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 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: Claiming Tax Relief for Pension Contributions Now Available Online
Background Tax relief is available on personal contributions to a registered workplace or personal pension scheme. Tax relief is usually given automatically however in some instances taxpayers are required to claim the relief themselves. This can be the case where: a taxpayer pays income tax at a rate above 20% and the pension provider re-claims the first 20% (relief at source) the pension...
Muras Matters: National Insurance Contributions Deferral
Background There is a limit on Class 1 National Insurance contributions (NIC) employees with more than one job have to pay. To avoid paying too much National Insurance over the tax year employees with more than one job may be allowed to defer paying Class 1 NIC on their other jobs. If allowed to defer NI payments, an employee will pay...
Muras Matters: Online Platform Selling and Data Reporting
Background From January 2024 digital platforms were required to start collecting seller data to report to HM Revenue & Customs (‘HMRC’). Whether it is the selling of second hand clothing, unwanted Christmas presents, or another form of online income, digital platforms such as eBay, Vinted, Esty and Airbnb are now required to collate and report data to HMRC. The first reporting year...
Muras Matters: 31 January Self Assessment Deadline 5.4 million returns still to file!
Background A Happy New Year to all, and a reminder that the Self Assessment Tax Return deadline for the year ended 5 April 2024 is fast approaching. In fact today HM Revenue & Customs (HMRC) have issued a prompt regarding the deadline, and have estimated there are some 5.4 million taxpayers who they expect still need to complete a return. Returns must be submitted online...
Muras Matters: Budget 2024 – Inheritance Tax Changes
Background This week in Muras Matters we will look in more detail at the proposed changes to Inheritance Tax (IHT) which were announced in the recent Autumn Budget. The IHT nil-rate band of £325,000 and the IHT residential nil-rate band of £175,000 will now be frozen for two further years to 5 April 2030. Significant changes to the reliefs that are available for qualifying...
Muras Matters: Budget 2024 – Round Up of Other Changes
Background This week in Muras Matters we will look in more detail at the some of the other changes announced in the Budget 2024 that perhaps did not fully catch the headlines but which are likely to be of an impact to a wide range of taxpayers. Increases in the Stamp Duty Land Tax rates were announced but less published has...
Muras Matters: Budget 2024 – Employers National Insurance Changes
Background This week in Muras Matters we will look in more detail at the changes to Employers National Insurance which were announced in the Budget 2024. From April 2025, the rate at which employers will pay national insurance contributions (NIC) on an employee's earnings will increase from 13.8% to 15%. In addition the threshold at which employers NIC becomes payable will reduce. To help smaller businesses...
Muras Matters: Budget 2024 – Capital Gains Tax Changes
Background Following last Wednesday’s Budget, this week in Muras Matters we will look in more detail at the changes announced to Capital Gains Tax (CGT) as some of the changes will have an immediate impact on tax rates and allowances. As part of last week’s Budget, the Chancellor, Rachel Reeves, announced that with effect from 30 October 2024, the main rates of CGT...
Muras Matters: The Budget – Change Must Be Felt!
Rachel Reeves, Britain’s first female Chancellor, has just sat down from delivering her maiden Budget. This is Labour’s first Budget for 14 years since coming into power in July 2024. Based on her speech and ending months of speculation, some of the most significant tax changes announced were as follows: Employment Tax Measures Employers National Insurance will increase from 13.8% to...