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Identify tax scam phone calls, emails and text messages
Source: HMRC Use a checklist to decide if a suspicious contact is a scam and not a genuine phone call, text message (SMS) or email. Check what to look for first Use the following checklist to decide if the contact you’ve received is a scam. You can use it for phone calls, emails and text
Making Tax Digital Update
Despite a lot of delay this is finally happening and is the biggest shake up of the tax system since self assessment was introduced. The new system will be brought in in stages. The first stage will be 5th April 2026 and will affect all clients with self-employed Gross turnover and/or rental income of £50,000
Basis period reform — reporting on a tax year basis
Source: HMRC From April 2024, if you are self-employed or in a trading partnership, you have to report your profits on a tax year basis. Although businesses remain free to choose their accounting date and can prepare accounts to any date in the year, if they do not do so to a period between 31
Company cars — classification of double cab pickups
Source: HMRC Following the Government’s Autumn Budget 2024 announcements, HMRC has published new guidance regarding a change in the interpretation of how double cab pickup (DCPU) vehicles should be classified for car benefit, capital allowances and some deductions from business profits purposes. The current treatment of DCPU vehicles as outlined in Employment Income Manual (EIM23150) was adopted from 2002
Employer Bulletin
Source: HMRC In this month’s edition of the Employer Bulletin there are important updates and information on: PAYE end of year reporting employers PAYE and Construction Industry Scheme repayments basic PAYE Tools — new release electronic payment deadline falls on a weekend payrolling employees’ benefits and expenses reporting expenses and benefits for the tax year ending 5 April 2025
Electronic payment deadline falls on a weekend
In February and March 2025 the electronic payment deadlines fall on Saturday 22 February 2025 and Saturday 22 March 2025 respectively. To make sure your payment for these months reaches us on time, you need to have funds cleared into HMRC’s account by 21 February 2025 and 21 March 2025, unless you are able to
National Minimum Wage – what counts as working time
The National Minimum Wage (NMW) is more than just a pay rate, it’s a calculation. The main reason why so many companies accidentally underpay their workers is because they do not know about the calculation. Part of this calculation revolves around working time. What is working time for NMW purposes? The answer may surprise you.
MTD (Making Tax Digital) update for Self Employed Tax Payers
HMRC aims to become one of the most digitally advanced tax administrations globally, with MTD being a key programme to make tax management easier for individuals and businesses. The phased approach for income tax includes: 2026 for those with combined income over £50,000. 2027 for those with combined income over £30,000. 2029 for those with
National Minimum Wage – apprentices and associated risks
Source: HMRC The apprentice rate is the lowest rate of pay you can pay someone for National Minimum Wage purposes. Being the lowest pay rate, there is specific criteria that needs to be met for employers to pay it. National Minimum Wage – apprentices and associated risks HMRC’s National Minimum Wage team are offering
HMRC now have an App
https://www.gov.uk/guidance/download-the-hmrc-app
Useful Links:
How to identify HMRC related scams https://www.gov.uk/guidance/identify-hmrc-related-scam-phone-calls-emails-and-text-messages Being a director https://www.gov.uk/guidance/being-a-company-director Running a limited company https://www.gov.uk/running-a-limited-company Tax on dividends https://www.gov.uk/tax-on-dividends National Insurance for company directors https://www.gov.uk/employee-directors Employee’s (primary) Class 1 NI rates https://www.gov.uk/government/publications/autumn-statement-2023-overview-of-tax-legislation-and-rates-ootlar/annex-a-rates-and-allowances National Insurance guidance for directors CA44: National Insurance for company directors – GOV.UK (www.gov.uk) Understanding off-payroll working (IR35) https://www.gov.uk/guidance/understanding-off-payroll-working
NON-DOM STATUS – MAJOR CHANGES AHEAD
Source: Insight-Analysis Please find the link below, which explains the future changes to non-dom status. https://acrobat.adobe.com/id/urn:aaid:sc:EU:3829aead-f1ee-4825-9c01-04e520037e3d
2025 to 2026 student and postgraduate loans thresholds and rates
Source: HMRC Department for Education announced the new student loan plan type and postgraduate loan thresholds and rates from 6 April 2025: plan 1 — £26,065 plan 2 — £28,470 plan 4 — £32,745 postgraduate loan — £21,000 Deductions for: plan type 1, 2 and 4 remain at 9% for any earnings above the respective
PAYE
Source HMRC Employer National Insurance contributions and Employment Allowance changes announced at Autumn Budget 2024 At Autumn Budget 2024, the government announced changes to employer National Insurance contributions (NICs). The changes that will take effect from 6 April 2025 are: a reduction in the NICs secondary threshold an increase to the rate of secondary Class 1 NICs an
Please be aware of the fake VAT emails doing the rounds
We are conducting a random compliance review of VAT accounts to maintain the integrity of our processes. Your account has been selected for this review. Please ensure all VAT details are accurate and provide any missing information at your earliest convenience. If you require help, our team is ready to support you. If you do
Furnished Holiday Lets – changes from April 2025
There are significant changes coming into force in April 2025 for FURNISHED HOLIDAY LETS this useful download from OPTIMISE will give you more information Furnished Holiday Lets Tax Regime – FHL Changes 2025
VAT Flat Rate Scheme
Source: gov.uk Overview The amount of VAT a business pays or claims back from HM Revenue and Customs (HMRC) is usually the difference between the VAT charged by the business to customers and the VAT the business pays on their own purchases. With the Flat Rate Scheme: you pay a fixed rate of VAT to
Autumn Budget
Source – HMRC Today the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, made her Autumn Budget speech and set out the government’s plans to restore economic stability and fix the foundations of essential public services. Measures announced today include a number of changes that employers should know, and may need to take
Autumn budget 2024
Source: TaxCalc Employer National Insurance Contributions changes There are a number of changes to Employer National Insurance Contributions (NICs), including: Reducing the Secondary Threshold (ST) from £9,100 annual equivalent to £5,000 annual equivalent, then increasing it in line with CPI from 2028-29. Increasing the Employer NICs (ER NICs) rate from 13.8% to 15% (over the
Beware – legally anyone can call themselves an Accountant
However, this does not mean that they are qualified for the task. Choosing an Account is not a task to undertake lightly. The term Solicitor, Independent Financial Adviser (IFA), Architect, these are protected, unlike the term Accountant, which is not protected. There are no restrictions for protection for the term Accountant, therefore, anyone can decide
This is a SCAM do not click any links and please report
This is a SCAM do not click any links and please report it to report@Phishing.gov.uk if you receive it. Error! Filename not specified. GOV.UK Error! Filename not specified. HM Revenue & Customs CONFIRM YOUR IDENTITY Email sent to: Your email address We need you to confirm your identity as soon as possible. Link removed This is
How to identify HMRC related scams
Source – HMRC Check what to look for first Use the following checklist to decide if the contact you’ve received is a scam. You can use it for phone calls, emails and text messages. It could be a scam if it: rushes you is threatening is unexpected asks for personal information like bank details tells
Find the VAT accounting scheme for you
Source: HMRC Whatever your knowledge of VAT may be – take advantage of our online help and support. Register for the following live webinars, during which you can ask questions using the on-screen text box: VAT – the basics and the VAT return During this live webinar, we’ll be discussing: • what VAT is and
Requesting changes to VAT registration details
Source – HMRC From 5 August 2024, any request to change your VAT registration details should be made using the VAT online account, and not by using the VAT484 form or any other postal or electronic means. Using the digital route is quicker, more secure and will avoid any unnecessary delays. For customers that are