The Chancellor has just sat down from delivering his Budget speech with one or two surprise announcements. Based on the speech and supporting documents, we have picked out some key areas of change: Property Taxes The higher rate of capital gains tax on residential properties will reduce from 28% to 24% from April 2024. The favourable tax regime for Furnished Holiday...
New measures to trim energy bills
Government has announced a new package of measures to help families save on energy costs and access cheaper deals as figures published recently show energy prices are set to fall to their lowest level since Putin’s invasion of Ukraine. Ofgem confirmed the price cap The maximum amount a typical household pays for gas and electricity – will fall by £238 from April. Long-term...
Muras Matters: Company Cars Changes to Advisory Fuel Rates
This Bulletin is aimed at company car drivers (and their employers) who are not provided with fuel for private mileage HM Revenue and Customs (HMRC) have updated their advisory fuel rates for company cars with effect from 1 March 2024. The rates are intended to give guidance to employers about what is an acceptable fuel allowance to reimburse employees for use of...
Are you missing out on the Marriage Allowance?
According to HMRC, couples who are married or in civil partnerships could be due a financial boost by sharing unused tax allowances. HMRC has revealed that March is the most popular month for Marriage Allowance (MA) applications, with almost 70,000 couples applying in March last year. And with the option to backdate their claim for the previous 4 tax years, eligible...
Government backtracks on Double Cabs Pickups
This update is only with reference to DCPUs with a payload of one tonne or more. DCPUs with a payload of less than one tonne continue to be treated as cars. On Monday 12 February 2024 HMRC updated its guidance on the tax treatment of Double Cab Pick Ups (DCPUs), following a 2020 Court of Appeal judgment. The guidance had confirmed...
Skills Bootcamps
Skills Bootcamps help you develop new skills that employers are looking for. They are a great opportunity to train in a new industry or progress in your current career. Types of Skills Bootcamps There are hundreds of Skills Bootcamps available across many areas, for example: digital, including data engineering, software development and marketing; technical, including construction and engineering; green, including electric vehicle maintenance and heat...
Muras Matters: HMRC U-Turn on Double Cab Pickups
Background In last week’s Muras Matters we reported on the announcement by HMRC that from 1 July 2024 they would be changing their guidance on double cab pickups and that for benefit-in-kind purposes (BIK) they would no longer be classified as vans and individuals would be taxed at the higher rates for company cars. How quickly things change in tax (although not...
Self-Assessment tax returns 2023-24
We have just passed the filing deadline for the 2022-23 tax year, and any 2022-23 returns filed after 31 January 2024 will be subject to late filing penalties. However, this post is focussed on processing your returns for 2023-24 and the message is, lets get your returns processed as soon as possible after 5 April 2024. What could delay this process? Salary earners...
Muras Matters: Increase in Tax for Double Cab Pickups
Background For over two decades double cab pickup trucks have been classified as vans for company car tax purposes. They have therefore been a popular choice for many as a company vehicle in order to benefit from the lower tax charge than is otherwise applicable to company cars. HM Revenue and Customs (HMRC) have however recently revisited their interpretation of the treatment...
Timing in business is everything
In a previous blog post we outlined the importance of reviewing your income before the end of the current tax year. The message was a simple one, any meaningful planning has to be implemented - for 2023-24 – before 6 April 2024, the end of the tax year. A similar deadline applies to business planning, but the deadline is not focussed...