Proposed changes to Statutory Sick Pay (SSP) will introduce entitlement from the first day of sickness, with the lower earnings threshold removed. The changes are part of the Employment Rights Bill, currently progressing through parliament.…
More detail on business and agricultural IHT reliefs threshold cut
HMRC’s recently closed consultation offers further clarity on how the £1 million inheritance tax (IHT) business and agricultural relief allowance will work from 6 April 2026. The total value of business and agricultural property eligible…
What might spark a CGT bill?
With basic rate taxpayers now facing doubling capital gains tax (CGT) rates, and with the exempt amount a quarter of its previous level, it is no surprise that considerably more CGT is being paid to…
Time To Pay? New VAT Late Payment Penalties
It is now more expensive to be late when it comes to making a VAT payment. The slowest payers now face a 250% increase to an annualised rate. In addition, the rate of late payment…
Paying the high income child benefit charge
From this summer, employed taxpayers who have to pay the high income child benefit charge (HICBC) will no longer need to complete a self assessment tax return. Instead, they can report the charge using HMRC’s…
Making Tax Digital expands
Self-employed people and landlords with an income between £20,000 and £30,000 will be required to use Making Tax Digital (MTD) from 6 April 2028. This will bring a further 900,000 low-income taxpayers under the MTD…
Sick Pay and Small Employers’ Relief
Statutory payments can be problematic to administer for smaller employers, but in a rare instance of generosity HMRC compensates for this. Also, from 6 April 2025, the rate of compensation will almost triple from the…
Side hustles and tax obligations
HMRC has recently launched their Help for Hustles campaign to help people earning extra income to understand their tax obligations. Online platforms, such as eBay, are now required to report users’ income to HMRC. Anyone…
Making Tax Digital Expands
Self-employed people and landlords with an income between £20,000 and £30,000 will be required to use Making Tax Digital (MTD) from 6 April 2028. This will bring a further 900,000 low-income taxpayers under the MTD…
Spring Statement: The Magic of £9.9 billion
There were no tax increases in the Chancellor’s Spring Statement (upgraded from an initial Spring Forecast), but that might just be pain deferred. Before becoming Chancellor, Rachel Reeves set out a new goal for the…