HMRC Reverse Decision On Double Cab Pick Ups

HMRC have announced that they are going to reverse (pun intended) their decision to class double cab pickup trucks as cars, instead of vans. Lots of business owners chose to own double cab pickup trucks for both personal and business use due to their ability ...

HMRC to class double cab pick-up trucks as company cars from the 1st of July

HMRC is set to close the loophole in which pick-up trucks, such as the Ford Ranger and Nissan Navara, are used as company vehicles for the benefits of tax, from the 1st of July this year. Currently, double cab trucks are classed as vans, rather ...

Payrolling Benefits in Kind to be Mandatory from 2026

HMRC have recently announced that from April 2026, the way in which benefits in kind are to be reported and paid is to change. Rather than using form P11D to report benefits annually, income tax and Class 1A National Insurance Contributions (NIC) on benefits in ...

Income Tax Planning 2023/24

Tax thresholds  Currently, income tax rates and thresholds (except in Scotland) are set to remain unchanged for 2024/25. The Personal Allowance (PA), below which income is not taxed, is £12,570. The higher rate threshold at which 40% tax kicks in is £50,270 and top rate ...

Tax Uncertainty In An Election Year

2023 has been a lot more stable, politically and economically, than 2022. Rather than the multiple fiscal events of the latter, there has been a single Budget plus an Autumn Statement. However, with a pre-election Budget due on 6th March, we wait to see whether ...

The Benefits of Switching to Electric Company Vehicles

It’s well known that the UK Government has been offering tax benefits to fuel demand for vehicles with the lowest CO2 emissions. 20 years ago, the demand was for diesel cars, however as the world has moved on, electric vehicles are the hottest property in ...

Major changes to R&D reliefs

There have been major tax incentives for research and development expenditure for many years. Until recently, HMRC has adopted a ‘light touch’ approach to compliance in this area. However, those days are now over, as Finance Act 2023 introduces a number of changes, including more ...

Time to go electric?

If you haven't gone down the route of electric vehicles, perhaps now is the time to change. Not only do you help with the environment, but you could also create tax savings for you and your business. In this article we'll go over everything you ...

Accelerate tax relief!

The end of the accounting period for your business is a key point for tax planning. You can save or delay tax by advancing the acquisition of assets to before the end of your accounting period. This permits you to claim the capital allowances associated ...

Elect in good time

Events don’t always turn out as expected. For example, you may need to wait for a later profit or loss to arise before you can judge whether it’s right to elect to use losses in an earlier year. This is why the law allows you ...

Selling your business

If you are wondering whether, or when, you should dispose of your business, a sensible first step is to form an outline plan. The sale of a successful trading company will generate a capital gain. This would normally be taxed at 20% after deduction of ...

Electric vehicles are still tax-efficient

The taxable benefit for using an electric company car for private journeys is currently calculated at 2% of its list price. If you chose a hybrid company car, models that can drive at least 130 miles on electric power also currently carry a taxable benefit ...