Tax News

Due to receive a bonus?  – watch for the 60% tax trap!

Due to receive a bonus? – watch for the 60% tax trap!

Date posted: 17th Feb 2025

A lot of businesses will pay high performing employees a year-end bonus before the end of the tax year.

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Over one million tax returns were filed late – HMRC due a windfall!

Over one million tax returns were filed late – HMRC due a windfall!

Date posted: 13th Feb 2025

We understand that an estimated 1.1 million taxpayers did not file their 2023/24 tax returns by the due date of 31 January 2025.

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Double cab pick up – Last Chance Saloon

Double cab pick up – Last Chance Saloon

Date posted: 20th Jan 2025

As we have reported previously (https://www.cliveowen.com/2024/11/double-cab-pick-up-taxtreatment/) different tax rules will apply to double cab pick-ups from April 2025.

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Topping up your national insurance record – the window is closing!

Topping up your national insurance record – the window is closing!

Date posted: 20th Jan 2025

As we have explained in previous updates, the opportunity to consider increasing your state pension entitlement by voluntarily contributing towards “gaps” in your national insurance record between April 2006 and April 2016 will end on 5 April 2025.

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The VAT flat rate scheme – what is it?

The VAT flat rate scheme – what is it?

Date posted: 20th Jan 2025

The VAT flat rate scheme is a simplified flat rate scheme which can be used by smaller businesses to save time and effort.

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What to do if you cannot pay your tax bill

What to do if you cannot pay your tax bill

Date posted: 20th Jan 2025

As the cost-of-living crisis continues to bite, you may find that come 31 January 2025 you are struggling to pay your Self Assessment tax bill.

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What expenses can you deduct if you are self-employed?

What expenses can you deduct if you are self-employed?

Date posted: 20th Jan 2025

In working out your taxable profit, you can deduct certain expenses that you have incurred in running your business.

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HMRC disclosure for R&D overclaims

HMRC disclosure for R&D overclaims

Date posted: 20th Jan 2025

HMRC have launched a new disclosure service aimed at companies that may have overclaimed R&D tax relief in previous years.

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National insurance savings – what can an employer do?

National insurance savings – what can an employer do?

Date posted: 9th Dec 2024

After the significant increase in employer’s national insurance in the budget, a lot of attention is, naturally, being given by business to how it can minimise the impact.

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Personal ownership of marital property – is there a tax impact?

Personal ownership of marital property – is there a tax impact?

Date posted: 9th Dec 2024

Under English property law, there are two ways in which property can be owned jointly – as joint tenants and as tenants in common.

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