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
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
On 6 March 2024, Chancellor Jeremy Hunt presented his Spring Budget to Parliament. In the knowledge that the government must hold a general election before 28 January 2025, this was a Budget designed to restore confidence and win voters. But on the heels of Britain entering a recession and downgraded Office for Budget Responsibility (OBR) forecasts, the Chancellor had his work cut out. Headlines included further cuts in National Insurance… 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
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