Employees coming to work in the UK should see an improvement in the new version of overseas workday relief set to be introduced from 6 April 2025. Current system Under the current system of overseas…
The Autumn Budget – a brave new tax world
Chancellor Rachel Reeves’ first Budget was a significant one in all senses. “…this Budget delivers a large, sustained increase in spending, taxation, and borrowing.” So said the Office for Budget Responsibility (OBR) in the first…
Can you spot a fake HMRC letter?
Unfortunately, scam warnings have become a regular occurrence. The latest scam highlighted by HMRC is rather ‘old school’, involving letters posted to companies instead of the more usual digital communication. The scam letters being sent…
Small businesses top tax gap defaulters
The tax gap increased in 2022/2023, to a record £39.8 billion, with small businesses being blamed for around 60% of uncollected taxes. The tax gap is the difference between the amount of tax that should,…
Class 4 NIC reductions benefit the self-employed
Self-employed workers will see a substantial reduction in their Class 4 national in announced in the 202surance contributions (NICs) for the current tax year after two percentage cuts were 3 Autumn Statement and 2024 March…
Election tax stories…………………
It’s early days yet, but some pointers on tax have emerged from both the main parties. Within one week of the surprise firing of the general election starting gun, both the Conservatives and Labour have…
Have you overlooked a changed tax status?
With allowances frozen or cut, you may have underpaid tax for 2023/24. Your tax position may have changed for the last year without you really noticing. Consider the following: Tax Year 2021/22 2023/24 2024/25 Personal…
Thoughts for buy-to-let owners selling up
While the higher rate of capital gains tax (CGT) on residential property disposals has dropped by 4%, from 28% to 24%, from 6 April 2024, the vast majority of landlords who sell up are facing…
The onward march of the higher rate taxpayer
New calculations issued alongside the Spring Budget show just how higher rate taxpaying status is becoming ever more common. The Office for Budget Responsibility (OBR) received plenty of attention leading up to the Budget. It…
HMRC, eBay and second-hand news
The media storm surrounding HMRC taxing eBay and other online sellers from the start of 2024 was, in fact, itself counterfeit goods. A crop of stories across social and traditional media swirled across the start…