Welcome to the January 2026 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. MAKING TAX DIGITAL FOR INCOME TAX – AN UPDATE Making Tax Digital (MTD) for income tax will be mandated for a large group of self assessment taxpayers from 6 April 2026, with even more individuals being mandated in 2027 and 2028.… Read more
Welcome to the Budget 2025 edition of Tax E-News. On 26 November 2025, Chancellor Rachel Reeves presented her second Budget to Parliament. After the tax-raising budget of 2024, it had been hoped by the government that widely applicable tax increases would not be required again in 2025. However, with economic pressures continuing to apply, tax increases have been announced and these will affect the vast majority of households. Headlines included:… Read more
Welcome to the November 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. PLANNED INHERITANCE TAX RELIEF RESTRICTIONS FROM APRIL 2026 In Autumn Budget 2024, the Chancellor announced that restrictions to the amount of Agricultural Property Relief (APR) and Business Property Relief (BPR) will apply from 6 April 2026. APR and BPR currently give… Read more
Welcome to the October 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. BUDGET 2025 DATE – 26 NOVEMBER The Chancellor will deliver Autumn Budget 2025 on 26 November 2025. The content of the Autumn Budget is anticipated to address significant fiscal challenges, including potential tax rises to address the public finance deficit. Before… Read more
Welcome to the September 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. ADJUSTMENTS FOR PRIVATE USE HMRC will be running a digital campaign aimed at encouraging accurate private use adjustments of business expenses that are reported via Self Assessment returns. To be allowable for tax, expenses must be ‘wholly and exclusively‘ incurred for… Read more
Welcome to the August 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. LEGISLATION DAY 2025 – WHAT WAS PUBLISHED? On ‘Legislation Day’ (21 July 2025), HM Treasury released a range of draft legislation and tax documents. The key measures to be implemented by the new legislation can be categorised into the following areas:… Read more
Welcome to the July 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. EXTRACTING FUNDS FROM AN OWNER-MANAGED COMPANY “What’s the most tax-efficient way to take funds out of my company?” is perhaps the most common question put to accountants by their owner-managed company clients. The answer used to be simple: “Take a salary… Read more
Welcome to the June 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. HMRC SPRING TAX UPDATE On 28 April 2025, the Government made several tax policy announcements, launched consultations and confirmed previously announced developments. Key points included: Mandatory payrolling of benefits in kind (BIKs) will be delayed until 6 April 2027. This is to… Read more
Welcome to the May 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. MTD for Income Tax – FAQs Making Tax Digital for Income Tax (MTD for IT) will be introduced from 6 April 2026. Below are some frequently asked questions and answers. Who will be affected by MTD for IT, and when? Individuals… Read more
Welcome to the April 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. SPRING STATEMENT 2025 On 26 March 2025, Chancellor Rachel Reeves presented her Spring Statement to parliament. Despite a backdrop of low economic growth and increasing government borrowing costs, the Chancellor remains committed to her ‘non-negotiable’ fiscal rules that aim to bring… Read more
Welcome to the March 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. MAKING TAX DIGITAL FOR INCOME TAX With just over a year to go before Making Tax Digital for Income Tax (MTD for IT) is mandated, now is the time to consider whether your business will be required to comply with the… Read more
Welcome to the February 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. THERE’S STILL TIME FOR SOME YEAR END TAX PLANNING! With the tax/financial year end approaching, now is a good time to check that you’re making the most of the available reliefs and allowances available to you. Please talk to us if… Read more
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