Happy New Year and welcome to the January 2025 edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. SCOTTISH AND WELSH BUDGETS Scotland The key tax takeaways from the Scottish Budget, held on 4th December, concerned the Scottish Rate of Income Tax (SRIT) and Land & Buildings Transaction Tax (LBTT). Scottish Rate of Income Tax… Read more
Welcome to the December edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. Have a great Christmas and best wishes for 2025. FARMERS CAMPAIGNING FOR AGRICULTURAL PROPERTY RETHINK The announcement in the Autumn Budget about restrictions to inheritance tax (IHT) agricultural and business property relief from April 2026 has upset farming businesses in particular, resulting… Read more
The Autumn Budget 2024, delivered by Chancellor Rachel Reeves, is stirring conversations across the UK. With a focus on tax increases and economic reforms, it’s crucial for small business owners to grasp the implications of these changes. In this article, we break down some of the significant aspects of the budget and what they mean for you. £40 billion tax increase This year’s budget introduces a significant £40 billion tax… Read more
Welcome to the October edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. POSSIBLE CAPITAL GAINS TAX CHANGES IN THE OCTOBER BUDGET Many commentators are suggesting that the rate of CGT might be aligned with the rates of income tax, a return to the regime that applied when Gordon Brown was chancellor. Rachel Reeves is… Read more
Welcome to the September edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. SHOULD YOU PASS ON WEALTH NOW TO AVOID INHERITANCE TAX? Many wealthy individuals are apparently passing on substantial amounts of their wealth in anticipation of possible changes to inheritance tax (IHT) in Labour’s first Budget on 30 October. This allegedly includes a… Read more
Welcome to the August edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. BEWARE THE 60% INCOME TAX TRAP It has recently been reported over half a million taxpayers paid a marginal income tax rate of 60% in 2022/23, up by 23% from the number in 2021/22. This marginal rate applies where an individual’s adjusted… Read more
Welcome to the July edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. GENERAL ELECTION 2024 – WHAT ARE MAIN PARTIES SAYING ABOUT TAX? Both the Conservative and Labour parties have pledged not to increase income tax, national insurance or VAT, although the Labour party have pledged to introduce VAT on private school fees. Both… Read more
Welcome to the June edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. REPORT EMPLOYEE BENEFITS ON FORM P11D BY 6 JULY P11d forms for reporting expenses and benefits in kind provided to employees and directors in 2023/24 need to be submitted by 6 July 2024. Note that paper forms are no longer acceptable; the… Read more
If you’re considering selling your business, the process should begin long before you put the ‘For Sale’ sign up. Selling a business is not just a major financial decision but a life-changing one that requires meticulous planning and a strategic approach. In order to get the maximum return on your investment, you need to understand what potential buyers are looking for and make your business as attractive as possible. Step… Read more
Welcome to our latest monthly tax newswire. We hope you enjoy reading this newsletter and find it useful. Contact us if you wish to discuss any issues further. WANT TO BE PART OF BETA TESTING OF MTD FOR INCOME TAX? Although making tax digital income tax self assessment (MTD ITSA) is not mandatory until 6 April 2026 at the earliest, it is possible for certain individuals to join the HMRC… Read more
Welcome to our latest monthly tax newswire. We hope you enjoy reading this newsletter and find it useful. Contact us if you wish to discuss any issues further. HAPPY NEW TAX YEAR In this April issue we highlight some of the key tax changes that take effect from the start of the new tax year. Unfortunately, most of the income tax and national insurance thresholds continue to be frozen, resulting… Read more
Welcome to our latest monthly tax newswire. We hope you enjoy reading this newsletter and find it useful. Contact us if you wish to discuss any issues further. YEAR END TAX PLANNING It’s not too late to undertake some end of year tax planning. If you have some spare cash, an obvious tax planning point would be to maximise your ISA allowances for the 2023/24 tax year (currently £20,000 each).… Read more
Happy New Year and welcome to the January edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. NEW YEAR RESOLUTIONS TO SAVE TAX At this time of year, we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th… Read more
On 22 November 2023, Chancellor Jeremy Hunt presented his Autumn Statement to Parliament and started making, in his words, the long-term decisions necessary to strengthen the economy and build a brighter future. Fueled by falling inflation and stabilised public finances, focus is now being applied to reducing debt, cutting tax and rewarding hard work. Headlines included generous National Insurance Contribution (NIC) cuts for workers and the self-employed and the ‘biggest… Read more
Welcome to the November edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. SALARY OR DIVIDEND BEST IN 2023/24? In recent years many accountants have advised their director/shareholder clients that the most tax efficient method of extracting profit from their family company was to pay themselves a low salary, at or around the £12,570 personal… Read more
Welcome to the October edition of Tax E-News. We hope that you find this informative. Please contact us if you wish to discuss any matters in more detail. IT’S IMPORTANT TO HAVE UP TO DATE PROFIT FORECASTS FOR TAX In order that we can help predict your taxable profits and tax liabilities we need up to date profit figures and projections. One of the advantages of keeping your business accounts… Read more