Finance Act 2025 receives Royal Assent
Finance Act 2025 receives Royal Assent The first Finance Act of the Labour government has gained Royal Assent and passed into law. The Finance Act 2025 makes major changes to the tax rules for non-doms, removes the VAT exemption for private school fees, increases some rates of Capital Gains Tax (CGT) and Stamp Duty Land
Side hustle trading threshold raised to £3,000 per year
Side hustle trading threshold raised to £3,000 per year. The reporting threshold for trading income for self assessment is being lifted from £1,000 to £3,000 gross within this parliament, according to the Treasury. This includes people trading clothes online, dog-walking or gardening on the side, driving a taxi, or creating content online. The Treasury says
HMRC will reduce late payment and repayment interest rates from 25 February following the cut in the base rate.
HMRC will reduce late payment and repayment interest rates from 25 February following the cut in the base rate. The Bank of England cut the base rate to 4.5% on 6 February, triggering a 0.25% cut in HMRC interest rates which are pegged to the base rate. From 25 February, the late payment interest rate
The government has launched a consultation on plans for the rollout of electronic invoicing (e-invoicing) in the UK.
The government has launched a consultation on plans for the rollout of electronic invoicing (e-invoicing) in the UK. The 12-week consultation is being jointly conducted by HMRC and the Department of Business and Trade (DBT) and will consider whether to make e-invoicing mandatory for businesses in the UK. E-invoicing is the digital exchange of invoice
Use of Overseas Funds & Tax Implications
“My client is a UK resident, but non-UK domiciled and claims the remittance basis of taxation as they have significant income arising from their home country which they do not usually remit to the UK. To celebrate his daughter’s 17th birthday, he is considering buying her an Audi RS3 from his overseas income to practice
HR and Employment Information
Q. My client is a hairdresser with an attached training academy, and they employ several people on national minimum wage (NMW) and national living wage (NLW), some of which are apprentices working in the training part of the business. They are thinking about the practical implications for their business, especially as recently they have taken
Inheritance Tax Plans For Pensions.
Investment companies call on chancellor to ditch inheritance tax raid on pensions. Investment companies have called on the chancellor to ditch budget plans to apply inheritance tax on undrawn pensions. A letter penned by the chief executives of AJ Bell, Hargreaves Lansdown, Interactive Investor and Quilter, which collectively manage £430bn of investments for UK customers,
How the self-employed can claim tax relief on expenses
The self-employed have numerous business expenses — however, some of the expenses are deductible to calculate the taxable profit on which tax is payable. These expenses are called allowable expenses. Example: Sales £75,000 Allowable Expenses £21,000 Taxable profit £54,000 Tax is charged on the taxable profit. The following explains what an allowable expense
HMRC has published the latest issue of the Employer Bulletin.
Latest guidance for employers HMRC has published the latest issue of the Employer Bulletin. The December issue has information on various topics, including: employer National Insurance contributions and Employment Allowance changes announced at Autumn Budget 2024 automatic enrolment duties for festive season workers confirming plans to mandate the reporting of benefits in kind through payroll