Gilberts

Are you caught in the 60% tax trap? Read our guidance for higher earners

Caught in the 60% tax trap? | Gilberts Chartered Accountants The number of taxpayers caught in the 60% tax trap has increased by nearly 25% over the past year, are you one of them?

Rachel Reeves broke the ‘conspiracy of silence’ on the state of government finances with a ‘spending inheritance’ review at the end of July.

Opening the books – the government’s spending inheritance… | Gilberts Chartered Accountants The date of the next Budget has been announced, accompanied by the new Chancellor’s warning about government finances.

Has your business received a one-to-many letter from HMRC? Here’s what you need to know about electronic suppression of sales (ESS).

Sales suppression one-to-many letter | Gilberts Chartered Accountants HMRC has launched a campaign of one-to-many letters given its increasing concern surrounding the electronic suppression of sales.

Find out why your business could be at risk of invoice fraud without a digital invoicing processing system

Digital invoicing could prevent invoice fraud | Gilberts Chartered Accountants Companies without a digital invoice processing system in place are leaving themselves open to invoice fraud.

Small businesses are being blamed for around 60% of uncollected taxes as the tax gap increases to a record £39.8 billion. Find out why

Small businesses top tax gap defaulters | Gilberts Chartered Accountants For 2022/23, the tax gap has increased to a record £39.8 billion, with small businesses being blamed for around 60% of uncollected taxes.

Are you self-employed? Find out how you can save on Class 4 NICs this tax year

Class 4 NIC reductions benefit the self-employed | Gilberts Chartered Accountants Self-employed workers will see a substantial reduction in their Class 4 national insurance contributions (NICs) for the current tax year.

How will the first 100 days look for the new government from victory to Budget?

From victory to Budget? Labour’s first 100 days | Gilberts Chartered Accountants With a majority of over 200 and a weight of expectations, what happens next for Sir Kier Starmer’s new Labour government?

HMRC is warning iPhone users of new scam text messages. Find out more here

A warning for iPhone owners | Gilberts Chartered Accountants HMRC is warning iPhone users about a new wave of scam text messages claiming to be about tax refunds which can't be blocked.

What you need to know about the Carers Leave Act. Find out here

New carer’s leave in effect | Gilberts Chartered Accountants Since 6 April 2024, employees are entitled to take a week’s unpaid leave each year to fulfil caring responsibilities for a dependant.

Are your numbers correct for escaping the high-income child benefit charge?

Find out here

Child benefit charge changes confirmed | Gilberts Chartered Accountants Taxpayers will benefit from the changes made to the high income child benefit charge thanks to all tax measures from the March 2024 Budget

Check if you have gaps to fill in your National Insurance record before next April’s deadline with a new online tool

Not in the NIC of time | Gilberts Chartered Accountants A useful new web tool has emerged, a little late in the game, in a joint effort from two government departments.

What does the future hold post-election for landlords and leaseholders? Read more here

Uncertainty for landlords | Gilberts Chartered Accountants Landlords are facing uncertainty ahead of the general election with rental, leasehold and furnished holiday lets under reform review.

What surprises will the general election hold for taxpayers?

The first election tax stories | Gilberts Chartered Accountants Within a week of the general election announcement, both the Conservatives and Labour have been promoting their tax plans.

Is an electric car worth the pay cut? Find out why a salary sacrifice scheme may be more beneficial than you thought.

Electric vehicles can boost income with salary sacrifice | Gilberts Chartered Accountants Taking a pay cut and opting for a salary sacrifice scheme with an electric car can boost take-home pay through tax and NIC savings.

Is your homemade will fit for purpose and future-proof?

The importance of a well-drafted will | Gilberts Chartered Accountants The risk of relying on homemade wills was highlighted in a recent case where a will was held to be invalid.

Last week Prime Minister Rishi Sunak announced a general election. This is what we know about the parties' tax policies so far.

General Election 2024 tax policies so far. | Gilberts Chartered Accountants Last week Prime Minister Rishi Sunak announced a general election. This is what we know about the parties' tax policies so far.

As Renters Reform Bill completes its year-long journey through the House of Commons, what measures can landlords and tenant expect?

Landlord update on Renters Reform Bill | Gilberts Chartered Accountants The Renters Reform Bill has finally completed its passage through the House of Commons with important concessions made in favour of landlords

Have frozen and cut allowances left you with an underpaid tax bill for 2023/24? Check now

Have you overlooked a changed tax status? - Gilberts Chartered Accountants With allowances frozen or cut, you may have underpaid tax for 2023/24 as your tax position may have changed without you noticing.

Facing daily penalties for failure to submit a tax return? Here’s what you need to do

Daily penalties come in for late self assessment returns | Gilberts Chartered Accountants Taxpayers who failed to submit their self-assessment tax return for 2022/23 on 31 January 2024 now face a £10 daily penalty charge by HMRC.

What can you claim back on training for work?

Deductibility of training costs | Gilberts Chartered Accountants HMRC has recently published guidance to provide greater clarity about the tax deductibility of training costs for the self-employed.

The team had a great time celebrating St George’s Day last week at the wonderful Luncheon hosted by St Albans District Chamber of Commerce

It was an amazing event to engage with other local businesses, topped off with magical entertainment from Ben Hanlin.

We’re already looking forward to next year!

Photos by Danny Loo Photography

Why recent rate changes could leave buy-to-let landlords worse off.

Buy-to-let owners selling up | Gilberts Chartered Accountants From 6 April 2024, the vast majority of landlords who sell up are facing a higher CGT bill when compared to two years ago.

Flexible working rights from day one. What do the changes mean for employers and employees?

Request flexible working rights from day one | Gilberts Chartered Accountants Employees now have the right to request flexible working from their first day at work. However, the right is still only to make a request.

Multiple dwellings relief for SDLT is getting scrapped – find out what you need to know about purchasing multiple properties

The end of multiple dwellings relief | Gilberts Chartered Accountants The abolition of multiple dwellings relief under stamp duty land tax (SDLT) will stop disputes about what qualifies as a separate dwelling

Is your tax band about to change? See how frozen thresholds and changes might
affect you

The march of the higher rate taxpayer | Gilberts Chartered Accountants New calculations issued alongside the Spring Budget show just how higher rate taxpaying status is becoming ever more common.

Rebased figures from the PLSA reveal increases to minimum, moderate and comfortable retirement living standards.

How much does retirement cost? | Gilberts Chartered Accountants The Pensions and Lifetime Savings Association (PLSA) has set about answering questions on how much retirement actually costs.

How will Companies House rising fees impact your company’s registration costs?

The cost of incorporating a company increases | Gilberts Chartered Accountants The fees associated with incorporating and maintaining a company will rise due to an increase in charges from Companies House

HMRC is ramping up its checks on inheritance tax, dividend income and share disposals – find out why they may contact you

HMRC ramps up its checks | Gilberts Chartered Accountants There’s no respite for HMRC with inheritance tax (IHT) accounts, undeclared dividend income and gains from share disposals to scrutinise.

Changes are coming for trusts in April as a new £500 income exemption arrives, but complexities remain.

How to navigate the £500 trust income exemption - Gilberts Chartered Accountants The introduction of a £500 income exemption comes with various complications, especially as income will still be taxable.

What are the key takeaways from the Spring Budget for your financial planning?

Spring Budget: a pre-election balancing act | Gilberts Chartered Accountants What was almost certainly the last Budget before the election was a serving of the widely expected, sprinkled with some small surprises.