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Personal Tax

What your tax code means

This guide from Brearley & Co’s experts details everything you need to know about tax codes, including finding and changing your tax code.

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Automatic PAYE refunds will no longer be issued

HMRC has stopped posting out automatic cheques for tax refunds in the mail, forcing individual employees to register a claim online to ensure they receive repayment of PAYE

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Don’t lose out on Child Benefit available to children in further education

Parents of children aged between 16 and 19 years of age and continuing their education or training after their GCSEs can extend the Child Benefit they receive.

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New digital service to check your State Pension forecast launched

A new digital service has been launched that makes it easier to check if you have any gaps in your National Insurance (NI) record that may affect your State Pension entitlement.

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Furnished Holiday Lets – what tax benefits will you lose?

If you run a holiday let, then you are likely well aware of the useful tax advantages that holiday lets have had for many years.

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What to do when frozen thresholds put you in a higher tax bracket

The freeze on income tax thresholds and changes to dividend and CGT allowances will see millions dragged into higher rates of taxation, but there are ways for higher earners to reduce their tax bill.

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Inheritance Tax Planning Tips

With inheritance tax receipts to HMRC set to reach new levels this financial year, now more than ever are families needing to plan for their future.

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How to reclaim emergency tax on pension drawdowns

HMRC has issued guidance on how to claim back a refund in the current tax year on an overpayment of tax when a pension has been flexibly accessed.

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Check what your tax code means

HMRC have released a new online tool to help taxpayers understand what their tax code means.

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Can we still be paid £6 a week for working from home?

During the COVID pandemic the government relaxed the conditions to enable those working from home to be paid £6 a week tax free by their employer, or, where that was not paid by the employer, they could claim relief for £6 a week against their employment income for a tax refund from HMRC.

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Managing inheritance tax

Like many other taxes, inheritance tax (or IHT) allowances have been frozen. This sounds generous of the chancellor at a time when the government is strapped for cash. But it actually means that we are paying more.

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Pre-April tax planning

The new tax year starts 6 April 2023, so you have a couple of months to consider your tax planning options

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HMRC issues warning to contractors about the use of umbrella companies

“Umbrella” companies are often set up by employment agencies to supply workers to end user clients

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Bank of England raises base rate to 0.25%

The Bank of England has raised the bank base rate for the first time in three years to 0.25%, despite concerns over omicron variant

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High Court rules Uber drivers must charge VAT

Uber’s business model has been declared unlawful in London following a ruling in the High Court over whether VAT should be charged on fares

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Companies House changes online payments to gov.uk service

Companies House has confirmed that it has changed its card payment provider which means anyone paying a bill will be directed to a gov.uk pay screen to make a payment on the online service

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Capital gains tax on residential property – the 30-day rule

For UK residential properties sold on or after 6 April 2020, CGT needs to be reported to HMRC and paid within 30 days of completion of a sale. Failure to do so may lead to penalties and interest charges.

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Tax rules on company mobile phones clarified

HMRC has issued guidance on the tax rules for company mobile phones for employers

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Are you paying the right amount of Tax? (1)

It’s dull, and difficult to understand, but checking your tax coding and ensuring that HMRC take the correct tax is important, say accountants Brearley and Co.

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Are you paying the right amount of tax?

It’s dull, it can be difficult to understand, and a hassle to correct when it’s wrong. But checking your tax coding notice and ensuring that HMRC are only taking from you the correct amount of tax is extremely important.

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How can we help you?

Brearley & Co Accountants are pleased to offer a free, no obligation, initial consultation with one of our experts who will be happy to discuss your business needs and how we can help you.

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