Background The government announced last week that winter fuel payments will be reinstated this year for all pensioners in England and Wales with an income of £35,000 or less per annum. This represents a U-turn from last year when the decision was made to limit winter fuel payments to only those pensioners in receipt of pension credits. The tax-free payments will automatically be...
Muras Matters: HMRC Targets Persons With Significant Control
Background Last year as part of its one-to-many letter campaigns, HM Revenue and Customs (HMRC) wrote to persons with significant control (PSC) who had not filed a tax return or they suspected may not have declared all their income. HMRC is now again writing to individuals identified as having significant control over a company to check if they have declared all of...
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 June 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: 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 – Mandatory Payrolling of Benefits In Kind Delayed
Background The government have recently announced that the introduction of mandatory payrolling of benefits in kind (‘BIK’) which had been due to start from 6 April 2026 has now been delayed until 6 April 2027. In addition, there will be no penalties during the first year of operation, except for any gross abuse of the system. The delay follows the raising of concerns...
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: Spring Statement – Making Tax Digital for Income Tax Self-Assessment
Background Although the Chancellor’s Spring Statement was fairly quiet in relation to taxation, one of the announcements made confirmed that which was expected by most tax professionals, the threshold for compliance with Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) will be reduced again to bring more taxpayers under the digital regime of reporting. It has been widely publicised that MTD...
Muras Matters: National Insurance For Directors
Background The rate and threshold for employers national insurance (NI) are to change from 6 April 2025. These changes will impact directors who draw a ‘small’ salary from their business, as well as their employees, so it is important to understand what those changes entail. Detail From April 2025 the Secondary Threshold (the point at which an employer starts making NI Contributions) reduces...
Muras Matters: Year End Tax Tips
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...