Business and agricultural property reliefs
Draft legislation has been published giving more insight into how and when proposed restrictions to two major inheritance tax (IHT) reliefs will be implemented At Autumn Budget 2024 the Chancellor announced plans to reform business property relief (BPR) and agricultural property relief (APR). Draft legislation published on 21 July 2025 gives more detail on how […]
Cryptoasset reporting framework
From January 2026 UK businesses facilitating cryptoasset exchanges must collect user and transaction data and report it to HMRC under the new cryptoasset reporting framework (CARF) The first report, which will cover the period from 1 January to 31 December 2026, must be submitted to HMRC by 31 May 2027. If you hold cryptoassets (such […]
Tackling non-compliance in umbrella companies
HMRC has published draft legislation aimed at tightening rules around umbrella companies in a bid to increase accountability, protect workers and ensure the correct tax is paid across the labour supply chain Umbrella companies are often used by temporary or contract workers who are paid through them, rather than directly by recruitment agencies or end […]
Making Tax Digital for income tax – exemptions
In just over six months the first group of taxpayers will be required to join HMRC’s Making Tax Digital for income tax (MTD IT) programme Some individuals may be able to avoid this by claiming an exemption. Self-employed taxpayers and landlords with qualifying income of £50,000 or more on the 2024-25 tax return will be […]
Winter fuel payment clawback
Thousands of eligible pensioners will receive a Winter Fuel Payment this winter. Whether or not you can keep the money will depend on your taxable income. If you were born before 22 September 1959 and you live in England, Wales or Northern Ireland you could get up to £300 to help with the cost of […]
Class 2 NIC error update
The issue affecting many self-employed taxpayers in relation to Class 2 national insurance contributions (NICs) is unlikely to be resolved before the end of September From the 2024-25 tax year, self-employed individuals with profits in excess of £6,725 no longer need to pay Class 2 NICs. Instead those taxpayers will receive a national insurance credit […]
Advisory fuel rates
If you reimburse fuel or charging costs for employees using a company car for business travel there will be no taxable profit and no Class 1A national insurance, provided the mileage amount paid does not exceed the advisory rates. From 1 September 2025 the advisory rates per mile for non-electric vehicles are: Engine size – […]