Industry News Archives - Newby Castleman

13th January 202513th January 2025

Animal breeders: income declaration

< 1 minute to read In autumn 2024, HMRC sent letters to cat and dog breeders. These calls for action followed information the authorities had found on gross income earned of £1000 or more, on the sale of animals. The full disclosure of this income to HMRC should have been made by 10 November 2024 with the letter reference. After …

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4th December 202413th January 2025

Tax and Property Owned Jointly

3 minutes to read Spouses or civil partners who own joint rental properties must ensure they are aware of the rules regarding the reporting of income to HMRC. This need-to-read case for married couples with jointly-owned property recently came before the Tax Tribunal. In the case a taxpayer, Mr Bevan, appealed against penalties for a failure to notify HMRC …

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21st October 202426th November 2024

Autumn budget 2024

7 minutes to read ‘Difficult choices’ was the phrase repeated at regular intervals by Chancellor Rachel Reeves in the first Labour Budget for 14 years, to ‘fix the foundations’ and ‘deliver change’. At 77 minutes, Ms Reeves’s speech was the longest we have heard for a while and contained a vast array of announcements on tax and spending. The …

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23rd September 202423rd September 2024

Furnished Holiday Lets: Tax treatment changes for owners

4 minutes to read During the spring budget 2024, the (then) Chancellor announced that there would be an abolishment of the furnished holiday lets (FHL) tax regime from 6 April 2025. Despite the change to a Labour government in early July, the abolition of the FHL regime is still set to go ahead, and the policy papers and draft …

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14th August 202414th August 2024

Do you receive savings interest?

2 minutes to read With interest rates at a historic high over the last year, savers should check their bank or building society interest income for 2023/24. Some people are now falling into the Self Assessment tax return bracket due to the extra interest savings accounts have been paying. You may pay tax on a salary through Pay As …

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13th August 202413th August 2024

Using cash basis accounting

2 minutes to read There are important changes to the rules on cash basis accounting, aimed at driving many more businesses into using the scheme. As a result, most unincorporated businesses will need to decide what to do next. We look at the factors involved, and what moving to the cash basis might mean for you. Our publication gives the …

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5th August 20245th August 2024

VAT and private school fees

2 minutes to read It was confirmed last week that VAT will be charged on private school fees across the UK. This will take place from 1 January 2025. In addition, business rates charitable relief for private schools in England will cease. The tax changes will also enable private schools to recover VAT they have incurred on their expenditure. …

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24th July 202413th August 2024

Changes to VAT registration details? Update online only

< 1 minute to read HMRC is withdrawing the paper form VAT 484 used to notify changes to a trader’s VAT registration information. From 5 August 2024, changes will need to be made either: – by a trader’s agent through their Agent Services Account, or – through a trader’s own business VAT online (gateway) account. However, changes to bank details …

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26th June 202426th June 2024

Accountancy & tax update for charities

< 1 minute to read Our Charity News summarises the latest accountancy and tax guidance for the not-for-profit sector. Highlighted in this issue is information about the new Annual Return for 2023 (AR23). This online form should be used by charities that generate yearly incomes of £10,000 or more, and must be completed within 10 months after the conclusion of …

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18th June 202429th July 2024

Economic Crime & Corporate Transparency Act 2023

< 1 minute to read New to our publications section is a summary of the Economic Crime and Corporate Transparency Act 2023. This passed into law at the end of last year with the aim of tackling fraud. The foundation for these reforms was Russia’s invasion of Ukraine. Then powers were introduced to challenge money laundering. Also featured in the …

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