If you’re an employee who works from home and has been claiming tax relief for extra household costs, a big change is coming. HMRC is removing the process that lets employees claim an Income Tax deduction for non-reimbursed additional homeworking expenses from April 2026. In plain English: if you pay the extra costs yourself (heating, electricity,…
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From 6 April 2025, the UK is introducing major changes for non-domiciled residents. The old remittance basis, which allowed non-doms to pay UK tax only on UK income and any foreign income brought into the UK, will be replaced by a new Foreign Income and Gains (FIG) regime. The FIG regime focuses on residence rather…
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Big changes are coming to the way millions of people in the UK do their taxes — and it’s starting in April 2026. If you’re self-employed, run your own small business, or rent out a property, the traditional once-a-year Self Assessment tax return is on its way out. Instead, we’re moving into the world of Making…
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This is a question we often come across in our practice and the answer may surprise you: YES. HMRC can look into your bank account without your permission. Since 2021, HMRC has had in fact the power to contact your bank directly if they suspect something isn’t quite right with your taxes. They don’t need…
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Managing employee benefits and expenses can feel like navigating a maze, especially when it comes to reporting to HMRC. If you’ve provided any taxable expenses or benefits in the 2024/25 tax year, it’s crucial to hit the right deadlines—both for HMRC filings and for keeping your team informed. Even if you’ve payrolled benefits through real-time…
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Thinking about taking a new company car or hanging on to the one you’ve got? Here’s the low‑down on how the tax rules are about to creep up over the next few years—and why your electric run‑about might not stay the bargain it looks today. First, a quick refresher. If you can use your company…
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Starting 6 April 2025, employers begin paying NI on an employee’s wages once those earnings hit £96 a week (that’s £417 a month or £5,000 a year). Because the threshold is dropping, some part-timers who used to fly under the radar will now cost their bosses NI. To make life tougher, the employer rate itself…
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If you own a personal or family company, it’s worth reviewing your dividend strategy before the 2024/25 tax year concludes. In particular, you may want to decide whether paying a dividend ahead of 6 April 2025 could be to your advantage. In this case consider the following points: 1. Check Your Retained Profits Dividends can…
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1. Increase in Secondary Class 1 National Insurance Rate: Current Rate: Employers currently pay 13.8% in secondary Class 1 National Insurance contributions on employee earnings above the secondary threshold. New Rate: Starting 6 April 2025, this rate will rise by 1.2 percentage points, from 13.8% to 15%. This is a substantial increase that will impact…
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Promising not to increase taxes for ‘working people’, Chancellor Rachel Reeves today unveiled increases to capital gains tax and employer’s national insurance but unfroze the personal tax thresholds from 2028 in a Budget aimed at repairing the public finances. Below are details of some of the key announcements from today’s budget: Taxation and Business: £40bn…
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