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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

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...

12/03/2026

Private Hire Taxis Excluded From VAT TOMS

From 2 January 2026, suppliers of most standalone private hire and taxi journeys can no longer use the Tour Operators’ Margin Scheme (TOMS). Previously, some private hire operators, including certain app-based platforms acting as principal in supplying the journey, applied the TOMS to account for VAT only on the difference between what the passenger paid and what was paid to the driver....

From 2 January 2026, suppliers of most standalone private hire and taxi journeys can no longer use the Tour Operators’ Margin Scheme (TOMS). Previously, some private hire operators, including certain app-based platforms acting as principal in supplying the journey, applied the TOMS to account for ...

11/03/2026

How Winter Fuel Payments Will Be Taxed

Most people who were eligible to receive the 2025-26 Winter Fuel Payment (WFP) and did not opt out will have received it automatically in November or December 2025. The payment is means-tested, so individuals with gross income for 2025-26 above £35,000 will be required to repay the full amount received. This is known as the WFP charge. If you are subject to the WFP charge and you usually file a self assessment tax return, the WFP will be added to your tax bill on your 2025-26 return....

Most people who were eligible to receive the 2025-26 Winter Fuel Payment (WFP) and did not opt out will have received it automatically in November or December 2025. The payment is means-tested, so individuals with gross income for 2025-26 above £35,000 will be required to repay the full amount rece...

10/03/2026

Self Assessment Payments Via PAYE

From April 2029, income tax self assessment taxpayers who also have PAYE income will pay some of their self assessment liability via PAYE. Currently, if you owe additional tax due to a previous underpayment HMRC can collect that amount gradually by adjusting your tax code for the following tax year. This 'coding-out' adjustment increases the amount of tax deducted from your wages or pension each pay period so that you repay what you owe over the course of the year....

From April 2029, income tax self assessment taxpayers who also have PAYE income will pay some of their self assessment liability via PAYE. Currently, if you owe additional tax due to a previous underpayment HMRC can collect that amount gradually by adjusting your tax code for the following tax year....

09/03/2026

New Penalties Regime For All Income Taxpayers

The new points-based penalties system will apply to all self assessment taxpayers from April 2027, not just those within Making Tax Digital for income tax (MTD IT). The new rules will apply first to taxpayers mandated to join MTD IT from April 2026 (those with qualifying income over £50,000); then to those required to join from April 2027 (qualifying income over £30,000)....

The new points-based penalties system will apply to all self assessment taxpayers from April 2027, not just those within Making Tax Digital for income tax (MTD IT). The new rules will apply first to taxpayers mandated to join MTD IT from April 2026 (those with qualifying income over £50,000); then....

08/03/2026

Making Tax Digital For Income Tax Letters

With just one month to go before the first tranche of individuals are required to sign up to MTD for income tax, HMRC is writing to taxpayers it believes might be affected. From April 2026, sole traders and landlords with qualifying income above £50,000, based on the information included in their 2024-25 self assessment tax return, will be required by law to join Making Tax Digital for income tax (MTD IT)....

With just one month to go before the first tranche of individuals are required to sign up to MTD for income tax, HMRC is writing to taxpayers it believes might be affected. From April 2026, sole traders and landlords with qualifying income above £50,000, based on the information included in...

17/12/2025

Capital Allowances

The writing-down allowance (WDA) for capital assets will be lowered from April 2026 and a new first year allowance is introduced Currently, companies can claim full expensing to deduct 100% of the cost of new and unused qualifying assets from their taxable profits. The annual investment allowance (AIA) also provides 100% tax relief on up to £1m per year of qualifying expenditure for companies and unincorporated businesses....

The writing-down allowance (WDA) for capital assets will be lowered from April 2026 and a new first year allowance is introduced Currently, companies can claim full expensing to deduct 100% of the cost of new and unused qualifying assets from their taxable profits. The annual investment allowance (A...

16/12/2025

Loan Charge Settlement Opportunity

The Chancellor has announced significant and welcome changes for individuals facing tax bills under the loan charge The loan charge was introduced in 2019 to tackle 'disguised remuneration' schemes, where workers were paid through loans instead of salary to avoid paying income tax and national insurance. If these loans remained unpaid by 5.4.19 they were caught by the loan charge and treated as taxable earnings as a lump sum in 2018-19 meaning that individuals had to declare them and pay the tax through self assessment....

The Chancellor has announced significant and welcome changes for individuals facing tax bills under the loan charge The loan charge was introduced in 2019 to tackle ‘disguised remuneration’ schemes, where workers were paid through loans instead of salary to avoid paying income tax and national i...

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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