Happy New Year!
We are back with a review of the top tax hits of 2024, we review HMRC's latest Agent Update and bring news of a new R&D disclosure service and consultation on interest.
As we are now in the final month of 'Tax Return Season' (Self Assessment filing deadline is 31 January), we feature a range of useful guides to assist you in the preparation of Self Assessment returns.
Happy filing!
Nichola and the Team
Your Virtual Tax Partner®: online PRACTICAL support for accountants, tax advisers BY accountants and tax advisers.
Quick News
Agent Update: December 2024
HMRC have published their Agent Update for December 2024. We have summarised the key content with links to our detailed guidance on the topics covered, including guidance for Corporation Tax quarterly instalment payers, P800 tax calculation delays, and voluntary National Insurance contributions.
R&D Disclosure Service
HMRC has issued a new R&D Disclosure Service that taxpayers can use to voluntarily disclose overclaimed Research and Development (R&D) tax relief.
Consultation on simplifying the taxation of offshore interest
HMRC have launched a consultation 'Simplifying the Taxation of Offshore Interest'. This seeks views on addressing challenges arising from information on offshore interest often being provided to taxpayers and HMRC on a calendar year basis rather than a UK tax year basis.
Editor's choice (freeview)
Tax Review of 2024: the Greatest Hits
2024 has been a year to remember in tax thanks largely to the effect of the General Election, which resulted in a change in government, which in turn resulted two Budgets. We review our Top Ten Tax Hits of 2024.
Guides & Updates (Subsciption content)
Self-employed
Self Assessment Return 2023/24: What's new?
2024 Self Assessment toolkit: top tips for completing tax returns for the year ending 5 April 2024.
Tax Rules for the different trades and professions
How are different types of businesses taxed? What special rules apply to different types of business income and expenses? What about VAT? We summarise the different rules for taxing income and expenses of a large selection of different trades, professions and vocations.
Directors & Companies
Director's Tax Planning Toolkit 2024/25
What tax planning opportunities and strategies are available to directors? What's the optimum way to extract profits in 2024/254? What tax reliefs and tax deductions are handy to consider? This planner looks at a range of director tax issues.
Pre-trading expenses (companies)
What are pre-trading expenses? What tax relief is available for pre-trading expenses? What are the restrictions to relief? What expenses will not qualify? What about pre-incorporation expenses?
Employers
Auto-enrolment: Workplace pensions
This guide looks at the key features of auto-enrolment, who is affected, what employers need to do, and the relevant timescales.
Land & Property
Property Profits and Losses 2024-25
Our Property Profits & Losses toolkit takes HMRC's version as its starting point and adds a great deal more information about what you can claim as an individual landlord.
Private Client
Online filing exclusions for 2023-24 tax returns
Some taxpayers will be unable to file their Self Assessment returns online for the year ended 5 April 2024, due to software specification issues from HMRC. Lists of filing exclusions for individuals, partnerships, trusts and estates have recently been updated.
Limit (cap) on Income Tax reliefs
What are the limits and restrictions for Income Tax relief? When do they apply?
Capital Allowances
What expenditure qualifies for plant & machinery allowances?
What is plant and machinery? What expenditure qualifies as plant and machinery? What is treated as part of a building?
More Tax Guides
Just how are our taxes raised and spent?
UPDATE: How does the UK raise its taxes? How does the UK spend its tax revenue? Which taxes raise the most revenue?
VAT News
Private school fees and VAT
On 29 July 2024, the Chancellor announced that from 1 January 2025, all education services, vocational training and boarding services supplied by a private school, or a connected person, will be subject to VAT at the standard rate of 20%. What does this mean?
Tax Tools & Calculators
Tax tools & calculators
UPDATE: 2024/25 versions available now. We have a suite of useful tax tools that help agents, business owners and sole traders calculate their taxes.
Calendar of tax deadlines and new tax measures
UPDATE: This is a freeview 'At a glance' rolling calendar of common recurring tax deadlines, new tax measures and other tax-significant events.
CPD
CPD for lunch: Byte-sized chunks of lunchtime CPD (free for our Subscribers)
- CPD: Income Tax and Trusts
- Free Study Skills Session - Preparing for Your Tax Exams
- CPD: Change of basis periods: Transitional rules 2023-24 Returns
- How to run the most tax-efficient business 2024/25.
- Purchase of Own Shares: all the details.
- Anti-money Laundering Update and Firm-Wide Risk Assessment More...
Tax Queries?
UK Agent for registration of Overseas Entities
Do you require assistance in the registration and verification of an overseas entity that owns UK land or property?
Virtual Tax Partner© Support
Have a tax query? Need a second option? Open a ticket and ask a question. A team of tax experts with a wide range of expertise: covering direct and indirect tax, as well as accounting, R&D claims, reorganisations and much more.
Missed the Last Tax Update?
Ross Martin Tax: SME Tax News 19 December 2024
- UK sellers caught out by new EU General Product Safety regs
- Van benefit and fuel benefit charges 2025-26 confirmed
- Spring Statement announced, not a Budget
- Donations to own charity were non-qualifying
- Freezing Order in £171m NHS PAYE fraud
- Directors' termination payments disallowed
- Supply of education is a business activity ...More
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