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Tax-deductible training costs

As a business owner or as a self-employed person, you may have costs from time to time
for training. It may be for yourself or for an employee. Some businesses may have found it hard to understand the current guidance on which training
costs are tax-deductible. So, you may be pleased to know further guidance is set to come in this area. HMRC has said it will be coming forward with
HMRC says the new guidance will help businesses to be “confident that updating existing skills or maintaining pace…

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Cash basis changes

As with many new measures when they are first announced
by HMRC or the Treasury, it takes some time for these to trickle through to come into effect. The government announced
at Spring Budget 2023 that it would consult on expanding the cash basis. A formal consultation on proposals was
launched on 15 March this year and ran until 7 June. And now the measure has taken the next step, having been announced
in the Autumn Statement.
HMRC stated: “This measure changes how the cash basis operates for trading income….

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Autumn Statement – what happens now?

Many of you will have watched the Chancellor Jeremy Hunt delivering
his Autumn Statement a few weeks ago. You may have watched the whole speech or just seen clips on news programmes later in the day.
As always, many announcements were made and there was plenty to digest.
The actual statement is the bit most people are familiar with, but what happens next? What’s the process? Which announcements are set
to become reality and how soon?
Whenever a government announces new taxation in a Budget or Spring or Autumn Statement,…

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Self-Employment Tax Returns deadline looms

We’re reaching that familiar point of the year again when the deadline for Self-Employment
Tax Returns begins to loom.
The best advice we can always offer to our clients is to collect all the relevant information and documents and share these with us as soon as possible.
Of course, the key date everyone focuses on each year is January 31 – the HMRC deadline for submissions.
However, it’s wise to provide your tax return information to us before the new year to ensure there are no last-minute rushes and to…

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VAT Registration – Online Only from November 2023

There are two ways to register for VAT:

– The VAT Registration Service (VRS) – online, or
– The VAT1 form – paper by post

This is set to change in November 2023 when only the online VRS route will be available.
HMRC said in their September Agent Update that already 95% of registrations are done online.
Closing the paper registration route will increase this percentage and increase the use of its digital services.

The digital exemption
route will still apply and there are some businesses that will still…

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Payrolled Benefits, Self-Assessment and Student Loans

This is another article about Self-Assessment, specifically Student Loans and applies where:

– A taxpayer has an obligation to complete a Self-Assessment return, and
– They have an outstanding Student Loan balance (or Postgraduate Loan)
– Some of the Loan repayment is calculated in the employer’s payroll but the balance is due because of information declared on the tax return and
– The employer was payrolling benefits meaning the taxpayer’s taxable income was inflated

HMRC have advised their system calculates the Student Loan due based on taxable pay. This is incorrect. Student Loan repayments are…

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Inheritance Tax Query? Contact HMRC Now

HMRC used to offer an Inheritance Tax and Probate Helpline. From 02 October 2023,
the dedicated helpline is closed. This is all part of HMRC and HM Courts and Tribunals Service (HMCTS) working together with the intention
of improving the service for probate and Inheritance Tax customers.

There are now two numbers to contact:

– For probate queries, contact HMCTS – telephone 0300 303 0648 (or E-Mail
[email protected])
– For Inheritance Tax queries, contact HMRC – telephone 0300 123 1072 (or use HMRC’s online
but NOT if an…

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Statutory Paternity Leave and Pay Changes in 2024

These affect us personally and professionally and if you have policies and procedures regarding Statutory Paternity Leave (SPL) and Pay (SPP), be aware of changes coming from the start of the 2024/25 tax year. This information is provided to help you prepare. 

The Government committed to making it easier for fathers to take leave (and pay) as follows:

– The 2 weeks can be taken in non-consecutive blocks of one week (compared to the fixed regime now)

– Instead of having to take the 2 weeks within…

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HMRC are Communicating about Self-Assessment

In October, we wrote about the Self-Assessment registration deadline (the 5th).
Hot on the heels of this, you may receive communication in the following weeks or months from HMRC about the requirement to
complete a Self-Assessment tax return. The thing that stands out from the communication is HMRC’s use of the phrase
‘You don’t need to be an expert to do your tax return’. This massively simplifies an annual process that can be very complicated
and time-consuming. That is why there are experts and…

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Register for Self-Assessment – The Deadline Approaches

The deadline for registering for Self-Assessment is 05 October 2023 (for 2022/23 tax year with tax returns due by 31 January 2024). Individuals must complete and send a tax return if, in 2022/23:

– You had self-employed income above £1,000, or

– You are a partner in a business partnership, or

– You were liable to pay the High Income Child Benefit Charge, or

– You had taxable income over £100,000

There are also other situations where you may have to complete a tax return…

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