We now know that the General Election will be held on 4 July. In the Spring Newsletter, we speculated on some of the tax reform that the next government might introduce and, so far, the campaigns have not shed any further light on this. Whoever wins power will probably have a fiscal statement of some sort in September, with a main Budget to follow in November or March.
In this newsletter, we concentrate on things that have recently happened and also some of the announcements, due to take effect in April 2025, that were made in the March Budget.
For those involved in the construction industry, we discuss the recent changes to the rules on obtaining and keeping gross payment status, as well as reviewing a case that has shown that, if you do not have adequate supervision of your compliance processes, you will struggle to avoid liability when errors happen. Meanwhile, all those running their own business as a self-employed trader will be interested in HMRC’s new guidance on tax relief for training costs.
PAYE reporting rules for salary advances have changed (see page 4) and we also expand on and quantify the new tax rules affecting Child Benefit, which will enable more families with young children to keep more of their money, rather
than having it clawed back as a tax charge.
