The HM Revenue & Customs (HMRC) advisory fuel rates, updated quarterly, play an important role in how businesses manage employee reimbursements for company car travel. Continue reading
Author Archive: Muhammad Zia
How to stay secure ahead of the Self-Assessment deadline
As the 31 January Self-Assessment tax return deadline approaches, HM Revenue and Customs (HMRC) has issued a stark warning about an increase in scams. Continue reading
What does HMRC’s new benefit in kind reporting mean for your payroll system?
HM Revenue & Customs (HMRC) is introducing real-time reporting for benefits in kind (BiKs) starting in April 2026, meaning businesses must prepare for changes in how they manage payroll. Continue reading
Succession or sale? The case for selling your business before the 2026 Inheritance Tax changes
The Autumn Budget brought clarity to many areas of tax planning, but for family-run businesses, one announcement could prove particularly challenging. Continue reading
Are you prepared for the payroll challenges of hiring seasonal workers?
With Christmas just over a month away, many businesses are finalising their plans for seasonal recruitment or are already welcoming temporary staff on board. Continue reading
How to stay ahead of HMRC interest rate changes and avoid late payments
The Bank of England’s decision to reduce the base rate to 4.75 per cent has triggered changes to HM Revenue & Customs’ (HMRC’s) interest rates, with late payment and repayment rates due to adjust on 18 and 26 November 2024. Continue reading
A landlord’s guide to HMRC’s Let Property Campaign
The Let Property Campaign is an initiative designed by HM Revenue & Customs (HMRC) designed for landlords who may have undeclared income from letting out residential property, whether in the UK or abroad. Continue reading
Steps for employers to remain compliant with National Minimum Wage increases
In the recent Budget, Chancellor Rachel Reeves announced that National Minimum Wage (NMW) rates would increase as of April 2025. Continue reading
Simple ways to invest in your team this Career Development Month
This month is Career Development Month, a perfect opportunity to focus on upskilling your team. Continue reading
Capital Gains Tax is increasing – What does this mean for you?
Capital Gains Tax (CGT) was a significant target for the Chancellor in the Autumn Budget – with an immediate rise put in place for both the basic and higher rate of CGT.
The basic rate paid by basic rate taxpayers rose immediately to 18 per cent – up from 10 per cent.
Meanwhile, the higher rate has risen to 24 per cent from 20 per cent.
The existing rates of CGT for residential property sales remain unchanged.
This means that you will see a rise in the tax you pay on qualifying gains when you sell most assets – including business shares.
What about business reliefs?
Business owners who sell their businesses have typically benefitted from Business Asset Disposal Relief (BADR) – formerly known as Entrepreneurs’ Relief – allowing you to pay CGT at a rate of 10 per cent on qualifying gains regardless of the individuals ‘marginal rate of tax.
The Budget left BADR in place for now, but the relief provided will be reduced when rates rise from 10 per cent to 14 per cent in April 2025, and to 18 per cent in April 2026.
Can I plan around CGT increases?
The Chancellor introduced the changes to CGT rates with immediate effect, giving people little time to plan if they wish to sell personal assets.
However, those business owners considering an exit may want to bring their business sale forward to take advantage of better BADR rates.
We recommend that you speak to an experienced accountant before beginning the sales process.
Looking to accelerate the sale or disposal of a business? Speak to our experienced team today.
