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7 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 MoreHMRC receives over £400m in late payment interest
HMRC receives over £400m in late payment interest A recent freedom of information request has found that the amount of money paid out in late payment interest to HMRC hit £409.4m in 2024, more than tripling in just three years. Back in 2021 £131.9m was paid in late interest by taxpayers who failed to pay…
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 MoreHMRC updates when to set up ‘time to pay’ plans online
HMRC updates when to set up ‘time to pay’ plans online In the first update to ‘time to pay’ guidance since 2021, HMRC has clarified when pay plans can be set up without speaking to them directly! There has not been any change to the qualifying criteria for self-assessment taxpayers with the £30,000 limit on…
Read MoreDirectors may be able to remove their address from Companies House
Directors may be able to remove their address from Companies House Companies House is watering down registration rules to allow directors to remove some residential addresses from the register for as little as £30. From 27 January 2025, for the first time directors have been able to apply to suppress a residential address that has…
Read MoreTax Investigations – where might HMRC focus in 2025
Tax Investigations – where might HMRC focus in 2025 Although investigations into tax are not new, HMRC have made it clear that they are recruiting extra staff to complete more ‘compliance checks’ than ever before – so where will they be looking to complete these checks? It is of course expected that HMRC will increase…
Read MoreRent a room tax relief
Rent a room tax relief It is now thought that over 1.8 million UK adults rent out furnished rooms in their homes, which allows them to qualify for up to £7,500 in tax free income under the rent a room scheme. HMRC have advised that £170m was claimed in the tax relief in 2023-24, but…
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…
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