Our latest newsletter provides an update on a range of topical issues:
Full Expensing
What is full expensing and how will it affect your business?
VAT issues on mixed supplies
A reminder of the complexities of making mixed supplies for VAT purposes
Latest news on trade and customs requirements
The Border Target Operating Model sets out changes that impact on trade both within and outside the EU with a particular focus on security controls and a move to greater digitalisation.
Cryptoassets
HMRC are updating the Tax Return form to include specific reference to income and gains arising on from cryptoasset transactions to server as a nudge to ensure that taxpayers report all relevant transactions.
Company cars and vans
Following a recent tax case around employer provision of a crew van, we set out the definition of a van for tax purposes and how crew vans are treated for tax purposes.
Basis Period Reform
From 6 April 2024, unincorporated businesses will pay tax based upon their assessable profits as defined by the tax period 6 April 2024 to 5 April 2025 irrespective of the period for which they prepare their financial accounts. The tax year ending 5 April 2024 is the transitional year and will align taxpayers accounting periods with the tax year end.
Employers and payroll problems
HMRC regularly encounter duplicate employments for employees due to problems with the way in which an employer sets up the payroll record.
Pensions and the Annual / Lifetime Allowance
In tax year 2023/24, the annual allowance increased to £60,000 and the Money Purchase Annual Allowance increased to £10,000. The lifetime allowance charge was scrapped in Budget 2023 and will be abolished from April 2024.
Full Expensing
What is full expensing and how will it affect your business?
VAT issues on mixed supplies
A reminder of the complexities of making mixed supplies for VAT purposes
Latest news on trade and customs requirements
The Border Target Operating Model sets out changes that impact on trade both within and outside the EU with a particular focus on security controls and a move to greater digitalisation.
Cryptoassets
HMRC are updating the Tax Return form to include specific reference to income and gains arising on from cryptoasset transactions to server as a nudge to ensure that taxpayers report all relevant transactions.
Company cars and vans
Following a recent tax case around employer provision of a crew van, we set out the definition of a van for tax purposes and how crew vans are treated for tax purposes.
Basis Period Reform
From 6 April 2024, unincorporated businesses will pay tax based upon their assessable profits as defined by the tax period 6 April 2024 to 5 April 2025 irrespective of the period for which they prepare their financial accounts. The tax year ending 5 April 2024 is the transitional year and will align taxpayers accounting periods with the tax year end.
Employers and payroll problems
HMRC regularly encounter duplicate employments for employees due to problems with the way in which an employer sets up the payroll record.
Pensions and the Annual / Lifetime Allowance
In tax year 2023/24, the annual allowance increased to £60,000 and the Money Purchase Annual Allowance increased to £10,000. The lifetime allowance charge was scrapped in Budget 2023 and will be abolished from April 2024.
