Jermyn & Co News & Insights

Our latest articles and insights into everything accounts.

Beware the tax on cash savings interest

A record 2.1 million people are expected to pay tax on their savings interest this year due to rising interest rates and a stagnant personal savings allowance. With average savings account rates reaching 5%, more savers are hitting their tax-free limit. This marks a significant increase from previous years, with 945,000 basic rate taxpayers now […]

Is tax deductible if company funds are lost through fraud?

One of our clients has been the victim of a scam that resulted in the director making a significant transfer from the company’s business bank account to a fraudster impersonating a trade supplier. Can we claim a tax deduction? In summary, the deduction’s eligibility hinges on whether the loss is considered a theft of cash […]

Side Hustles Under Scrutiny: HMRC Targets Sellers as Income Reporting Tightens

The phrase “side-hustle” has entered everyday language of late. Individuals supplement their main income with an activity that brings in extra cash in their spare time, use an under-utilised asset or flex their creative muscles with a particular skill that they might have. Side hustles have always been around but as they have become more prevalent, […]

LITRG Warns of ‘Side-Hustle Time Bomb’: HMRC Must Improve Communication on New Tax Rules for Casual Sellers

The Low Income Tax Reform Group (LITRG) has urged HMRC to ramp up communications to ensure that side hustlers are aware of their obligation to file tax returns, with up to two million people potentially affected. LITRG highlighted new online platform reporting rules, effective from January, which will require platforms like eBay, Vinted, Deliveroo, and […]

HMRC To Launch MTD Pilot On 22 April

HMRC is inviting tax agents to participate in the beta testing for Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA), starting from 22 April. This gives agents two years to test the digital filing system with live client data before mandatory quarterly reporting for landlords and self-employed individuals with income over £25,000 begins […]

Changes from the Companies House- How Will This Impact You?

Companies House has rolled out the first of many changes to UK company law, starting on 4th March 2024. These major reforms, introduced by the Economic Crime and Corporate Transparency Act 2023, will help to improve transparency, tackle economic crime, and support GDP growth. These recent changes may impact your business operations. Here’s what you […]