Tax

HMRC has changed its guidance on home-to-work travel costs where an employee’s home is their workplace. How might this affect your right to tax relief?

You want to erect a cabin in your garden to use as a home office. You and your family will also use it for private purposes. Will it be more tax efficient for you or your company to pay for it?

Letter from the Taxman. If your total employment and pension income is between £100,000 and £150,000, you have probably received a letter from HMRC telling you about its new rules regarding whether you need to submit a self-assessment tax return. No self-assessment needed. The letter says that you might not need to complete a tax return for 2023/24 if your last return showed that your only income was taxed through PAYE and was no more than £150,000. The previous threshold was £100,000. This exception doesn’t apply if there’s another reason which HMRC identifies as requiring self-assessment . HMRC has an online tool for checking this but in our view it’s flawed. You might owe tax or be due a refund, which if you followed HMRC’s advice could result in penalties or missing out on a refund. ...