Background As the tax year is nearing its end most pre year-end tax planning will have been completed or should be well under way. However, there may still be some measures which can be undertaken to improve your tax position before the end of the tax year. Here are our top five tips to consider: Top Five Tips Make full use of your personal...
Muras Matters: Looming Road Tax Bill For EV Owners
Background Currently owners of electric vehicles benefit from a road tax exemption. This means there is no charge for motorists when taxing their electric vehicles. From April 2025 this exemption will be ending and electric vehicle (EV) owners will be charged up to £620 in road tax going forward. This change was originally announced in the Budget in 2022 under the then...
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 2025. The rates are intended to give guidance to employers about what is an acceptable fuel allowance to reimburse employees for use of...
Muras Matters: Claiming Tax Relief for Pension Contributions Now Available Online
Background Tax relief is available on personal contributions to a registered workplace or personal pension scheme. Tax relief is usually given automatically however in some instances taxpayers are required to claim the relief themselves. This can be the case where: a taxpayer pays income tax at a rate above 20% and the pension provider re-claims the first 20% (relief at source) the pension...
Muras Matters: National Insurance Contributions Deferral
Background There is a limit on Class 1 National Insurance contributions (NIC) employees with more than one job have to pay. To avoid paying too much National Insurance over the tax year employees with more than one job may be allowed to defer paying Class 1 NIC on their other jobs. If allowed to defer NI payments, an employee will pay...
Muras Matters: Online Platform Selling and Data Reporting
Background From January 2024 digital platforms were required to start collecting seller data to report to HM Revenue & Customs (‘HMRC’). Whether it is the selling of second hand clothing, unwanted Christmas presents, or another form of online income, digital platforms such as eBay, Vinted, Esty and Airbnb are now required to collate and report data to HMRC. The first reporting year...
Muras Matters: 31 January Self Assessment Deadline 5.4 million returns still to file!
Background A Happy New Year to all, and a reminder that the Self Assessment Tax Return deadline for the year ended 5 April 2024 is fast approaching. In fact today HM Revenue & Customs (HMRC) have issued a prompt regarding the deadline, and have estimated there are some 5.4 million taxpayers who they expect still need to complete a return. Returns must be submitted online...
Muras Matters: Budget 2024 – Inheritance Tax Changes
Background This week in Muras Matters we will look in more detail at the proposed changes to Inheritance Tax (IHT) which were announced in the recent Autumn Budget. The IHT nil-rate band of £325,000 and the IHT residential nil-rate band of £175,000 will now be frozen for two further years to 5 April 2030. Significant changes to the reliefs that are available for qualifying...
Muras Matters: Budget 2024 – Round Up of Other Changes
Background This week in Muras Matters we will look in more detail at the some of the other changes announced in the Budget 2024 that perhaps did not fully catch the headlines but which are likely to be of an impact to a wide range of taxpayers. Increases in the Stamp Duty Land Tax rates were announced but less published has...
Muras Matters: Budget 2024 – Employers National Insurance Changes
Background This week in Muras Matters we will look in more detail at the changes to Employers National Insurance which were announced in the Budget 2024. From April 2025, the rate at which employers will pay national insurance contributions (NIC) on an employee's earnings will increase from 13.8% to 15%. In addition the threshold at which employers NIC becomes payable will reduce. To help smaller businesses...