Background Employers will generally already be aware of the current requirement to report to HM Revenue & Customs (HMRC) the benefits and expenses provided to employees and directors each tax year on forms P11D and P11D(b) unless a business has chosen to voluntarily adopt the payrolling of benefits in kind (‘BIK’). The deadline for submitting these forms for the 2025/26 tax...
Muras Matters: Increase In Corporation Tax Late Filing Penalties
Background The filing deadline for a company to submit a corporation tax return to HM Revenue & Customs (HMRC) for an accounting period is 12 months after the end of that accounting period, which is usually the same as its financial period end. Penalties apply where a return is submitted late. For corporation tax returns that have a filing date of 1...
Muras Matters: Employment Related Securities – Annual Reporting
Background Where an individual acquires or receives a security in a company, either in the form of shares or other type of security, by virtue of their employment then it falls under the legislation of Employment Related Securities (“ERS”). Companies have a requirement to report to HM Revenue & Customs (HMRC) in respect of almost all share and securities acquisitions in any circumstances by a director, company...
Muras Matters: Increase in Tax on Dividends and Directors’ Loans
Background As part of the Budget in November 2025, the Chancellor, Rachel Reeves, announced that both the basic rate and higher rate of tax on dividends would increase by 2%. That increase has now taken effect from 6 April 2026, the start of the new tax year for 2026/27, and owner-managed businesses in particular may need to factor this tax increase...
Muras Matters: Year End Tax Tips
Background As the tax year is nearing its end most pre year-end 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 income...
Muras Matters: Tax on Residential Property Owned by a Company
This Bulletin is aimed at limited companies who own, develop or let residential property Annual Tax on Enveloped Dwellings (ATED) The ATED charge is a tax on residential property which is owned through a corporate vehicle. It was introduced in 2013 primarily to prevent non-resident investors from avoiding Stamp Duty by owning their UK residence through a company. The legislation is drafted...
Muras Matters: Tax Code Changes
Background From April 2026, employment expenses and gift aid will be removed from the tax codes of some taxpayers where HM Revenue & Customs (HMRC) data shows that they are unlikely to be accurate or relevant. Individual’s impacted by this are likely to be in the process of receiving a new tax code from HMRC for the 2026/27 tax year if...
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 2026. The rates are intended to give guidance to employers about what is an acceptable fuel allowance to reimburse employees for use of...
Muras Matters: Making Tax Digital for Income Tax Self-Assessment – Final Reminder
Background Following several postponements by the government, Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) will commence for landlords and sole traders with qualifying income over £50,000 from April 2026. More individuals will gradually be brought into MTD ITSA as the income level requirement will reduce to those with income over £30,000 from April 2027 and to £20,000 from April 2028. Detail MTD ITSA...
Muras Matters: Changes to Inheritance Tax Reliefs Threshold
Background The Government, just before Christmas, announced a major U-turn on the change to the threshold for Inheritance Tax (IHT) Business Property Relief (BPR) and Agricultural Property Relief (APR) previously announced in the Autumn 2024 Budget and set out in our Muras Matters of 4 August 2025 ‘Government Confirms Changes to Inheritance Tax Reliefs’. The change has been widely welcomed following...