Lloyd & Co 
Chartered Accountants
020 8668 0500  |  martinl@lloydandco.net
103-105 Brighton Road, Coulsdon, Surrey, CR5 2NG

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Childcare Account chores

25/04/2024

HMRC’s Childcare account can be used to claim free childcare (if eligible) or pay for Tax-Free Childcare. HMRC’s sign in page for the account states that in order ‘…to keep getting free childcare or Tax-Free Childcare, you must sign in every 3 months

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Do’s and don’ts for Standard Visitors to the UK

25/04/2024

There is useful guidance published on GOV.UK that explains the do’s and don’ts for Standard Visitors to the UK. Visitors to the UK who are classed as a ‘Standard Visitor’ are allowed in the UK for tourism, business, study (courses up to 6 months) and

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Bikes for employees

25/04/2024

The Cycle to Work scheme allows employers to provide bicycles and cyclists’ safety equipment to employees as a tax-free benefit. The scheme must be offered to all employees and the bike must be used mainly for qualifying journeys i.e., between home

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Tax-free home sales

25/04/2024

In general, there is no Capital Gains Tax (CGT) liability created when a property used as the main family residence is sold. An investment property which has never been used as a home will not qualify. This relief from CGT is commonly known as

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Transferring unused nil rate band for IHT

25/04/2024

The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such as children or grandchildren after their death.

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Checking your National Insurance records

25/04/2024

There is an online service available on HMRC to check your National Insurance Contributions (NIC) record online. The service is available at https://www.gov.uk/check-national-insurance-record In order to use this service, you will need to have a

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Tipping boost

24/04/2024

The government’s Tipping Act is a step closer to coming into force, as the Code of Practice is published and laid before Parliament. The new Code of Practice will protect the tips of more than 2 million workers giving them a fair share of the tips

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Smart energy

24/04/2024

In a recent press release, the Department for Energy Security and Net Zero confirmed that consumers are set to benefit from cheaper and more convenient energy deals as part of new measures to create a smart, flexible electricity system to help save

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Payrolling employee expenses and benefits

18/04/2024

Employers can register on a voluntary basis (before the start of the tax year) to report and account for tax on certain benefits and expenses via the RTI system. This is known as payrolling and removes the requirement to complete a P11D for the

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Changes to Scottish Income Tax rates 2024-25

18/04/2024

A reminder of the changes to Scottish Income Tax rates for the 2024-25 tax year. It was announced as part of the Scottish Budget measures that a new tax band called the advanced rate band will apply a 45% tax rate on annual income between £75,000 and

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Taxable employment benefits from April 2026

18/04/2024

From April 2026, the government will mandate the reporting and paying of Income Tax and Class 1A National Insurance Contributions on benefits in kind via payroll software. This represents a significant change to the current system and should reduce

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View and prove your immigration status

18/04/2024

A UK Visas and Immigration (UKVI) account can be used by eligible users to view and prove their immigration status online. This may be required to provide proof of your status to employers or higher education providers. The service can also be used

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Post Transaction Valuation Checks

18/04/2024

A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a capital gains tax liability or for companies to calculate corporation tax liability on chargeable gains. The request for a PTVC should be made using

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Class 4 NICs who is liable?

18/04/2024

Most self-employed people are required to pay Class 4 National Insurance contributions (NICs) if their profits are £12,570 or more a year. Class 4 NIC rates for the tax year 2024-25 are 6% (2023-24: 9%) for chargeable profits between £12,570 and

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Tax Diary May/June 2024

18/04/2024

1 May 2024 - Due date for corporation tax due for the year ended 30 July 2023. 19 May 2024 - PAYE and NIC deductions due for month ended 5 May 2024. (If you pay your tax electronically the due date is 22 May 2024). 19 May 2024 - Filing deadline for

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COVID Bounce Back abuse

16/04/2024

The Insolvency Service has recently published information confirming that a total of 831 company directors were banned in 2023-24 for Covid support scheme abuse, up more than 80% on the previous year, and that the average length of director

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Settling energy disputes

16/04/2024

Business owners that are in dispute with their energy suppliers will be interested in the free support on offer from the Energy Ombudsman. In a recent press release the Department for Energy Security and Net Zero confirmed the

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Accessing the HMRC mobile APP

11/04/2024

HMRC’s free tax app is available to download from the App Store for iOS and from the Google Play Store for Android. The latest version of the app includes updated functionality. The app can be used to see: your tax code and National Insurance

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