Posted 01/04/2025 The Spring Statement announced that Making Tax Digital for Income Tax (MTD for IT) regime will be further extended to smaller businesses. Read on to see how and when your business might be affected. What is MTD for IT? Making Tax Digital for Income Tax (MTD for IT) is a government initiative that…Read More
Posted 31/03/2025 The Chancellor of the Exchequer, Rachel Reeves, delivered her Spring Statement last week in which she outlined the government’s economic plans, including spending decisions, tax policies and efforts to boost growth while managing public finances. What did the statement tell us about public finances and the economy? The Statement came on the back…Read More
Posted: 24 March 2025 The new National Living Wage and National Minimum Wage rates will come into force from 1 April 2025. There are also changes to the National Insurance employers pay that take effect from 6 April. For many businesses, the April payroll will represent a sizeable step up in labour costs. As a…Read More
Posted 31/10/2024 Inheritance tax –The IHT threshold of £325k to remain until 2030. –From April 2027, inherited pensions are subject to IHT. –From April 2026, agricultural property relief and business property relief will be reformed, with the highest rate of relief remaining at 100% for the first £1m of combined business and agricultural assets on top…Read More
Posted 30/10/2024 We have compiled a summary of the budget announcements made today. A more detailed analysis will follow. National Living/Minimum Wage The National Living Wage for people aged 21 or older will rise by 6.7% to £12.21 from next April. In addition, the National Minimum Wage will rise for people aged between 18 and…Read More
Posted 09/10/2024 Companies House have rolled out a new penalties regime as part of a broader effort to boost corporate transparency and combat economic crime, following the implementation of the Economic Crime and Corporate Transparency Act 2023. This could mean tougher consequences in the shape of financial penalties for companies that don’t meet their obligations,…Read More
Posted 08/10/2024 As of 1st October, new laws are in place to ensure that workers keep 100% of the tips, gratuities, and service charges they earn. This is a major development for employees in sectors such as hospitality, where tipping plays a significant role in take-home pay, and for employers, who will need to ensure…Read More
Posted 28/08/2024 Anyone who needs to complete a Self-Assessment tax return for the first time to cover the 2023 to 2024 tax year, should tell HM Revenue and Customs (HMRC) by 5 October 2024. It is the individual’s responsibility to determine if they need to complete a tax return for the 2023 to 2024 tax…Read More
Posted 08/08/2024 For the 2023 to 2024 tax year, the Self Assessment threshold for individuals taxed through PAYE only, will change from £100,000 to £150,000. Individuals should have received a letter confirming they do not need to complete a tax return if they submitted a 2022 to 2023 tax return showing income between £100,000 and £150,000 that…Read More
Posted 07/08/2024 The previous government included plans to end non-domiciled tax status at the Spring Budget and replace it with a 4-year foreign income and gains (FIG) regime. The new government have now announced their intention to continue with these plans, while ending some advantages for existing non-domiciled individuals. What the change in tax status…Read More
Posted 05/08/2024 From 1 August 2024, selling fees charged by Amazon to UK vendors will be subject to VAT at 20%. This is because of a change in the legal entity that charges the fees. Previously, fees were charged by Amazon Service Europe S.a.r.l (ASE), which did not have a UK establishment, so the fees…Read More
Posted 31/07/2024 Draft legislation has now been published to introduce VAT for private school fees from 1 January 2025, with forestalling measures from October 2024. Anti-forestalling provisions are in force from 29 July 2024 & will run up to 30th October 2024. This means that any pre-paid fees for the first term of the year…Read More
Posted 30/07/2024 It has been confirmed by the Chancellor that the first Labour budget will be held on Wednesday 30th October 2024. The Chancellor, Rachel Reeves, has stressed that Labour would not increase income tax, national insurance & VAT. However, this does leave open potential changes to capital gains tax, inheritance tax & pension tax.…Read More
Posted 18/07/2024 HM Revenue & Customs have released a new tool designed to help businesses find out what VAT registration would mean for their business. VAT registration becomes mandatory if: Taxable turnover refers to the total value of everything you sell except for anything that is exempt from VAT. It is also possible to register…Read More
So, the election results are in and the Labour party won the country’s mandate to form a new parliament. What could that mean for the tax you pay? Will there be an emergency budget? Labour will likely set out their initial plans in an ‘emergency’ budget. This is unlikely to happen before September or October…Read More
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