Tax News

HMRC nudge letters are on the rise!

HMRC nudge letters are on the rise!

Date posted: 23rd Jul 2024

We are aware that HMRC is sending more letters to taxpayers to “nudge” them to check their tax returns are in order and to encourage the taxpayer to…

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Trivial benefits – they aren’t taxable, are they?

Trivial benefits – they aren’t taxable, are they?

Date posted: 23rd Jul 2024

Since April 2016, there has been an exemption to cover tax becoming due on trivial benefits. This was intended to avoid tax becoming due on ad-hoc gifts such…

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Letting through a company – what do you need to consider

Letting through a company – what do you need to consider

Date posted: 23rd Jul 2024

Many potential landlords that we speak to, are considering using a limited company to hold property investments. This is due to a multitude of reasons such as: The…

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Further tax return penalties on the horizon?

Further tax return penalties on the horizon?

Date posted: 23rd Jul 2024

The deadline for filing your 2022/23 self assessment tax return was 31 January 2024. If you have still not filed the tax return, there will be significant late…

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Tax relief on charitable donations

Tax relief on charitable donations

Date posted: 23rd Jul 2024

If you make donations to charity, you can benefit from tax relief on those donations. This can be achieved in various ways. Gift Aid If you are a…

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PAYE settlement agreement– what is it?

PAYE settlement agreement– what is it?

Date posted: 12th Jun 2024

In simple terms, a PAYE settlement agreement (or PSA for short) is a way of an employer settling tax bills for employees, on amounts which may be deemed…

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Employment taxes – what are HMRC targeting?

Employment taxes – what are HMRC targeting?

Date posted: 12th Jun 2024

Employment taxes can be a minefield when it comes to not only salary payments but benefits-in-kind. It is very important to understand the implications of employment taxes and…

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Interest on children’s bank accounts – could it be taxed on the parents

Interest on children’s bank accounts – could it be taxed on the parents

Date posted: 12th Jun 2024

Given the recent rises in interest rates, everyone with savings is enjoying a higher return of interest paid by their banks. It is important to remember that tax…

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HMRC scam letters on the rise?

HMRC scam letters on the rise?

Date posted: 12th Jun 2024

We have been contacted by some clients, who have received letters from “HMRC” asking them to pay unpaid tax and PAYE liabilities. The letters appear to be genuine…

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VAT bank details held by HMRC – are they up to date?

VAT bank details held by HMRC – are they up to date?

Date posted: 11th Jun 2024

We understand that HMRC is altering a number of businesses to check the bank details held by HMRC. Whilst we understand a letter from HMRC may be daunting…

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