Thompson Elphhick News
Changes to tax status of non-UK domiciles
From 6 April 2025, the remittance basis for non-doms is abolished. A new UK tax regime now applies to non-domiciled individuals, focused solely on residence. New arrivals can benefit from a 4-year
Changes to IHT from April 2025
From April 2025, Agricultural Property Relief from Inheritance Tax now extends to land under qualifying environmental agreements. This means landowners entering long-term stewardship schemes will not
How should multiple self-employed incomes be treated
Running more than one self-employed business? HMRC will not always treat them as separate. Whether they are taxed as one combined trade or multiple depends on how your activities relate to each other.
Could you extend Child Benefit claim?
Parents of 16-19-year-olds: confirm your child’s continued education or training by 31 August 2025 to keep Child Benefit payments going. Last year, over 870,000 families updated HMRC, most online. It
The legal responsibilities of directors
When someone agrees to become a director of a UK limited company, they take on a set of legal responsibilities defined under the Companies Act 2006 and other relevant legislation. These duties are not
The value of applying for trade marks
A trade mark is a vital tool for protecting the identity and reputation of your business. It can take the form of a name, logo, slogan, shape, or even a sound, and once registered, gives you exclusive
The importance of discretion – don’t send inappropriate messages during working hours!
An Employment Tribunal confirmed that using an employer's preferred method of communicating with employees to send offensive messages can serve as a ground for dismissal. A claimant was employed from
When can you deregister for VAT?
Considering VAT deregistration? Whether compulsory or voluntary, knowing the rules, deadlines and risks of delay can save your business from costly penalties. The decision to deregister for VAT may
The transition from FHL to Property Rental business
Tax perks for Furnished Holiday Lets have ended. From April 2025, lettings fall under standard rental rules. Check the transition rules to avoid surprises. The tax advantages that were previously
Deadline for paying Class 1A NIC
Employers must pay Class 1A NICs on 2024-25 benefits by 19 July (22 July if paying electronically). Avoid penalties by meeting deadlines and using correct references. Employers are reminded of the
HMRC interest rates following Bank of England rate cut
Following a Bank Rate cut to 4.25%, HMRC late payment and repayment interest rates will drop from 19 and 28 May 2025. Check which taxes this affects. The Bank of England’s Monetary Policy Committee
MTD for Income Tax deadline is approaching
MTD for Income Tax starts 6 April 2026 for the self-employed and landlords with £50k+ income. Plan early to stay compliant and avoid disruption. MTD represents one of the most significant overhauls