While there’s been a lot in the news about the effect of the changes to Inheritance Tax (IHT) announced in the 2024 Autumn Budget on farmers, the impact on business owners has been less well publicised. 

If you own an interest in a business worth more than £1 million then your exposure to Inheritance Tax (IHT) could increase from April next year.

HMRC has announced that the mandatory payrolling of Benefits in Kind (BIKs) will now come into effect from April 2027.

Previously, the change to require employers to report and pay the Income Tax and Class 1A national Insurance Contributions (NICs) on Benefits in Kind via payroll software rather than being submitted via annual P11D forms had been due to come into force from April 2026. 
 

Following the announcements in the Budget a review of your inheritance tax position is perhaps even more important than ever.
 

Moore East Midlands is pleased to announce the addition of Laura Blows as Senior Tax Manager in the Peterborough office.

Key headlines from the Spring Budget 2024. 

A large number of taxpayers are at risk of a fine if they miss a key deadline at the end of July.

The Government recently announced important changes to the R&D scheme for companies claiming under either the Small and Medium Enterprise (SME) scheme and/or the RDEC scheme.  These changes impact on the amount of tax relief/repayments due in respect of expenditure incurred on or after 1 April 2023.

If you are aged between 45 and 70 it is important to check that you have, or expect to have, made sufficient National Insurance contributions to qualify for the full State Pension.

In preparation for the introduction of Making Tax Digital in April 2024 there are significant changes to the way profits from self-employment and partnership profit shares (including LLPs (Limited Liability Partnerships)) will be taxed from April 2023.   

Following on from the previously announced U-turns on Corporation Tax and the top rate of income tax, new Chancellor Jeremy Hunt has today announced plans to scrap ‘almost all’ the tax cuts announced in the ‘mini-Budget’ on 23 September.
 

If you’re a sole trader running a small business, it is safe to say that you’ll be incurring business expenses.

Changes to the research and development (R&D) tax credits regime will see new requirements which mean that all future applications will need to be submitted online and applicants will need to pre-register claims regardless of the size of the business. 

From 1 April 2022, the UK government introduced a new Plastic Packaging Tax (PPT) at a rate of £200 per metric tonne to incentivise businesses to increase their use of recycled plastic and combat the level of single use plastic heading towards landfill or incineration.

From April 2023, second homeowners will be required to provide proof that their property is an operating holiday let to qualify for small business rates relief.
 

For those struggling from the pressures of Covid-19, HMRC has announced that it will be extending the deadline for Self Assessment taxpayers for one month.
 

You can claim the 5^th SEISS grant if you are self-employed and if you think that your business profit will be impacted by coronavirus (COVID-19) between 1 May 2021 and 30 September 2021.

All zero emission cars (i.e. fully electric) will have no Benefit in Kind (BIK) for 2020-2021.

Chartered Accountants Moore East Midlands, which has offices in Peterborough, Corby and Northampton has launched a new Probate Service to complement their existing Trusts and Estates and Inheritance Tax planning services.

An overview of the tax rules around Furnished Holiday Lettings

The Capital Allowances Act has now been amended to extend the 100% first year allowances for zero-emission cars, zero-emission goods vehicles, and equipment for gas refuelling stations by four years, until 31 March 2025.

HMRC have today announced that Self-Assessment customers will not receive an automatic penalty for filing their 2019-20 tax return late, provided it’s filed online by 28‌‌ ‌February 2021. 

As we enter another week of coronavirus lockdown HMRC have confirmed that company car drivers must still suffer a Benefit-in-Kind tax charge where they have access to private use of their vehicles.   We look at the implications for company car drivers. 

The self-employed can now check their eligibility for the Self-Employment Income Support Scheme (SEISS). 

We look at the rules around what the Directors of owner managed businesses can claim for when their employees are working from home. 

The working from rules are not new but are certainly more relevant than ever as larger numbers of employees are required to work from home due to the COVID-19 pandemic. 
 

HMRC have announced a review of 2016/17 tax returns. 

If you have not already taken a dividend from your company during the 2017/2018 tax year please be aware that to benefit from the £5,000 dividend allowance (0% tax rate) a dividend needs to be taken on or before 5 April 2018. 

In the Spring Budget 2017 the Chancellor Philip Hammond announced that the plans for the introduction of Making Tax Digital have been relaxed as a result of concerns raised to HMRC during the consultation period. 

Thinking of changing your car? Be aware of new road tax changes from 1 April 2017 which could see you paying more in tax. 

You’ve probably seen the headlines such as ‘the end of the Tax Return’ and heard the Government talk about ‘reducing the burden’ for tax payers by building a ‘transparent and accessible tax system for the digital age’, but you may not be aware of what the changes will mean for you. Senior Tax Adviser Matthew Grief from the Moore Peterborough office explains what impact the proposed changes will have on the tax payer.