) came into effect on 1 April 2022. This article provides an overview of the principles of how the tax works, and who it could impact in the UK. What is the current and historic rates of Plastic Packaging […]
