Shaun Davison

With the summer holidays approaching, HM Revenue & Customs (HMRC) are reminding working families that Tax-Free Childcare top-ups can be used to help pay for childcare costs, such as accredited holiday clubs, childminders, or sport activities.

Child benefit payments give new and growing families a boost in their household income, however higher earners may be caught out with a clawback charge offsetting the benefit received.

Taxpayers facing the High Income Child Benefit Charge (HICBC) will soon be able to pay the charge through their payslip, saving them the trouble of filing self-assessment tax returns.

For the many farmers in our region, there will have been disappointment that there was no moderation of the effects of the inheritance tax announcement made in the autumn Budget.

What Married Couples and Civil Partners need to know before April 2025

Taxpayers only have until 5 April 2025 to make voluntary National Insurance (NI) contributions for missed contributions dating back to 2006.

From April 2025, double cab pick-up trucks will no longer be treated as commercial vehicles for income tax and capital allowance purposes. This will significantly increase the benefit-in-kind (BIK) tax charge for employees and impact on the tax deductions available for businesses.

An initial reaction to Rachel Reeve's Autumn Budget from Tax manager Shaun Davison.

There has been a long-standing practice, which has been in existence for over 40 years, that has granted furnished holiday homes beneficial tax treatment compared to other residential property landlords.

With the new Labour government promise to hit the ground running in the first 100 days of power, no time was wasted announcing their first tax changes.

The Chancellor Jeremy Hunt announced in the November 2023 Budget that full expensing for capital allowances will be made permanent, with the aim to help boost business investment and increase global competitiveness.

From 1 April 2023, there will be a new financial year and as always this comes with a range of changes to the regime of tax applied to companies in the UK.

After a series of announcements and reversals, the dust has settled on tax rates on dividends and bonuses.Even so, the Chancellor, Jeremy Hunt, included some additional elements in his Autumn Statement as part of a renewed focus on raising tax.

Thousands of NHS healthcare professionals, including consultants, general practitioners and dentists, have started to receive copies of their Annual Allowance Pension Savings Statements (AAPSS) from the NHS Business Services Authority (NHSBSA).

HM Revenue & Customs (HMRC) have issued ‘nudge’ letters to taxpayers who they consider may not have reported a disposal of shares in an unlisted company in which they had a significant interest.

Where there is land and or property in a partnership, in very simple terms, it is ‘held in trust’ for the benefit of all the partners in the partnership. Although the value of that land may be credited to individual partners’ capital accounts, it has as a matter of law become partnership property and therefore is held to benefit all the partners.

With the increasing cost of childcare, it’s not uncommon for hard-pressed parents to turn to their family, especially grandparents, for help with looking after the children.

It may feel like an alien world, full of complicated jargon and unseen digital transactions, but HMRC has been considering how cryptoassets should be taxed for years and have recently pulled together all their existing guidance into a new Manual. There isn’t any new legislation to go with it because they consider that existing rules cover this new way of trying to make money – many would disagree but how do you know what to do about your tax in the meantime?

The company car is a valuable negotiating tool offered by employers, looking to promote or reward key employees within the business, however, the popularity of uptake has reduced in recent years - mainly due to increases in the company car tax rates, with employers looking to offer cash allowances as an alternative.

Following HM Revenue & Customs (HMRC) victory in the Court of Appeal over drinks giants Coca Cola, the classification of van for tax purposes is thrown into yet more turmoil.