VAT on energy saving materials
The zero rate of VAT has been extended to include the installation of additional energy-saving materials (ESMs) from 1 February 2024.
Capital allowances for partnerships
HMRC has clarified the rules relating to capital allowances claims in mixed partnerships, confirming that all partners subject to corporation tax are eligible for enhanced capital allowances.
Mandatory payrolling of benefits
The reporting and paying of income tax and Class 1A national insurance contributions on benefits in kind is to be made mandatory via payroll software from April 2026.
Warning as HMRC cracks down on R&D tax relief
Businesses are being warned that HMRC is cracking down on potentially fraudulent claims for research and development (R&D) tax relief.
VAT registration threshold raised
Effective from 1 April 2024, the taxable turnover above which a business is required to register and account for VAT will be increased from £85,000 to £90,000.
National insurance rates cut again
The headline news from the Spring Budget was further cuts to national insurance contributions (NIC) of 2% each for self-employed taxpayers and employees.