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...
Skills Bootcamps
Skills Bootcamps help you develop new skills that employers are looking for. They are a great opportunity to train in a new industry or progress in your current career. Types of Skills Bootcamps There are hundreds of Skills Bootcamps available across many areas, for example: digital, including data engineering, software development and marketing; technical, including construction and engineering; green, including electric vehicle maintenance and heat...
Muras Matters: HMRC U-Turn on Double Cab Pickups
Background In last week’s Muras Matters we reported on the announcement by HMRC that from 1 July 2024 they would be changing their guidance on double cab pickups and that for benefit-in-kind purposes (BIK) they would no longer be classified as vans and individuals would be taxed at the higher rates for company cars. How quickly things change in tax (although not...
Self-Assessment tax returns 2023-24
We have just passed the filing deadline for the 2022-23 tax year, and any 2022-23 returns filed after 31 January 2024 will be subject to late filing penalties. However, this post is focussed on processing your returns for 2023-24 and the message is, lets get your returns processed as soon as possible after 5 April 2024. What could delay this process? Salary earners...
Muras Matters: Increase in Tax for Double Cab Pickups
Background For over two decades double cab pickup trucks have been classified as vans for company car tax purposes. They have therefore been a popular choice for many as a company vehicle in order to benefit from the lower tax charge than is otherwise applicable to company cars. HM Revenue and Customs (HMRC) have however recently revisited their interpretation of the treatment...
Timing in business is everything
In a previous blog post we outlined the importance of reviewing your income before the end of the current tax year. The message was a simple one, any meaningful planning has to be implemented - for 2023-24 – before 6 April 2024, the end of the tax year. A similar deadline applies to business planning, but the deadline is not focussed...
Support for thousands of pubs
More than 38,000 pubs will benefit from the six-month freeze on alcohol duty from 1 February 2024. According to HM Treasury: The great British pub receives further boost from I February as a six-month alcohol duty freeze to 1 August 2024 takes effect. This tax saving will help support around 38,175 pubs to face rising costs. Duty freeze comes in addition to £4.3...
Muras Matters: HMRC Targets Undeclared Dividend Income
Background In the latest letter campaign, HM Revenue and Customs (HMRC) have recently begun writing to company owners they suspect may have failed to declare dividend income from their company. The letters invite the recipient to either report any undeclared dividend income or else confirm to HMRC that there is no further income to declare. Detail HMRC has started to write to company owners...
Keep an eye on your income for 2023-24
As you are probably aware the 2023-24 tax year ends on 5 April 2024. After this date, most of the opportunities to arrange your tax affairs in the most advantageous way end and action to reduce your tax payments must be taken before this date. Accordingly, we have less than two months to get organised. We have listed below a few of...