Background Since April 2020, taxpayers that have a Capital Gains Tax (CGT) liability from the disposal of UK residential property have been required to complete a “CGT on UK Residential Property Return” in order to declare and pay the tax due within 60 days of completion. This reporting requirement means that upon a potential disposal, taxpayers must assess their CGT position as...
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 September 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: Corporation Tax Payment Reminders To Stop
Background HM Revenue & Customs (‘HMRC’) generally issue a corporation tax payment reminder about a month before the normal payment date, unless the company has already submitted its corporation tax return. Where a company has an agent appointed with HMRC this reminder will go to the agent only. HMRC is keen to encourage companies and agents to use its digital services and...
Muras Matters: Government Confirms Changes to Inheritance Tax Reliefs
Background The Government has recently published draft legislation confirming that the changes to Inheritance Tax (IHT) Business Property Relief (BPR) and Agricultural Property Relief (APR) announce in the Autumn 2024 Budget are to proceed with effect from 6 April 2026, largely as previously announced. Whilst there is a lot of detail in the draft legislation, it has confirmed that the rate of...
Muras Matters: Jointly Held Property and Form 17 Declaration
Background It is relatively common for an asset, such as an investment property, to be jointly held in the names of a married couple (or civil partners). The general rule for such assets is the individuals are treated for income tax purposes as being beneficially entitled to the property income in equal shares. This is sometimes referred to as the ’50:50 rule’. However,...
Muras Matters: Share Losses & Negligible Value Claims
Background Negligible value claims can be a valuable relief which is often easy to overlook. Taxpayers who own assets that have become worthless can make a negligible value claim to reduce their tax liability. Shares are a good example of assets which can easily become worthless, if companies become insolvent. HM Revenue & Customs (‘HMRC’) have an ‘approved list’ of shares which...
Muras Matters: HMRC To Fine Crypto Investors For Non-disclosure
Background When an investor realises the value of a crypto asset and makes a profit they may be required to report this on their Self Assessment tax return and pay Capital Gains Tax (‘CGT’) by the 31 January following the end of the tax year. From 1 January 2026, UK crypto holders will have to provide personal details to crypto service providers...
Muras Matters: July 2025 Self-Assessment Payment on Account
Background Taxpayers registered under Self Assessment will need to make their second payment on account for the 2024/25 tax year by the deadline of 31 July 2025. HM Revenue & Customs (HMRC) generally issue Self Assessment statements as a reminder of the payment they are required to make by 31 July and individuals will recently have started receiving these in the post. However,...
Muras Matters: Beneficial Loan Interest Increased by HMRC
Background Where a loan is provided to a director or an employee by their company, interest free or below the official rate of interest, then a Benefit In Kind (BIK) can arise on loans above £10,000. The BIK is calculated on the loan at the ‘beneficial rate’, less any actual interest paid by the individual. HM Revenue & Customs (HMRC) has increased the...
Muras Matters: Class 2 National Insurance Contributions Calculation Errors by HMRC
Background Class 2 national insurance contributions (NIC) are payable by sole traders and partners in a partnership as part of their self-assessment tax return submission and help build entitlement to certain benefits and the state pension. For the 2024/25 tax year class 2 NICs are not required for those sole traders or partners in a partnership with profits in excess of £6,725. However,...