Grip Business

If redundancy strikes, you could receive up to £30,000 tax-free. Whether it’s statutory or a more generous employer offer, understanding your entitlements and the latest caps on weekly pay can make a real difference to your finances. #Redundancy #UKTax #FinancialPlanning

Understanding the nuances of tax relief for using your personal vehicle for work can lead to significant savings. By familiarising yourself with HMRC's approved mileage rates you can ensure you are adequately reimbursed and compliant with current regulations. #TaxRelief #MileageAllowance #HMRCUpdates

HMRC together with the Department for Business and Trade (DBT) have launched a new consultation on e-invoicing to encourage its broader adoption among UK businesses and government departments. The consultation will run for 12-weeks and aims to cut paperwork for businesses and help improve productivity. #EInvoicingConsultation #DigitalTransformation

Employees working from home may be eligible to claim a tax deduction for certain job-related expenses. If your employer does not cover these costs or allowances, you have the option to claim tax relief directly from HMRC. #TaxRelief #HomeWorkingExpenses #BusinessTravel

The Ministry of Justice (MOJ), together with HM Courts & Tribunals Service (HMCTS) and the Minister for Courts and Legal Services, has announced significant improvements in probate waiting times. Probate is a legal process through which a deceased person’s will is validated and is the starting point for the distribution of funds to beneficiaries. #ProbateReform #DigitalJustice #UKLegalUpdates

Navigating the intricacies of Inheritance Tax (IHT) can be daunting, but understanding the available gift exemptions and strategic planning can significantly reduce potential liabilities. By effectively utilising annual allowances, small gift exemptions, and planning for special occasions, you can ensure more of your wealth is passed on to your loved ones tax-free. #InheritanceTaxPlanning #GiftExemptions #Wealth

HMRC has launched a new "Help for Hustlers" campaign to help people who are earning extra income, figure out if they need to pay tax on the additional earnings. The campaign runs until the end of March and focuses on five key areas where tax might apply: #HelpForHustlers #SideGigTax #HMRC

If you use a company car for private travel, it's taxed as a Benefit in Kind (BIK). The tax rate depends on the car’s list price and CO2 emissions—low-emission vehicles get tax breaks. Use HMRC’s online tool to check and update your company car tax details. #CompanyCarTax #BIKTax #HMRC

Tax on rental income from jointly owned property depends on ownership shares, unless part of a partnership. Married couples default to a 50/50 split unless they notify HMRC of a different income allocation based on actual ownership proportions. #PropertyTax #RentalIncome #HMRC

Separation and divorce can create tax implications, particularly Capital Gains Tax (CGT) on asset transfers. New rules from April 2023 extend the ‘no gain/no loss’ period, helping spouses manage tax efficiently. Private Residence Relief may also apply. #DivorceTax #CGT #FinancialPlanning