The VAT Flat Rate scheme is open to VAT registered businesses that expect their taxable turnover in the next 12 months to be no more than £150,000, excluding VAT. The annual taxable turnover limit is the total of everything that a business sells during the year that is not VAT exempt. Under the scheme rules, businesses pay VAT as a fixed...
Reporting employee changes to HMRC
There are rules that businesses must follow when they are reporting employee changes. These changes must be sent to HMRC using a Full Payment Submission (FPS). The FPS is a submission that is required every time you pay your employees and must be submitted on or before the usual date you pay your employees. The information provided on an FPS...
File early to have self-assessment tax coded out
The coding out threshold may entitle you to have tax underpayments collected via your tax code when you are in employment or in receipt of a company pension. Instead of paying off debts in a lump sum, money is collected in equal monthly instalments over the tax year. If you want to benefit from this opportunity to pay tax due on...
Tax Diary March/April 2024
1 March 2024 - Due date for Corporation Tax due for the year ended 31 May 2023. 2 March 2024 – Self-Assessment tax for 2022-23 paid after this date will incur a 5% surcharge unless liabilities are cleared by 1 April 2024, or an agreement has been reached with HMRC under their time to pay facility by the same date. 19 March...
Budget summary 6 March 2024
As expected, the Chancellor has found wriggle room in his fiscal rules that have allowed him to please his fellow Conservatives by reducing the impact of taxation. Not an unfamiliar tactic for a government in a general election year. The impact of tax changes announced are summarised below. Impact on personal finances Further fall in employee National Insurance contributions (NIC) As expected, the Chancellor...
Muras Matters – Budget 2024: A Budget for Long Term Growth
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...