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May 22, 2025
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We’re excited to share some great news—Jermyn & Co is now officially recognised as an ICAEW Approved Training Employer! This accreditation means we meet the high standards set by the Institute of Chartered Accountants in England and Wales (ICAEW) to train and support future chartered accountants. It’s a proud milestone for our firm and a […]
The Chancellor has confirmed plans to abolish the furnished holiday lettings (FHL) tax regime starting in April 2025, with draft legislation now published. This change will remove the tax benefits currently enjoyed by short-term holiday let landlords, bringing their tax treatment in line with those of standard residential landlords, such as buy-to-let properties. The government […]
The move to increase 18-20-year-old rate of national minimum wage will begin from 2025 but will not be instant. The Low Pay Commission has outlined a provisional plan for 2025 to begin raising the young persons’ rate of £8.60, in line with the government’s goal to eliminate age-based wage differences. This aligns with the government’s […]
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 […]
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 […]
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, […]
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 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 […]
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