Author: Tony Shackleford

Road Tax on Electric Cars

Written by Tony Shackleford on February 21, 2025.

From April 2025 road tax becomes payable by the owners of electric cars. Prior to this date no road tax was payable. The car tax rate will be £10 for the first 12 months for new cars. For cars...

Electric cars, electric cars road tax, Road tax, road tax on electric cars

Audit Threshold Chnages

Written by Tony Shackleford on February 17, 2025.

As a general rule, Small Companies are not required ot have their annual statutory accounts audited. From 6 April 2025 the definition of Small Companies is changing. In order for a company to be a...

Audit, Audit rules, audited accounts, Small companies

Tax Return Deadline

Written by Tony Shackleford on February 5, 2025.

HMRC have announced that in excess of 1 million tax payers failed to file their tax returns by the deadline of 31 January 2025. This represents about 8% of the total number of tax returns which had...

Late filing, Self Assessment Tax, tax return deadline

Increase In Tax Investigations

Written by Tony Shackleford on January 14, 2025.

HMRC appears to be focussing more efforts on tax complaince, which is resulting in more tax enquiries and an increase in tax recovered as a result. Tax enquiries in 2024 collected £45 billion in...

HMRC compliance, Tax avoidance, Tax Enquiries, Tax evasion

Impact of Freezing Tax Bands

Written by Tony Shackleford on January 14, 2025.

Largely as a result of the freezing of tax bands, the number of higher rate and top rate taxpayers has increased signficantly since tax year 2021/22. Higher rate taxpayers pay 40% tax and top rate...

Higher Rate Taxpayers, Tax Band Freezing, Top Rate Taxpayers. 40% tax

Companies Threshold Changes

Written by Tony Shackleford on December 12, 2024.

The Government has announced, that with effect from April 2025, the size thresholds for companies are to be increased by approximately 50%. Company sizes are determined by measures of turnover,...

IR35, micro companies, Small companies

Budget Summary

Written by Tony Shackleford on December 2, 2024.

The key points of this years budget are: Inheritance tax – Business Property Relief and Agricultural Property Relief being reduced by approximately 50%. Capital gains tax for assets other...

Agricultural Property Relief, Budget, Business Property Relief, Capital gains tax, employers nic, Employment allowance, Inheritance Tax

HMRC Disallows R&D Tax Relief Claims

Written by Tony Shackleford on November 15, 2024.

HMRC have announced that they are currently disallowing approximately 2/3rds of R&D tax relief claims. I believe the phrase ‘better late than never’ may be appropriate.

R&D, R&D tax relief

Taxation of Company Vehicles

Written by Tony Shackleford on November 12, 2024.

Benefit in kind tax is charged on cars supplied to employees by employers. Tax is calculated by mulitplying the list price of cars by a percentage, which is dependent upon the CO2 emissions of the...

Budget, budget 2024, car benefit, Electric cars, electric cars tax, fuel benefit, taxation of electric cars, van benefit

Government to Recruit Staff for HMRC

Written by Tony Shackleford on November 1, 2024.

The government has announced that £1.6bn is to be spent on recruiting an additional 7,000 staff into HMRC. This move seems sensible, as HMRC is currently so under resourced, that it is struggling...

HMRC, HMRC Staffing, HMRCF Staff

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Author: Tony Shackleford