Archive for November 2024

The latest advisory fuel rates from HM Revenue & Customs (HMRC) come into effect on 1 December 2024, bringing changes to how businesses reimburse employees for company car travel.   With reductions in petrol and diesel rates and an unchanged rate for electric vehicles, is it time to reassess your policies?  What is changing?  When do…

HM Revenue & Customs (HMRC) is set to overhaul benefit in kind (BiK) reporting, introducing real-time obligations from April 2026.   This change will demand updates to payroll systems and processes for business owners.  While the goal is to streamline tax administration, these changes bring both challenges and opportunities.  Key changes  Under the new rules, most…

The Autumn Budget has clarified many tax planning areas, with one change set to challenge many family-run businesses.   From April 2026, companies valued over £1 million will lose the Inheritance Tax (IHT) exemption that has long enabled families to transfer business ownership without incurring a steep tax charge.  Under the new rules, shares in a…

Have you ever considered how a simple change in the Bank of England’s base rate can ripple through your tax responsibilities?   With the recent reduction to 4.75 per cent, HM Revenue & Customs (HMRC) will now adjust its late payment and repayment interest rates.   These changes, effective from 18 and 26 November 2024, invite us…

As a landlord, keeping up with tax responsibilities can sometimes be overwhelming, especially if you are managing multiple properties or dealing with income from overseas rentals.   Fortunately, HM Revenue & Customs (HMRC) offers the Let Property Campaign, a helpful initiative that lets landlords bring their tax records up to date and avoid hefty penalties.  With…

Career Development Month is the perfect opportunity to focus on nurturing your team’s growth without draining your budget.   Professional development does not need to come with a high price tag.   Here are some accessible ways to encourage skill-building and growth, making the most of what you already have.  Utilise online courses  There is a world…

In a detail overshadowed by major Budget headlines, a recent announcement brings tax implications for businesses with double cab pickups.   Starting from April 2025, these vehicles, previously benefiting from commercial vehicle tax rates, will now be treated as company cars if they meet specific payload requirements.   This reclassification will raise the benefit-in-kind (BIK) tax owed…

The Autumn Budget brought substantial changes for small and medium-sized enterprises (SMEs).   These changes included higher employer National Insurance (NI) costs, increased Capital Gains Tax (CGT) rates, and tighter Inheritance Tax (IHT) relief, all of which have given business owners plenty to think about when it comes to their personal finances.    However, careful planning and…