The Government has withdrawn draft regulations for company reporting after consultation with businesses raised concerns about imposing additional requirements. Instead, the Government will pursue options to reduce the burden of red tape to ensure the UK is one of the best places in the world to do business. Draft regulations published in July would have added certain additional corporate and company reporting...
Muras Matters: Charging of Electric Vehicles
Background We have reported in the past on the tax implications for both the employer and employee of providing and using electric vehicles within businesses. Generally, it is well understood that electric vehicles are very tax-efficient and the government offers a number of tax reliefs to incentivise their use and provision. As with many areas of tax however there are grey areas,...
Question of the day -Why does tax year start on April 6?
If you have ever stopped to ask yourself, why does the tax year start on April 6, you are definitely not alone. The idea that the tax year doesn’t begin until we are a quarter of the way into the year is a somewhat perplexing concept for many. Accountants and taxpayers alike often wonder why this seemingly arbitrary date was chosen...
FSCS provides confidence when headlines are negative
When a bank hits the headlines, it isn’t usually for good reasons. Such is the case for Metro Bank which has found itself the talk of the town. Share prices took a massive dip amid concerns for its future, although the news has improved with a £925m investment package preventing it from collapsing. But, while the talk in the media is all...
Muras Matters: Pension Housekeeping
Background There are many things to consider as you approach retirement. It is good to start by reviewing your finances to ensure your future income will allow you to enjoy the lifestyle you want and typically this will comprise the State Pension, any work place pensions and many will have also chosen to make personal pension provisions. HMRC offer the following useful...
Tougher measures to support small businesses in battle against late payments
Tougher measures to address late payments to small businesses have been announced by the Government. In 2022, SMEs were owed, on average, an estimated £22,000 in late payments. This can slow down growth with many companies spending disproportionate time chasing payments that can lead to cash flow problems. Small Business Minister Kevin Hollinrake said: “Small businesses form a crucial part of large...
Major increase to National Living Wage and its impacts
Two million people will receive a pay rise next year when the National Living Wage increases to at least £11 an hour. It means the annual earnings of a full-time worker on the National Living Wage – currently set at £10.42 an hour – will rise by more than £1,000. It will be welcome news for the lowest paid, but some commentators...
Almost 430k young adults urged to claim their cash
Hundreds of thousands of young adults have an average of £2,000 sitting unclaimed in Child Trust Funds. The long-term, tax-free savings accounts were set up for every child born between September 2002 and January 2011, with the Government contributing an initial deposit of at least £250. Funds can be withdrawn once the account matures when the child turns 18; however, almost 430,000...
Winter Fuel and Cost of Living payments
A raft of money changes comes into play this month which could affect your finances, and as we are approaching the winter season – dark nights and lower temperatures – these support payments to help with energy costs will be gratefully received. These include adjustments to the Ofgem energy price caps, while the latest Cost of Living payment will land for...
Muras Matters: Payment of Tax by Open Banking
Background HM Revenue & Customs (HMRC) would like to promote the use of its ‘Pay by Bank Account’ service which is available from online filing services. This service makes use of opening banking technology. Detail HMRC’s embrace of open banking is part of a significantly bigger picture in terms of central government tax payments and collection in the UK, and the overall aim...