Walter Myke Accountancy

As an employee, you pay tax on certain company benefits, such as cars, accommodation, and loans. Your employer calculates the tax you owe and deducts it through Pay As You Earn (PAYE). The amount of tax depends on the type and value of the benefit.

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If you live abroad and sell your UK home, you may have to pay Capital Gains Tax (CGT) on any gain made since 5 April 2015. Only the portion of the gain made after 5 April 2015 is liable for tax. One of the most commonly used and valuable exemptions from CGT is Private Residence Relief (PRR), which applies when a property has been used as your main family home. Investment properties that have never been your main residence do not qualify for any CGT relief.

Accounting News & Updates Looking for expert accountancy services in Coventry? Walter Myke Accountancy offers tailored solutions for tax returns, bookkeeping, VAT, payroll, and more. Contact us today for a free consultation!

Students that work may need to pay Income Tax and National Insurance. Employers are required to calculate the amount of tax they need to pay on the basis that the students would be working for the rest of the tax year.

Accounting News & Updates Looking for expert accountancy services in Coventry? Walter Myke Accountancy offers tailored solutions for tax returns, bookkeeping, VAT, payroll, and more. Contact us today for a free consultation!

An extension of First-Year Allowances (FYA) for zero-emission cars and charge points was announced as part of the recent Budget measures.

Accounting News & Updates Looking for expert accountancy services in Coventry? Walter Myke Accountancy offers tailored solutions for tax returns, bookkeeping, VAT, payroll, and more. Contact us today for a free consultation!

Writing-down allowances (WDAs) are a type of capital allowance that let you deduct a percentage of an asset’s value from your taxable profits each year. In some cases, you may be able to claim more relief using other capital allowances, such as the Annual Investment Allowance or first-year allowances.

Accounting News & Updates Looking for expert accountancy services in Coventry? Walter Myke Accountancy offers tailored solutions for tax returns, bookkeeping, VAT, payroll, and more. Contact us today for a free consultation!

As part of the Budget measures, the government confirmed plans to make some changes to the Construction Industry Scheme (CIS).

Accounting News & Updates Looking for expert accountancy services in Coventry? Walter Myke Accountancy offers tailored solutions for tax returns, bookkeeping, VAT, payroll, and more. Contact us today for a free consultation!

The 2027 reforms will shift more responsibility to personal representatives, who may need to manage withholding arrangements and settle any IHT before pension benefits are released.

Accounting News & Updates Looking for expert accountancy services in Coventry? Walter Myke Accountancy offers tailored solutions for tax returns, bookkeeping, VAT, payroll, and more. Contact us today for a free consultation!

Agricultural and business property relief changes that were first announced at Autumn Budget 2024 will come into effect from 6 April 2026. These measures will introduce significant reforms to Business Property Relief (BPR) and Agricultural Property Relief (APR), which provide Inheritance Tax (IHT) relief on qualifying business and agricultural assets. These measures have faced significant criticism for their potential impact on small farms and rural communities.

Accounting News & Updates Looking for expert accountancy services in Coventry? Walter Myke Accountancy offers tailored solutions for tax returns, bookkeeping, VAT, payroll, and more. Contact us today for a free consultation!

The June 2025 reforms introduce a £35,000 income limit for keeping the Winter Fuel Payment, with HMRC recovering the payment from those above the threshold.

Accounting News & Updates Looking for expert accountancy services in Coventry? Walter Myke Accountancy offers tailored solutions for tax returns, bookkeeping, VAT, payroll, and more. Contact us today for a free consultation!

The new rules will allow companies to raise more capital under the following schemes although investors will need to factor in reduced VCT Income Tax relief when assessing opportunities.

Accounting News & Updates Looking for expert accountancy services in Coventry? Walter Myke Accountancy offers tailored solutions for tax returns, bookkeeping, VAT, payroll, and more. Contact us today for a free consultation!

From 6 April 2026, new tax rules will expand workplace benefits relief. The changes will simplify the treatment of certain low-value workplace benefits-in-kind (BIKs), affecting both employers and employees.

Accounting News & Updates Looking for expert accountancy services in Coventry? Walter Myke Accountancy offers tailored solutions for tax returns, bookkeeping, VAT, payroll, and more. Contact us today for a free consultation!

The government announced at Budget 2025 that dividend income, property and savings income, will be subject to new tax rates. These changes will be legislated for through the Finance Bill 2025–26 and will be phased in between April 2026 and April 2027.

Accounting News & Updates Looking for expert accountancy services in Coventry? Walter Myke Accountancy offers tailored solutions for tax returns, bookkeeping, VAT, payroll, and more. Contact us today for a free consultation!