More families will need to pay Inheritance Tax on their loved ones’ estate after a proposed rise in the tax relief, to keep pace with inflation, was cancelled in the…
Tax News
HMRC updates tax rules and calculations on ultra-low emission vehicles
HM Revenue & Customs (HMRC) has released new guidance that brings changes to the company car benefit calculations, as the Government looks to encourage greater use of ultra-low emission vehicles…
Budget 2021
In the year since the Chancellor, Rishi Sunak, delivered his first Budget to a packed Commons chamber in March 2020, more than 135,000 people in the UK have died from Coronavirus, there have been three national lockdowns…
Watch our latest free presentation – Time to prepare for the VAT reverse charge
With just days left until the new VAT Reverse Charge rules are introduced to the construction sector, our Tax Partner, Heather Bright, and Cloud Accounting Manager, Dan Coleman, have prepared…
Are you up to speed with the seven-year Inheritance Tax rule?
Inheritance Tax is a complicated subject and gifts are a particular source of confusion. Whether it’s for Christmas, a wedding, or any other special occasion, small gifts are commonly exchanged…
Basic rate taxpayers could face ‘high income’ child benefit charge
Due to a mismatch of earnings thresholds, basic rate taxpayers may unexpectedly come under the scope of the High Income Child Benefit Charge in April. The Low Incomes Tax Reform…
The VAT Reverse Charge for the Construction Industry Scheme – Are you ready?
From 1 March 2021, businesses within the Construction Industry Scheme (CIS) must record, report and pay VAT under the new VAT domestic reverse charge rules. This change affects both contractors…
Large and medium-sized businesses need to be ready for IR35
Large and medium-sized businesses now just have a couple of months left to prepare for the changes to the off-payroll working rules (IR35). From 6 April 2021, in most cases,…
Stock market fall could save families thousands in Inheritance Tax
New data has revealed that HM Revenue & Customs (HMRC) made a record number of Inheritance Tax (IHT) refunds in the 2019/20 tax year as families sought to reclaim losses…
HM Revenue & Customs increases the threshold for Self-Assessment online payment plan service to £30,000
HM Revenue & Customs (HMRC) has increased the threshold for Self-Assessment taxpayers to use its online self-service Time to Pay payment plan service from £10,000 in tax liabilities to £30,000.…
