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August 2024

What are the Changes to HMRC's Payroll Reporting regulations? | Payroll reporting from April 2026

There are changes afoot to payroll reporting, as announced by HMRC these come into effect in April 2026 and could result in employers needing to change their current payroll and HR systems to comply with the new payroll regulation. The changes to payroll processing will allow HMRC to improve the data it can collect from its customers' payroll. These suggested changes to payroll systems are expected to ensure that employers record the hours employees worked and the payments made in their real-time information PAYE Returns.

Esme Shakeshaft
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How can a business achieve long-term success? | Strategies for Long-Term Business Success

Running a business can be both exciting and challenging. Business owners constantly juggle responsibilities, from managing operations to ensuring customer satisfaction. With all these ongoing responsibilities, achieving peace of mind might seem like an elusive goal. However, with the right strategies in place, you can create a business environment that generates stability, growth, and, most importantly, peace of mind. Here’s how.  

Kathryn Moran
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What qualifies for IHT Business Relief | Business relief and inheritance tax

There are several types of reliefs from Inheritance Tax (IHT), one of which is IHT Business Relief. This can be a significant tax benefit for those with business interests, potentially offering either 50% or 100% relief from IHT on the value of business assets if certain criteria are met.

Mike Wakeford
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How do you declare beneficial interests in joint property and income? | Making a Form 17 declaration

The usual tax position for couples living with their spouse or civil partners is that property income held in joint names is divided 50:50, regardless of the actual ownership structure. However, where there is unequal ownership and the couple wants the income taxed on that basis, a notification must be sent to HMRC together with proof that the beneficial interests in the property are unequal. This is done using a Form 17 Declaration.  

Mike Wakeford
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Capital Gains Tax Allowance 2024/25 | What is the Current CGT Rate

Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. If taxpayers only pay basic rate tax and the gain keeps them within basic rate, they may only be subject to a reduced rate of 10%. Once the total of taxable income and gains exceed the higher rate threshold, the excess will be subject to 20% CGT.  

Mike Wakeford
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