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 MoreSpring Statement 2025 – High Income Child Benefit via PAYE from August 2025
Spring Statement 2025 – High Income Child Benefit via PAYE from August 2025 From August 2025, employed individuals earning over £60,000 and falling under high-income child benefit charge (HICBC) will be able to report their family’s child benefit payments through a new HMRC online service. Individuals will need to register with HMRC, and then they…
Read MoreSide hustle sales threshold rising to £3000 per year from 2027
Side hustle sales threshold rising to £3000 per year from 2027 The increase in the current annual trading threshold from £1,000 to £3,000 a year is designed to help eliminate some of the confusion about what tax is payable on side hustle sales. The Treasury has advised that the change to threshold reporting ‘will be…
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 MoreHMRC increase beneficial loan rate to 3.75%
HMRC increase beneficial loan rate to 3.75% HMRC has increased the ‘actual official rate’ for beneficial loan arrangements from 2.25% to 3.75% from 6 April 2025, the highest rate since 2014, when interest is calculated using the ‘precise method’. However, the rate for loans repaid using the ‘averaging method’ for the 2025-26 tax year has…
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 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…
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