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VAT Registration Threshold Raised

The earnings threshold above which businesses must register for and start charging VAT has been increased.   Effective from 1 April 2024, the taxable turnover above which a business is required to register and account for VAT will be increased from £85,000 to £90,000. This is…

National Insurance Rates Cut Again

The headline news from the Spring Budget was further cuts to national insurance contributions (NIC) of 2% each for self-employed taxpayers and employees. The main rate of primary Class 1 NIC paid by employees on earnings between £12,570 and £50,270 per year will be cut…

Two New R&D Forms

HMRC has introduced two new measures to tackle the rise in fraudulent research and development (R&D) claims. Claim notification form. For accounting periods beginning on or after 1 April 2023, a digital pre-notification form is required to inform HMRC in advance of R&D claims. This…

Cash Basis To Replace Accruals

Cash basis to replace accruals for the self-employed as standard tax reporting method for 2024-25 (first year of tax year accounting). From April 2024, as part of a move to simplify calculation of taxable profits for Making Tax Digital, all self-employed taxpayers and partnerships will…

Submit VAT Claims Digitally For Diy House Builds

Individuals who build their own home, or complete part of the build project themselves, are entitled to reclaim the VAT paid on materials under the VAT homebuilder’s scheme. When engaging builders and contractors to build your home, their labour and materials are zero-rated, so the…

Overlap Relief Online Tool

The online form for requesting overlap relief information for basis period reform is now live. Overlap profits normally arise in the first two tax years of a new trade where the accounting date of the business does not align to the tax year end and…

Charging Your Electric Company Car At Home

HMRC has updated its Employment Income Manual to bring the guidance on charging electric company cars at home in line with the legislation. Until now, the guidance in the Employment Income Manual (EIM23900) has contradicted the legislation in advising that if an employer reimburses an…

MTD Simplification

A dramatic simplification of the MTD processes to be introduced in 2026 including no EOPS; cumulative submissions each quarter; and restrictions for complex situations. Taxpayers with turnover over £50,000 will be brought into MTD ISTSA from April 2026. The £50,000 threshold applies to gross total…

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