by MAS | Nov 20, 2024 | Accounts, Financial news, HMRC, Self Assessment, Self employed, Tax
The furnished holiday lettings (FHL) regime will soon be abolished, and HMRC has published clarification on how the policy will work. The FHL regime will be abolished from 6 April 2025. It is now confirmed that post 6 April 2025: VAT at the standard rate continues to...
by MAS | Sep 26, 2024 | Business advice, Corporation Tax, HMRC, NIC, PAYE, Self Assessment, Self employed, Tax
1 October Due date for payment of Corporation Tax for period ended 31 December 2023. 5 October Deadline for notifying HMRC of new sources of taxable income or gains or liability to the High Income Child Benefit Charge for 2023/24 if no tax return has been issued....
by MAS | Sep 3, 2024 | Business advice, Financial news, HMRC, Self employed, Tax
The amount that employees can be reimbursed for business travel in company cars changed from 1 September 2024. What are the new rates? Advisory fuel rates for company cars are updated by HMRC on a quarterly basis due to fluctuations in fuel prices. The rates determine...
by MAS | Aug 28, 2024 | Business advice, Financial news, HMRC, Self employed, Tax
HMRC is contacting individuals who may need to pay tax on income from breeding animals. When should you declare such income, and what should you do if you receive a letter? If you make money from breeding animals, e.g. dogs where you sell the puppies, you should check...
by MAS | Jul 12, 2024 | Accounts, Financial news, HMRC, Self Assessment, Self employed, Tax
The second payment on account for tax year 2023/24 is due by 31 July 2024. However, if you know your tax payable for that year will be lower than the payments originally calculated, you can claim to reduce them to an appropriate level. Doing so keeps more cash in your...
by MAS | Jul 4, 2024 | Financial news, HMRC, Self employed, Tax
The deadline for employers to file P11D forms for 2023/24 is 6 July. You need to be aware of a crucial change this year. Why should you check the position even if you’ve already made the submission? Where taxable expenses and benefits were provided to an...
