The 2020/21 tax year saw 1.4 million people charged interest on overdue tax payments – a 15 per cent increase on pre-pandemic figures. The data… Read More »Late interest penalties hit 1.4 million taxpayers – and it could get worse

With a growing number of company car owners using electric vehicles, many are deciding or being permitted to use company credit cards to pay for… Read More »Roadside charging – How to account for credit card payments

There have been several important tax decisions previously regarding the difference between vans and cars, but how do the different rules regarding electric vans affect… Read More »Car vs Van – Tax treatment of electric vehicles

A new ‘failure to prevent fraud’ offence is being introduced by the Government to encourage businesses to do more to deter offending, which will ultimately… Read More »Businesses must get to grips with a Government crackdown on fraud committed by employees

As a business owner, determining the ideal salary for company directors can be tricky. Often, most directors will want to balance their salary and dividend… Read More »Striking the perfect balance: Director’s salary and dividends for 2023/24

The High Income Child Benefit Charge (HICBC) was introduced in 2013 and was set up to charge tax on individuals claiming child benefits who were… Read More »683,000 higher rate taxpayers opt out of child benefit as thresholds remain frozen

Residential landlords are the latest group to have been targeted in receiving ‘nudge’ letters from HM Revenue & Customs (HMRC). The letters are part of… Read More »Landlords are latest group targeted by HMRC ‘nudge’ letters

The Residence Nil Band Rate (RNRB) was introduced by the Government in 2017 and benefits families passing on their main property to a direct descendent.… Read More »What is the Residence Nil-Band Rate? And why does it matter to you?

Changes to personal tax allowances and higher interest rates have seen a growing number of people being affected by fiscal drag.   Fiscal drag is the… Read More »Fiscal drag bites on earners

The way in which Student Loans are repaid is changing and employers need to be prepared. Currently, graduates and students who have taken out student… Read More »Changes to the repayment of Student Loans begin in August