I have often advised my clients on tax advantages of leasing electric and low emission company cars for their directors and key employees, without reference to actual legislation.
The legislation was in Finance Act 2017, Schedule 2. This amended ITEPA 2003, Section 121A.
In the The Spring Budget 2024 Non-UK domiciled tax status was abolished from 6th April 2025
Chancellor Jeremy Hunt positioned worker and parental tax cuts at the core of his Spring Budget 2024 in a move to bolster the economy.
Companies House has outlined plans to increase its fees from 1 May 2024, with the agency noting that the changes are being made to “bring them in line with the costs of providing our service
In recent years, more and more people have invested in cryptocurrency, with some making instant gains of thousands and some losing everything. From April 2027, OECD’s Crypto-Asset Reporting Framework comes into effect, meaning that HMRC will have access via all crypto platforms to individual transactions.
Changes to UK company law under the Economic Crime and Corporate Transparency Act will be rolled out over the next few years. The first set of measures will take effect from 4 March 2024.
Very often one company (A) will loan another company (b) some money. There is no issue with this, as long as there is a loan agreement, and both the lending company and receiving company has minuted the same to legislate the loan.
Accountants are struggling to work with HMRC at even the most basic level and are calling for urgent improvements
There still seems a lot of confusion over what constitutes a business for tax purposes and what will qualify for Incorporation relief. Many qualified accountants are still giving wrong tax advice!
A ‘company’ includes any body corporate, unincorporated association or unit trust scheme but does not include a partnership or a limited liability partnership.
Over the years of JMS Accounting operation, we have dealt with many data issues in relation to HMRC. When HMRC get things wrong they cause stress and waste large amounts of time for both our practice and our clients. Clients will often not understand that HMRC are at fault and our practice wastes many man-hours resolving mistakes by HMRC.
It was some comfort to our practice to read this article in the Spectator that highlighted the extensive data problems problems at HMRC. It doesn’t solve the issues, but it helps to understand the issues that our practice has to deal with were not just experienced by us but many businesses.