Posts by Nettie Buss

Crypto Investors – tax crackdown announced in 2024 Spring budget HMRC has announced it is consulting on the implementation of ‘global transparency rules’ which will mean crypto platforms will have to share client data with HMRC. The new rules are designed to ensure that in future, crypto investors will find it much harder to avoid…

HMRC unveils plans to replace Government Gateway accounts with One Login The government has announced that it is investing in a single login system for taxpayers and agents using online services such as HMRC with the launch of GOV.UK One Login. This new login service will have two factor authentication to prevent fraud and will…

R&D Tax relief changes in April 2024 Research and development (R&D) tax relief has proven to be a powerful catalyst for encouraging investment in innovation for businesses across the UK, with recent figures available via HMRC revealing that the UK claimed over £7.6bn in total relief for the 2021-2022 tax year – which is a…

Changes to UK company law – 4 March 2024 Companies House will be introducing tougher checks on company names and data matching to remove inaccurate information and crack down on abuse of the register. The new rules have been introduced as part of the Economic Crime and Corporate Transparency Act which comes into effect from…

National Insurance credit scheme to tackle child benefit gaps The government will legislate to allow parents who have not claimed child benefit, including those affected by High Income Child Benefit Charge (HICBC), to apply for top-up National Insurance credits. The credits will be available for parents and carers, including those that fall within HICBC. The…

Payrolling of employment benefits from 2026 will change P11D requirements The reporting and payment of income tax and Class 1A National Insurance Contributions (NICs) on benefits in kind (BIK) will need to be made through payroll software from April 2026. The reporting change to employment benefits is part of HMRC’s plans for a move to…

HMRC received £345m in late payment interest charges The amount of late payment interest paid to HMRC has soared in recent years to £345.8m, nearly three times higher than the £127m recorded in the year to October 2021. A freedom of information (FOI) request has revealed the true amount of late payment interest paid to…

Creative Tax Relief Increased TV, film and video game production companies are set to benefit from an expansion of tax reliefs for the creative sector, with effect from January 2024, children’s TV, animated TV and animated film production will be able to claim an extra £42,500, while high-end TV, film and video game producers will…

Capital Gains Tax allowance reduces to £3,000 from April 2024 The capital gains tax (CGT) allowance is going to be halved from £6,000 to £3,000 in April 2024. The reduced allowance will come into effect from 6 April 2024 and due to the freezing of tax thresholds more people will pay CGT. Figures released indicate…

VAT investigations up 23% last year in 2023 The number of VAT investigations which were undertaken in 2023 was up by 23% as HMRC launched nearly 105,000 enquiries into unpaid VAT, particularly targeting mid-sized businesses. This follows a downturn in investigations during the pandemic. The volume of compliance investigations yielded an extra £11.4bn in unpaid…