News

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…

NLW And NMW Increased

The NLW currently applies to workers aged 23 and above and stands at £10.42 per hour. Workers under the age of 23 and apprentices are entitled to the national minimum wage (NMW) instead. The age above which workers qualify to receive the NLW will be…

National Insurance Rates Cut

The Chancellor has announced cuts to national insurance contributions (NIC) for self-employed taxpayers and employees. The headline news from the Autumn Statement was the reduction of primary Class 1 and Class 4 NIC and the removal of compulsory Class 2 NIC. The main rate of…

HMRC Demands More Data

HMRC has confirmed that requirements to report additional information will come into effect from the 2025-26 tax year or possibly a later period. HMRC has set out its intention to collect data relating to trade sectors; locations; occupations; hours worked; shareholdings and dividends paid; and…

Nationwide Building Society Bonus

The Nationwide Building Society has paid what is described as a ‘fairer share’ of £100 each to around three million of its customers. To qualify for this payment the customer must have held a qualifying current account plus either a savings account (including ISAs) with…

Keeping A Child Benefit Entitlement

Claiming child benefit is, after the initial claim, an incredibly straightforward process (subject to the issues raised above regarding higher earners). However, after sixteen years of automatic claiming it is easy to forget to update HMRC on whether you will continue to be entitled for…

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