Business
Voluntary ID verification to go live for Directors
Voluntary ID verification to go live for Directors A new verification system which will affect an estimated six million directors in the UK is coming into place and Companies House is urging directors to start registering early while the system is voluntary. Despite the large number of people predicted to have to use the system,…
Read MoreTax rules for ‘king size’ pickup trucks clarified by HMRC
Tax rules for ‘king size’ pickup trucks clarified by HMRC As reported in previous blogs – https://kennedysaccounting.uk/budget-2024-double-cab-pick-up-vehicles-new-tax-treatment-from-april-2025-insights/ , from 6 April 2025 for corporation tax and 6 April for income tax ‘the government will treat double cab pickup vehicles (DCPUs) with a payload of one tonne [1,000 kilos] or more as cars for certain tax…
Read MoreOver 400,000 ‘buy to let’ owners now use limited companies!
Over 400,000 ‘buy to let’ owners now use limited companies! The number of limited companies set up to hold ‘buy to let’ property topped the 400,000 mark in February 2025, up by over 330% over the past nine years from only 92,000 incorporated landlords in 2016, according to analysis from a source at Companies House.…
Read More7 things you need to know about Capital Gains Tax
7 things you need to know about Capital Gains Tax In 2024, capital gains tax (CGT) was up 13%, generating additional tax for the Exchequer, and now the CGT allowance has been cut over the years to only £3,000. What catches a lot of people out is that CGT isn’t just paid on stocks and…
Read MoreOnline Side Hustlers sent letters from HMRC about unpaid tax
Online Side Hustlers sent letters from HMRC about unpaid tax HMRC has now started sending letters to online sellers and side hustlers it suspects of not paying tax or disclosing sales on online platforms in 2022-23, giving them just 30 days to respond. The letters will need immediate action and if HMRC do not receive…
Read MoreThe importance of payroll forecasting as the employer NI increases loom!
The importance of payroll forecasting as the employer NI increases loom! With 6 April 2025 looming which is the start date for employer National Insurance contributions (NICs) to increase, working with your accountant is a crucial part of your plans to guide your business through the financial and operational implications. The rise in employer NICs…
Read MoreLandlords – look out for ‘Making Tax Digital’ letters
Landlords – look out for ‘Making Tax Digital’ letters HMRC is planning to start sending letters to taxpayers who may be affected by the introduction of Making Tax Digital (MTD) for income tax advising them they will have to report quarterly to HMRC. The first letters will hit the post in April 2025, with landlords,…
Read MoreTax Investigations bring in an extra 28% in 2024
Tax Investigations bring in an extra 28% in 2024 HMRC have received extra funding by raking in £45.7bn from tax investigations in 2024, a £10bn rise from the previous year, while over £10bn more in VAT may yet be recovered from large businesses, as we are informed that another 5,000 more compliance officers are being…
Read MoreKey Tax changes for businesses in 2025
Key Tax changes for businesses in 2025 As we move ahead into 2025, we seem to be greeted by a rapidly shifting tax landscape. Businesses are needing to get to grips with significant changes on the horizon, from adjustments to business asset disposal relief (BADR), the phased implementation of Making Tax Digital (MTD) and increases…
Read MoreNational Insurance increases from April 2025
National Insurance increases from April 2025 From April 2025, employers can expect to pay 60% more in National Insurance in the 2025-26 tax year due to National Insurance Contributions (NIC) rises announced at the last Budget. In 2024 an employer paid £1,617 for each full-time employee on minimum wage, this will increase to £2,583 from…
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