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We entered the new tax year against a backdrop of international economic tension. While the Chancellor held to her commitment not to include additional tax changes in her Spring Statement at the end of March, the potential outcomes of US President Trump’s widespread imposition of tariffs from early April has meant global, as well as domestic, economic outlooks have shifted since the beginning of the year.
The articles in this issue are:
- Making Tax Digital (MTD) expands HMRC has been writing to taxpayers likely to be affected by the latest amendment to the MTD roll out.
- Residency and estate planning An inheritance tax liability now depends on a person’s long-term residence status impacting those coming to or leaving the UK.
- Employment rights changes roll in Employers need to be on top of the recently introduced entitlement to neonatal care leave and pay, plus increased rates of minimum wage as well as the new Employment Rights Bill once enacted.
- Vehicle updates for the new tax year Three years of static company car percentages have finally given way to increases, with rates going up over each of the years 2025/26 to 2029/30 particularly hurting those with fully electric and hybrid cars.
- Off-payroll rules impacted by company threshold changes Medium-sized companies becoming small, as a result of changes in the monetary size thresholds for companies from 6 April 2025, may have to wait two or three years before they are relieved of the burden of reporting under off-payroll working rules.
We hope you enjoy reading the newsletter. Please get in touch if you need help or advice on any of the topics covered.