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...
Muras Matters: Evidence Now Needed To Claim Employment Expenses
Background Individuals have been able to submit a digital form or telephone HM Revenue & Customs (HMRC) in order to claim tax relief for employment expenses not reimbursed by their employer, such as professional subscriptions, for some time now. The tax relief is provided through PAYE on amounts claimed of up to £2,500. Historically employees have not needed to provide evidence of these...
Muras Matters: Beware The Filing Deadline For Paper Returns
Individuals who need to submit a self-assessment tax return can choose whether to submit their tax returns by posting paper forms to HM Revenue & Customs (“HMRC”), or to file a return online. Individuals filing a paper return but wanting to calculate their own tax will need to request the tax calculation summary pages, as these will not automatically be supplied. In general, HMRC no...
Muras Matters: Beware The Tax On Savings Interest And Other Allowance Reductions
Background Savings interest has been paid without the deduction of tax for some time now and that change coincided with the introduction of a tax free personal savings allowance (PSA). Historically most people have not needed to worry about paying tax on their savings income as interest rates have been so low that the PSA has been sufficient to cover most...
Muras Matters: EIS and VCT Schemes Extended
Background The Enterprise Investment Scheme (“EIS”) and Venture Capital Trust (“VCT”) are share schemes approved by HM Revenue & Customs (HMRC) with beneficial tax advantages for individuals investing in small and medium-sized companies. There are a number of conditions that must be met in order for an investment to qualify for tax relief. One of these conditions is that the shares in...
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 2024. The rates are intended to give guidance to employers about what is an acceptable fuel allowance to reimburse employees for use of...
Effects of the US presidential election
The American presidential election may have significant effects on the United Kingdom, impacting various aspects of the relationship between the two countries. Here are some key areas where the UK might feel the influence: 1. Trade Relations Post-Brexit Trade Deals: The UK's ability to negotiate a favourable trade deal with the US is closely tied to who is in the White House....