Uncategorized – Sutton Coldfield Accountancy

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 tax,...

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 taxpayers...

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, balance...

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 than...

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 to...

HMRC, HMRC Staffing, HMRCF Staff

Double Cab Pick Up Tax Change Again

Written by Tony Shackleford on November 1, 2024.

As part of the budget process, the government has announced that double cab pickups are going to be taxed as cars, for the purposes of corporation tax and income tax (benefits in kind). Although for...

coca cola case, Double cab pick up, tax on double cab pickups

HMRC Call Centres

Written by Tony Shackleford on October 28, 2024.

A recently produced statistic reported that 426,000 telephone call to HMRC were unanswered in the month of August 2024. A clear indication of the poor performance of the body which is responsible for...

HMRC, HMRC Call Centres, HMRC Telphone Lines

Companies House Directors Verification

Written by Tony Shackleford on October 18, 2024.

Companies House have announce that a new system for verifyin directors is to be introduced in 2025. The system is designed to reduce fraud and will require directors identieid to be verified annual...

Companies House, Directors fraud, Verification of directors

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