The way that many landlords will report details of their income and expenses to HMRC is changing from April 2026 onwards. This is when Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) comes into effect. Landlords who fall within the scope of MTD for ITSA will need to keep digital records, use MTD-compatible […]
Looking ahead to Making Tax Digital for landlords Read More »
If as an employer you provided employees with taxable expenses and benefits in the 2024/25 tax year, you will need to ensure that you meet your reporting obligations in respect of those benefits. This will include providing information to HMRC and to your employees. The exact nature of your reporting obligations will depend on whether
Reporting 2024/25 taxable expenses and benefits Read More »
The official rate of interest is a rate set by HMRC which is used to calculate the benefit-in-kind tax charge on cheap employment-related loans, and also the amount charged to tax in respect of the provision of employer-provided living accommodation where the cost of that accommodation is more than £75,000. Employment-related loans The amount charged
The Official HMRC Rate of Interest Read More »
Putting money into a registered pension scheme can be tax-efficient. Individuals can make contributions in their own right, or even for someone else, and employers can make contributions on their employees’ behalf (and indeed must do so under auto-enrolment). Tax relief is available on contributions up to certain limits. Auto-enrolment Under auto-enrolment, employers must enrol
Pension savings in 2025/26 Read More »
Last October, Chancellor Rachel Reeves announced some far-reaching National Insurance changes which will affect employers from April 2025. She also confirmed the rates applying to employees and to the self-employed. Employers The 2025/26 tax year starts on 6 April 2025. From that date, the secondary threshold (which is the point at which employers start paying
National Insurance changes from April 2025 Read More »
Everything that was announced back in the autumn is still happening. The country’s growth isn’t where the government wants it to be, so expect some tax-based stingers coming in the autumn. The main takeaways from yesterday’s statement are as follows:
The Chancellors Spring Statement 2025 In a Nutshell Read More »
Owners of investment properties and second homes may decide to sell up for a variety of reasons. They may wish to take advantage of a more buoyant market as buyers rush to beat the reduction in the residential SDLT threshold from 1 April 2025. The end of the favourable tax regime for furnished holiday lets
Reporting residential property gains – Don’t be late Read More »
Although the economy is said to be stagnating with little growth on the horizon, many smaller companies are doing well and have healthy bank balances. However, with the interest rate return on cash in a bank account being relatively low, some companies are looking to invest spare cash elsewhere if investing in their own company
Can one company lend to another? Tax implications Read More »
Landlords letting furnished holiday accommodation have hitherto enjoyed a range of tax benefits, including the ability to deduct interest and finance costs in full when calculating their taxable profits. However, the favourable regime for furnished holiday lettings comes to an end on 5 April 2025. From that date, landlords letting furnished holiday accommodation will be
There is a stamp duty land tax (SDLT) deadline on the horizon – from 1 April 2025, there are changes to both the residential SDLT threshold and that applying to first-time buyers. Completing a purchase before that date could save the buyer £2,500 in SDLT. For a first-time buyer, the potential savings are more. Residential
Beat the Stamp Duty deadline – 1 April 2025 Read More »