BAY Accountants Ltd

HMRC has postponed the mandatory payrolling on Benefits in Kind (BiKs), now being pushed to 6 April 2027.



This will now give employers around 2 years to adjust internal processes and ensure compliance.



Benefit in Kinds must be reported through P11D forms or to include this through payroll which currently is optional but will be mandatory in April 2027.

If you have any questions regarding mandatory payrolling, you can list it down in the comments below.



For more information do not hesitate to contact BAY Accountants Limited on 0121 554 4175 or email us on [email protected]

HMRC is stepping up tax investigations on high earners as part of its efforts to tackle underreported income. If your earnings exceed £100,000, your tax return can face extra scrutiny

Key Triggers

Earnings over £100K with minimal tax deductions
Large charitable donations
Complex income sources (dividends, crypto, property)
Mismatches between reported income and lifestyle
How to Stay Compliant

Always Double-check your tax return for errors
Keep detailed records of income & deductions
Seek professional tax advice to avoid costly mistakes
If you have any questions regarding your tax returns, you can list it down in the comments below or send us a DM.



For more information do not hesitate to contact BAY Accountants Limited on 0121 554 4175 or email us on [email protected]

There are many self-employed and business owners that overpay tax simply because they don’t claim all the expenses they’re entitled to.

Expenses such as:

home office costs

Mileage and travel expenses

Subscriptions

Training courses

Marketing and advertisement costs

Claiming the right deductions can reduce your taxable income.

If you have any questions regarding tax deductible expenses, you can list it down in the comments below.



For more information do not hesitate to contact BAY Accountants Limited on 0121 554 4175 or email us on [email protected]

HMRC have reported a 22% increase In voluntary tax disclosures relating to overseas income and assets, rising to 5,643 in 2023-2024.

HMRC are using enhanced compliance measures and have global data sharing agreements with over 120 countries.

You will need to disclosure if you have income from overseas rental properties, interest from offshore bank accounts or gains from foreign investments.

If you have any questions regarding voluntary tax disclosure, you can list it down in the comments below.



For more information do not hesitate to contact BAY Accountants Limited on 0121 554 4175 or email us on [email protected]

Starting April 2025, the NLW will be increasing from £11.44 to £12.21. also, the NMW for 18 to 20 year old bracket will also be seeing an increase from £8.60 to £10 per hour.

However, Income Tax, NI and the VAT rate will not be seeing an increase, the government has announced that these rates will stay at a standstill and from April 2028 these rates will be uprated to sync in line with inflation.

If you have any questions regarding Autumn Budget 2024, you can list it down in the comments below.



For more information do not hesitate to contact BAY Accountants Limited on 0121 554 4175 or email us on [email protected]

# #

The new Autumn budget 2024 have now introduced VAT on private school fees.

The government have announced that schools will be losing their charitable status as well as their eligibility to business rates charitable relief taking effect from April 2025.

The introduction of VAT will take place from January 2025 and any fees that correspond from January 2025.

If you have any questions regarding Autumn Budget 2024, you can list it down in the comments below.



For more information do not hesitate to contact BAY Accountants Limited on 0121 554 4175 or email us on [email protected]

# #

Taking effect from 30th October 2024, there will be an increase in the rates for capital gains tax from 10% to 18%, and for higher rate the increase will be from 20% to 24%.

In regard to stamp duty land tax, the purchase of a second or additional home the rate will increase from 3% to 5%.

For companies, the purchase of a UK residential property with a value of over £500,000 the STDL will increase from 15% to 17%

The changes have taken place from 31 October 2024

If you have any questions regarding Autumn Budget 2024, you can list it down in the comments below.



For more information do not hesitate to contact BAY Accountants Limited on 0121 554 4175 or email us on [email protected]

# #

A new Growth and Skills Levy has been announced which is replacing the existing apprenticeship levy. The new system will allow funding for shorter run apprenticeships which allow more flexibility over the training for the learner and employer.

Currently employers are being asked to rebalance their funding for apprenticeships, as well as businesses funding more of their level 7 apprenticeships.

As the new levy is currently under development further details will be released in due course.

If you have any questions regarding Growth and Skills Levy, you can list it down in the comments below.



For more information do not hesitate to contact BAY Accountants Limited on 0121 554 4175 or email us on [email protected]

# #