News - Holeys

06-05-2025

How to maximise tax relief on losses to offset higher employment costs

The recent rise in employers’ National Insurance Contributions (NICs) to 15 per cent will lead to a 60 per cent increase in NIC costs for a business

06-05-2025

How HMRC treats cryptoassets disposed of by businesses

Cryptoassets make up a growing portion of the market, and businesses are increasingly looking to take advantage of these digital currencies. If your business carries out activities

06-05-2025

HMRC is closing its free Company Tax Return service

HM Revenue & Customs (HMRC) will permanently close its free service for submitting Company Tax Returns and annual accounts on 31 March 2026. Built over a decade

06-05-2025

Joint owners of Furnished Holiday Lets prepare for increased taxes

With the abolishment of the specific tax considerations for Furnished Holiday Lets (FHL) from the beginning of the current tax year, owners need to prepare for higher

06-05-2025

Beware tax avoidance scheme promoters – HMRC cracks down with new powers

Recent Government estimates suggest that as much as £1.8 billion is lost every year due to tax avoidance schemes. That money, designated to fund schools, hospitals and

06-05-2025

Is your remuneration strategy still tax-efficient in 2025/26?

Business owners who pay themselves through a combination of salary and dividends should revisit their remuneration strategy this tax year. With Income Tax thresholds frozen until 2028

06-05-2025

Capital allowances: Full Expensing vs AIA vs Writing-Down Allowances

Capital allowances allow businesses to claim tax relief on money invested in assets like machinery, equipment, or certain vehicles used commercially. There are a variety of capital

01-04-2025

Too many businesses falling into VAT traps

VAT is complex, and too many businesses are making costly, avoidable mistakes. Even a simple oversight or misunderstanding can lead to penalties, cash flow problems, and disputes

01-04-2025

900,000 sole traders pulled into MTD for ITSA

The Government has confirmed that Making Tax Digital (MTD) for Income Tax will apply to sole traders and landlords earning over £20,000 a year. This latest extension

01-04-2025

Labour introduces harsher penalties for late taxpayers

The Chancellor’s Spring Statement introduced harsher penalties for late taxpayers under Making Tax Digital for Income Tax Self Assessment (MTD for ITSA). With the Government confirming an

01-04-2025

Should you submit your tax return at the start of this tax year?

Submitting your Self-Assessment tax return at the start of this tax year is a great way to manage your tax bill effectively. The earlier you file a

01-04-2025

Why capital allowances should be top of your to-do list this April

The new financial year will see many of the proposed changes announced in the Autumn Budget enacted, impacting businesses across the country. These changes will have business