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Monday 9am - 5pm Tuesday 9am - 5pm Wednesday 9am - 5pm Thursday 9am - 5pm Friday 9am - 5pm

Potts & Co

Potts & Co offer Accountancy & Business Advice to companies & individuals

13/06/2026

Approved Mileage Allowance

Employees and business owners could be entitled to an additional £1,000 per year in tax relief for business journeys undertaken in personal vehicles. If you use your own vehicle for business travel you may be entitled to tax relief to help with the cost of owning and running your vehicle. The mileage allowance is the maximum tax-free amount you can be repaid by your employer, or by your business if you are self-employed....

Employees and business owners could be entitled to an additional £1,000 per year in tax relief for business journeys undertaken in personal vehicles. If you use your own vehicle for business travel you may be entitled to tax relief to help with the cost of owning and running your vehicle....

12/06/2026

Public EV Charging Standard-Rated

HMRC has reconfirmed that supplies of electricity for charging electric vehicles(EVs) at public EV charging points is standard-rated for VAT purposes. Electricity supplied at public EV charging points is subject to VAT at the standard rate of 20%, rather than the reduced 5% domestic rate that often applies to home charging. The clarification continues to create complications for businesses and employees reclaiming VAT on electric vehicle costs, particularly where vehicles are charged away from home....

HMRC has reconfirmed that supplies of electricity for charging electric vehicles(EVs) at public EV charging points is standard-rated for VAT purposes. Electricity supplied at public EV charging points is subject to VAT at the standard rate of 20%, rather than the reduced 5% domestic rate that often....

11/06/2026

Making Tax Digital: Ceasing To Trade

Individuals and landlords with gross income from self-employment and/or property above £50,000 on the 2024-25 tax return are mandated to join Making Tax Digital (MTD) from April 2026. But what happens if that income has ceased by then? If you completely stopped trading before 6 April 2026, and you have no other qualifying income, you must notify HMRC that although you fall within the MTD for income tax rules from April 2026, your qualifying income ceased before that date....

Individuals and landlords with gross income from self-employment and/or property above £50,000 on the 2024-25 tax return are mandated to join Making Tax Digital (MTD) from April 2026. But what happens if that income has ceased by then? If you completely stopped trading before 6 April 2026, and you ...

10/06/2026

Temporary Summer VAT Relief

The Government has announced a temporary VAT reduction this summer aimed at helping families with the cost of school holiday activities. Under the new 'Great British Summer Savings' scheme, the standard VAT rate of 20% will be reduced to 5% on selected family-focused goods and services between 25 June and 1 September 2026. The temporary reduction applies to qualifying children's meals, children's cinema, theatre, show and concert tickets, and admission to certain family attractions....

The Government has announced a temporary VAT reduction this summer aimed at helping families with the cost of school holiday activities. Under the new ‘Great British Summer Savings’ scheme, the standard VAT rate of 20% will be reduced to 5% on selected family-focused goods and services between 2...

09/06/2026

Are You Missing Out On A PAYE Refund?

Employees and pensioners are being encouraged to check whether they are due a PAYE tax refund. HMRC figures suggest that more than 730,000 PAYE refunds went unclaimed last year, with the average repayment worth approximately £855. PAYE overpayments can arise for a number of reasons. Common examples include being placed on the wrong tax code because HMRC held incorrect income information; changing jobs during the tax year and being paid by two employers in the same month; starting to receive a workplace pension; or receiving employment and support allowance or jobseeker's allowance....

Employees and pensioners are being encouraged to check whether they are due a PAYE tax refund. HMRC figures suggest that more than 730,000 PAYE refunds went unclaimed last year, with the average repayment worth approximately £855. PAYE overpayments can arise for a number of reasons. Common examples...

08/06/2026

Loans To Directors: Tax Rate Increased

An outstanding loan to a director or shareholder from a close company can trigger a tax charge under Section 455 of the Corporation Tax Act 2010. The director's loan account is generally used to account for temporary withdrawals from the business for the director's personal spending. However if the director does not pay the company back within nine months and one day after the company's year end, the company must pay a corporation tax charge known as the s455 charge....

An outstanding loan to a director or shareholder from a close company can trigger a tax charge under Section 455 of the Corporation Tax Act 2010. The director’s loan account is generally used to account for temporary withdrawals from the business for the director’s personal spending. However if ...

07/06/2026

Reporting Requirements For Directors

From the tax year 2025-26 directors of close companies are required to provide additional information in their tax returns, even where no income has been received. HMRC has updated the self assessment tax return for the tax year just ended (2025-26). The form includes additional boxes on the employment pages (SA102) in relation to close companies. A company is a 'close company' if it is controlled by five or fewer participators or by any number of participators who are also directors; or if more than 50% of the assets on a winding up would be distributed to five or fewer participators (or participators who are directors)....

From the tax year 2025-26 directors of close companies are required to provide additional information in their tax returns, even where no income has been received. HMRC has updated the self assessment tax return for the tax year just ended (2025-26). The form includes additional boxes on the employm...

15/03/2026

Voluntary NICS For Periods Abroad

The Government has announced important changes to voluntary national insurance contributions (NICs) for individuals working abroad. UK residents working abroad can currently pay voluntary Class 2 NICs to maintain their national insurance record. Voluntary Class 3 NICs are also available for periods abroad without strict residency requirements. From April 2026 (for tax years 202627 onwards) voluntary Class 2 NICs for periods abroad will no longer be available....

The Government has announced important changes to voluntary national insurance contributions (NICs) for individuals working abroad. UK residents working abroad can currently pay voluntary Class 2 NICs to maintain their national insurance record. Voluntary Class 3 NICs are also available for periods....

14/03/2026

APR & BPR Restrictions Relaxed

The Government has announced an easement to planned changes to Business Property Relief (BPR) and Agricultural Property Relief (APR) from 6 April 2026. APR and BPR are valuable inheritance tax (IHT) reliefs that can reduce or even eliminate tax on farms and trading businesses passed on after death. They are designed to protect family-owned agricultural land and active businesses from having to be sold to pay an IHT bill....

The Government has announced an easement to planned changes to Business Property Relief (BPR) and Agricultural Property Relief (APR) from 6 April 2026. APR and BPR are valuable inheritance tax (IHT) reliefs that can reduce or even eliminate tax on farms and trading businesses passed on after death.....

13/03/2026

Changes To Statutory Sick Pay

Two major changes to statutory sick pay will be introduced by the Employment Rights Act 2025 from 6 April 2026. Statutory sick pay (SSP) is the minimum amount of sick pay that employers in the UK must pay eligible employees when they are off work due to illness. From 6 April 2026, all employees will be entitled to SSP regardless of earnings....

Two major changes to statutory sick pay will be introduced by the Employment Rights Act 2025 from 6 April 2026. Statutory sick pay (SSP) is the minimum amount of sick pay that employers in the UK must pay eligible employees when they are off work due to illness. From 6...

Address

6 Jacobs Yard
Chipping Norton
OX77BY

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Website

http://www.potts-and-co-accountancy-and-business-advice-oxfordshire.co.uk/

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