Posts by Nettie Buss
April 2026 – Tax ‘take’ up £6bn in one month
April 2026 – Tax ‘take’ up £6bn in one month Analysis of the latest HMRC figures for April shows that the tax take for the first month of the new tax year continues to soar. HMRC collected £87.3bn in taxes in the month of April, up an incredible £6.3bn from April 2025. Income tax, capital…
Read MoreVAT – Temporary cut to 5% for Children’s Meals
VAT – Temporary cut to 5% for Children’s Meals While the focus of the pre-briefing of the chancellor’s plans was a package of summer holiday measures, dubbed the ‘Great British Summer Saving Scheme’ there were a number of more serious tax measures announced, including a 5% temporary VAT rate. On the time-limited summer support, the…
Read MoreTax Free Mileage rate rises by 10p
Tax Free Mileage rate rises by 10p In a positive move, the chancellor increased the approved mileage rate for personal car use for business trips, which has been increased for the first time in more than 15 years. With soaring petrol and diesel prices, the chancellor announced a 10p per mile increase in tax-free mileage…
Read MoreCompanies House – looking to extend retention period for dissolved companies
Companies House – looking to extend retention period for dissolved companies At present, records of dissolved companies are retained for 20 years, an extension of the previous six-year limit for bankrupt and liquidated businesses, but they are only freely available dating back to 2010 at present. The increased transparency and timescales are the result of the…
Read More2026 – The last P11D’s – what happens next?
2026 – The last P11D’s – what happens next? As HMRC moves to payroll filing of expenses and ‘benefits in kind’ from the new tax year, this July will be the last P11D deadline for many employers. What is a P11D? A P11D is a UK tax form employers use to report certain employee benefits…
Read More2026 – Mansion Tax – who does it affect?
2026 – Mansion Tax – who does it affect? Announced at the 2025 Budget by the chancellor, where it was called ‘the high value council tax surcharge’ (HVCTS), the mansion tax was released with fanfare from the government. At the time it was revealed that properties worth over £2m would face a £2,500 annual charge, and…
Read More2025/26 Tax Year changes for Directors
2025/26 Tax Year changes for Directors From the 2025/26 tax year onwards, directors will be required to provide additional information in their tax returns. At first glance, the additional information requirements may seem like a small administrative update, however in practice they raise a number of practical questions. From 2025/26, directors will be required to…
Read MorePersonal tax for 2026/27 Tax Year – some of the changes!
Personal tax for 2026/27 Tax Year – some of the changes! Dividend tax There will be a 2% increase in the rates of income tax paid on dividends at the basic and higher rate of taxation. The rates of tax on dividends for 2026-27 will increase to 10.75% at the basic rate and 35.75% for the higher rate.…
Read MoreApril 2026 – Company car tax rises for EV’s
April 2026 – Company car tax rises for EV’s There are increases in tax for people using electric vehicle (EV) company cars, as the electric vehicle rate goes up from 3% to 4%, adding to the tax costs for employees with these company cars. Standard petrol and diesel rates are also increasing by one percentage…
Read MoreA record £190bn paid in income tax by High Earners
A record £190bn paid in income tax by High Earners Additional and higher rate payers paid £190.6bn in income tax in the 2023-24 tax year has been revealed in the latest HMRC breakdown of income tax paid across the population depending on earnings. The 20% cohort paid £84bn in total, bringing income tax revenue to…
Read More